Frank has a new job -
JENSEN BEACH, FL, May 27, 2008 (MARKET WIRE via COMTEX) -- Techlabs, Inc.
(PINKSHEETS: TCHL) today announced that it has named Francis Manzo as Chief
Operating Officer of Techlabs, Inc. Mr. Manzo will start June 15, 2008 in his
new role with Techlabs, Inc. Mr. Manzo has over 30 years of hands-on experience
in the retail and consumer products industry. Over that period of time Mr. Manzo
has been involved in several start-up businesses related to the consumer product
business segment including the ultimate sale of one of the businesses. Mr. Manzo
is currently President of the now wholly owned Byers Food subsidiary.
Additionally, Techlabs announced that it will withdraw its previously
outstanding Letter of Intent to license and develop, manufacture and distribute
an enhanced organic water beverage. The targeted patent holder has not provided
information, during the due diligence period, that satisfied Techlabs as to the
status of liens against the patent process to be licensed. Techlabs is currently
pursuing other opportunities in the beverage industry to complement its Byers
acquisition.
The previously announced transaction with Byers was done on a non- dilutive
basis. Techlabs, Inc. maintains an outstanding share position of 46,759,626 with
restricted shares remaining at 30,570,445. Techlabs' major shareholder had
agreed to redeem an additional 2 million shares to assist in the acquisition.
About Techlabs, Inc.
Techlabs (www.techlabsinc.net) is primarily engaged in the development of
business opportunities in various industries. The Company is currently focusing
on the food and beverage industry more specifically in the organic and gourmet
food sector. The Company seeks to acquire undervalued unique properties and
assets developing them to their highest and best use via innovative business
development and financing concepts.
This news release contains "forward-looking statements" that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. You are cautioned that such statements are subject to a multitude of risks
and unce rtainties that could cause future circumstances, events or results to
differ materially from those projected in the forward-looking statements as a
result of various factors, including those set forth in Techlabs, Inc.'s filings
with the Securities and Exchange Commission. The forward-looking statements are
made as of the date hereof and Techlabs, Inc. undertakes no obligation to update
such statements.
For further information regarding the company, contact:
Techlabs, Inc.
(267) 350-9210
SOURCE: Techlabs, Inc
Copyright 2008 Market Wire, All rights reserved.
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SUBJECT CODE: Financial Services:Personal Finance
Food and Beverage:Beverages
&n bsp; Food and Beverage:Food
