Holy Sh*t. I've been in this forever, waiting on this stock to go on their EVS tech and when the stock starts to get some interest I see this: Talk about a change in business. Not many post tonight, is everyone in shock?
AVTX (.024)Signs LOI with Tieli Xiaoxinganlin Frog Breeding Co., Ltd.
Friday, March 30 2007 8:45 PM, GMT-05:00
Business Wire "US Press Releases "
NEW YORK--(BUSINESS WIRE)--
Advance Technologies, Inc. (OTCBB:AVTX) ("AVTX") (the "Company") has signed a Letter of Intent to acquire Tieli Xiaoxinganlin Frog Breeding Co., Ltd., a company registered in the People Republic of China that is a wholly owned subsidiary of American SXAN Biotech, Inc. ("SXAN"), a Delaware Corporation, on Jan. 23, 2007. The proposed transaction would result in AVTX being controlled by SXAN, and is expected to be accounted for as a "reverse acquisition."
The closing of the merger is contingent on approval from the Board of Directors of AVTX and SXAN along with the satisfactory exchange of due diligence materials between the two parties.
"The acquisition merger of SXAN by AVTX is the first step in the reorganization plan adopted by AVTX Board of Directors, December of 2006. The acquisition of SXAN will add to shareholder value while providing development capital for current operations. Pursuant to the letter of intent, AVTX's present operations would be sold to Gary E. Ball and possibly others for its appraised fair market value." stated Mr. Gary E. Ball, CEO of AVTX.
"We believe once we close the merger with AVTX, SXAN will be in a prime position to access the US capital markets and therefore be one step closer toward its ultimate goal of becoming the leading frog breeding company in Asia," stated Mr. Feng Zhenxing, Chairman and CEO of Tieli Xiaoxinganlin Frog Breeding Co., Ltd."
ABOUT Advance Technologies, Inc. (Other OTC: AVTX - News)
Advance Technologies, Inc. engages in the development and license of infrared imaging systems for commercial market applications. It offers enhanced vision systems, infrared security systems, recreational vehicle systems, and medical systems for the security, medical, and transportation markets in the United States. Advance Technologies, Inc. also offers a range of consulting services. The company was founded in 1969 as PWB Industries, Inc. It changed its name to Advance Technologies, Inc. in 1997. The company is based in The Woodlands, Texas.
ABOUT Tieli Xiaoxinganlin Frog Breeding Co. Ltd. (SXAN)
The company, located in Tilie, Yichun City of Helongjiang province, was registered under the law of the Republic of China. After 7 years of research and development, the company has become one of the first enterprises with genetic breeding technology for China's forest frogs. With this technology, the company have applied and been granted national patents for forest frog-derived nutritional supplemental products, including wines and tonics.
Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors including the risks associated with the effect of changing economic conditions at home and abroad, variations in cash flow, reliance on collaborative retail partners, and on new product development, variations in new product and service development, risks associated with rapid technological change, and potential of introduced or undetected flaws and defects in products and services and other risk factors detailed in forms filed with the Securities and Exchange Commission from time to time.
Source: Advance Technologies, Inc.
This is not a reco to buy! Please do your DD!
