Hidenet Secure Architectures Cancels Merger with Nucentcom; Changes Name to Hidenet Ventures
Company Hires M&A Firm to Seek Potential Acquisition Candidates
DALLAS, Sep 03, 2010 (BUSINESS WIRE) -- Hidenet Secure Architectures, Inc. (Pink Sheets: HIDE) today announced that the Company has cancelled its previously announced acquisition of Nucentcom, a facilities based telecommunications and technology company, and has changed its name to Hidenet Ventures, Inc.
"We regret that the acquisition of Nucentcom did not meet our earlier expectations," stated a Board of Directors spokesperson. "Hidenet sets its sights high and the Board is insistent on finding high growth opportunities to maximize shareholder value. Unfortunately, Nucentcom continually failed to perform under the terms of the Merger Agreement and we were forced to abandon the transaction. We wish Dr. Vidyalal and his staff the best."
In other news, Hidenet has changed its name to Hidenet Ventures, Inc. and has employed the services of a Los Angeles based M&A firm to seek out potential investment candidates. "The Board has decided to change our focus from seeking a single acquisition, to restructuring ourselves as a Venture Fund. We will take substantial private equity positions in exciting high growth companies that plan to go public in the next 12-18 months. This will grant the fund immediate cash flow and give our stockholders the benefit of future stock distributions as our portfolio of companies come to market," said the Board spokesperson.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
SOURCE: Hidenet Secure Architectures, Inc.
CONTACT:
Hidenet Secure Architectures, Inc. Richard Markle, 325-792-4698
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