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NuTech Inc. Increases Ownership in RPM to 51%
8:02a ET October 29, 2007 (Market Wire)
NuTech, Inc. (PINKSHEETS: NTCI), an emerging provider of innovative technology solutions for the security industry, today announces the signing of definitive agreements with the owner of Resource Protection Management (RPM) that results in NTCI increasing its ownership position in RPM to 51%.
"RPM is presently a private partnership but is being reformed into a corporation as part of the transaction. In connection with this process and additional investment by NuTech, we will gain the ability to include financial information from RPM into NuTech's consolidated financial statements," stated Lois Newman, President and CEO of NuTech, Inc. "Increasing our ownership position to 51% was formerly a long term goal that we are proud to accomplish at this early stage in our association. Given the positive facts regarding RPM, we knew it was important for both companies to create a relationship that benefits our investors and meets the expectation of the marketplace."
NuTech, Inc. is an emerging provider of innovative technology solutions for the security industry. NuTech actively incubates leading-edge technologies while monitoring the market for compelling technologies to acquire and implement.
This press release contains certain "forward-looking statements" within the meaning of federal securities laws including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions. Although the Company believes that the statements were reasonable when made, these forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.
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