News for 'PTSH' -
(PTS, Inc. to Joint Venture with CHENGDU PUJIAN MEDICAL EQUIPMENT MANUFACTURING CO. LTD. (CPMEM) to Develop the Third Generation Glove Box(TM) Decision Made to Rescind 51% Stake Proposal in CPMEM)
LAS VEGAS, Oct 15, 2008 (BUSINESS WIRE) -- PTS, Inc. (OTCBB:PTSH) today
announced that it is forming a new joint venture between Glove Box Inc.(R) and
CHENGDU PUJIAN MEDICAL EQUIPMENT MANUFACTURING CO. LTD. (CPMEM). The purpose of
this joint venture is to develop the third generation of the Glove Box(TM).
This decision to rescind the previous announcement made on June 9, 2008, that
PTS, Inc. was to pursue a 51% controlling share interest of CPMEM through an
exchange or purchase of 51% of their controlling shares.
After extensive research, PTS, Inc. management consulted with various parties
which included legal opinions, accountants and especially an audit firm. The
opinion's conclusion was, that due to the nature of CPMEM's business model,
which is to manufacture OEM products specializing in X-ray systems, which
generally have low profit margins due to the Chinese government imposing a limit
of profit that the manufacturer can make, and the cost to acquire the 51%
controlling shares of CPMEM, it would not be economically feasible for PTS, Inc.
to pursue this course.
A preliminary research opinion regarding the third generation Glove Box(TM)
showed that it needed to be more compact, for efficiency, and to serve as an
"eco-friendly" unit. The joint venture between PTS, Inc. and CPMEM for
development of the third generation Glove Box(TM) will clearly be a win-win
situation for the shareholders of both companies, and this course will have the
additional benefit of eliminating the highly expensive and time-consuming audit
requirement of CPMEM.
Additional information about this joint venture will be announced as soon as
both companies complete final details.
About PTS:
PTS's subsidiary, Glove Box Inc. (www.ptspi.com), owns the rights to patented,
revolutionary Glove Box(TM), the only product that offers contamination
reduction through automated glove dispensing. The Glove Box(TM) system is a
free-standing dispenser of disposable latex gloves.
About Disability Access Consultants (DAC):
Disability Access Consultants, Inc. conducts facility inspections, policy
reviews and program analyses in addition to comprehensive continuums of other
compliance services. Over 54 million people in the United States have a
disability, a number equal to 20% of the population. The 1990 Americans with
Disabilities Act requires all organizational entities, with 15+ employees, to
provide equal access for individuals with disabilities. It's estimated that
there are 7 million sites at risk across the US. www.adaconsultants.com.
Safe Harbor Statement:
Except for historical information contained herein, the statements in this news
release are forward-looking statements that involve risks and uncertainties and
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 to differ materially
from forecasted results.
SOURCE: PTS, Inc.
CONTACT:
PTS, Inc.
Patrick Donahoo, 702-327-7266
ptsinc.ir@gmail.com
