Advanced Technetix To Reacquire 80 Million Shares
Monday, January 15, 2007
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Advanced Technetix, Inc. (Pink Sheets: AVXN - News) announced today that it has entered into preliminary agreements with five of its larger investors to reacquire some of the company’s outstanding stock. Through this plan, Advanced Technetix would reacquire, collectively, in excess of 80,000,000 shares. The company anticipates reaching definitive agreements to reacquire such shares before the end of January. This program would immediately reduce the float by approximately 42% and reflects management’s confidence in both the near- and long-term prospects for Advanced Technetix.
George Stevens, Advanced Technetix's Chief Executive Officer, said, "We will likely be engaging in this stock reacquisition because we strongly feel that there are too many shares outstanding, that the stock is currently a very good value, and that this will enable us to continue our current product-led growth strategy. As such, this will bolster the remaining outstanding shares and provide a more concentrated shareholder base." Details of the transaction will be announced within the next 30 days, once the documents are prepared and executed.
About Advanced Technetix, Inc.
Advanced Technetix is a developer of cutting-edge technologies and best-of-breed products tailored to address the market opportunities created by the explosive growth of Digital Communications, Entertainment-related services and specific consumer electronics platforms.
Advanced Technetix's AccessKey(TM) products, powered by the Company's patented technology, provide complete access to the coveted "Triple Play" (voice, video and data) and "Quadruple Play" (voice, video, data and wireless) offerings of cable, telecom, satellite and broadband service providers. The Company's AccessKey Home(TM) and portable flash drive-sized AccessKey PC(TM) allow subscribers to "channel surf" streaming "HD Quality" television content (IPtv), navigate the internet, watch Video on Demand (VOD) offerings, play video or internet-based games, listen to music, make phone calls (VoIP), video conference, run a full array of computing applications, securely store data and more, all from a single device and service provider network.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Advanced Technetix, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FOR INVESTOR INQUIRIES: Please visit the Company's website, www.advancedtechnetix.com, or contact: Bruce Palmer, 310-734-4254, ext. 105.
Contact:
Advanced Technetix, Inc.
Bruce Palmer, 310-734-4254, ext. 105
www.advancedtechnetix.com
Source: Advanced Technetix, Inc.
