Rheologics Technologies Inc. Announces Enhanced Strategy for the Future
Monday June 11, 4:47 pm ET
DENVER, PA--(MARKET WIRE)--Jun 11, 2007 -- Today Rheologics Technologies Inc. (Other OTC:RTGI.PK - News) announces enhancements to the Company's direction and strategy. The Company considers the changes necessary to preserve value for the shareholders. The strategy is focused on driving value and cash flow for the future.
After careful review, Rheologics Technologies Inc. has decided to focus on managing its technology and corporate interests with the goal of diversifying and growing its current holdings to produce cash flow. To that end, Rheologics Technologies Inc. has begun to explore the possibility of becoming a registered business development company (BDC). The Company's Board of Directors has also evaluated similar alternative strategies and expects to announce a formal structure shortly.
Over the next few days the Company expects to change its name and symbol to reflect the adapted model. In the short term, the Company will strive to voluntarily report, and hire auditors to be able to fully report. A new website will be launched to list its technology and business interests. And, additions to the Board of Directors will also be announced.
Rheologics Technologies Inc. is a development-stage company which for the past 23 months has been primarily focused on funding the research and development of blood flow technologies inside its subsidiary Rheologics Inc. In that time the subsidiary has produced little to no revenue nor is revenue expected in the foreseeable future. Rheologics Inc. continues to need significant working capital and research and development funding as it builds its blood flow technologies.
To eliminate the overwhelming cash drain and responsibilities related to the subsidiary, the Company has decided to reduce its holdings from a majority to a minority interest. Progress at Rheologics Inc. will continue to be monitored for potential future investment and equity management, but in the short term it will be a passive interest.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the Company's operations, imprecision in estimating product reserves and the Company's ability to replace and expand its real estate interests. Rheologics Technologies Inc. assumes no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise.
Contact:
Contact:
Rheologics Technologies Inc.
Alfonso Knoll
610-678-6900
Source: Rheologics Technologies Inc.
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