CSMG Technologies, Inc., (PINKSHEETS: CTGI) Released Today the Following Communication from Donald S. Robbins, Its President:
Press Release
Source: CSMG Technologies, Inc.
On Wednesday September 23, 2009, 10:30 am EDT
Buzz up! 0 Print.CORPUS CHRISTIE, Texas--(BUSINESS WIRE)--CSMG Technologies, Inc., (PINKSHEETS: CTGI):
September 23, 2009
Dear Shareholders,
It has been some time since we have been in a position to communicate an update. We are finally able to discuss our progress during the past few months.
Market conditions have kept us from moving our business forward as we had planned and a Banco Panamericano (“Banco”) Citation issued by a Federal court in Illinois has prevented CSMG from using its assets or bank accounts since January of this year, making it difficult to operate the company. We have been able to stay in business by using non-corporate funds from our Board members and officers to pay critical expenses.
On September 22, 2009, Donald S. Robbins, President of CSMG, personally acquired the judgment that Banco had against CSMG as part of a settlement that will be disclosed in a Form 8-K filing in the next few days. Robbins now owns the Banco judgment against CSMG which is superior to any other judgment against CSMG (refer to SEC 8K filing of September 23, 2009).
Due to poor market conditions and funding shortages, we laid off personnel and closed down the Santa Barbara LTC office. We were able to maintain our LTC assets, and patents primarily through loans from our officers and directors. We are working with consultants, negotiating with a number of medical device companies, medical instrument makers and bankers. We do not expect revenues by the end of this year.
We believe that our outlook for the future is positive, and as is the case with many companies right now, we simply need to work through current conditions. We believe that the opportunities for funding are improving. We made it a priority to preserve the critical assets of the company to take advantage of a better financing environment, and we have been successful in accomplishing this.
Our Carbon Capture Technology, Inc. project is moving along, and we believe this will also be a key component of CSMG’s future.
Sincerely,
Donald S. Robbins
About CSMG Technologies, Inc.
CSMG Technologies, Inc. PINKSHEETS:(CTGI) together with its subsidiaries, operates as a technology management company. The company engages in owning, developing, patenting, managing, licensing, and marketing technologies.
Subsidiary Live Tissue Connect (LTC) provides live biological tissue bonding technology that focuses on bonding living soft biological tissue used in surgical procedures, without the use of sutures, staples, sealants, or glues.
In June 2008, CSMG acquired Carbon Capture Technologies Inc. which owns a worldwide exclusive license to a composition and method for use of a novel Carbon Dioxide (CO2) adsorbent. Researchers at the University of Ottawa developed recyclable CO2 adsorbents based on surface modified nanoporous silicas. The materials show fast and reversible high adsorption capacity, allowing it to be reused repeatedly in a high throughput periodic cyclic adsorption process.
The adsorbents can be used in both wet and dry environments, potentially eliminating significant engineering challenges. The potential uses for the technology include capturing the bulk of C02 emissions from coal-fired power plants in order that these greenhouse gasses could be sequestered and thus reduce the carbon footprint of such facilities, as well as surgical and mine rescue applications.
CSMG was incorporated in 1992 and is headquartered in Corpus Christi, Texas.
About Live Tissue Connect
LTC received this July, U.S. FDA 510(k) clearance to market its LTC VAD System for Duct and Vessel sealing in the United States, and this month was awarded CE Mark (Conformité Europèéne) certification for its Bipolar Forceps by BSI Product Services in its capacity as Notified Body for the Council Directive 93/42/EEC, allowing LTC to market in the European Union.
LTC's surgical tissue bonding / welding device is a patented platform technology that bonds and reconnects human soft tissue through fusion, in contrast with conventional wound closing devices such as sutures, staples, sealant, or glues. LTC currently holds a total of approximately 31 patents and pending patents in the U.S., Australia, Canada, European Union, Ukraine and other countries
For further information on CSMG Technologies and its various subsidiaries, please visit our website at www.csmgtechinternational.com.
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This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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