Advanced Technetix Provides Share Re-Acquisition Update
Wednesday February 21, 9:30 am ET
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--As previously announced, Advanced Technetix, Inc. (Pink Sheets:AVXN - News), has entered into preliminary agreements with five of its larger investors to reacquire approximately 80,000,000 of the Company's common shares which will immediately reduce the float. While the company originally anticipated that this transaction would be completed by the end of January '07, various issues have pushed the projected completion to a later date.
George Stevens, Advanced Technetix's Chief Executive Officer, said, "While the principle terms have been agreed upon, we are still working to finalize the transaction. I anticipate that these elements will be agreed to by all shortly; however, no such agreement will be finalized until and unless the terms are favorable to the Stockholders and the Company. We will announce the details of the transaction when completed."
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.
INQUIRIES can be directed to the Company's website, www.advancedtechnetix.com, or can contact Bruce Palmer @ 310-734-4254 ext. 105.
Contact:
Advanced Technetix, Inc.
Bruce Palmer, 310-734-4254 ext. 105
www.advancedtechnetix.com
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Source: Advanced Technetix, Inc.
