CTX Signs Development Project Agreement with Leading International Technology Company
Written by TradersHuddle Staff
Tuesday, 26 April 2011 06:04
BOCA RATON, Fla.-( Business Wire )-
CTX Virtual Technologies, Inc. (Pink Sheets: CTXV) a technology company that manufactures and distributes mobile telecommunication, virtual imaging and mobile data input accessories today announced that it has reached a development project agreement to showcase, private label and distribute the new MiSeeTX mini-computer worldwide. The agreement is structured as a royalty payment to CTX for up to 15% of worldwide sales with potential royalty income to the company of up to $16 million dollars. CTX will receive a $760,000 payment for non-reoccurring engineering charges, thereafter the technology company will also assume all costs for ramp-up and manufacturing. The MiSeeTX mini-computer which received rave reviews at the Las Vegas Consumer Electronics Show has steadily gained momentum in the world of computing technology. The state-of the-art proprietary 3D projection and virtual display programs have put the MiSeeTX computer at the forefront of new exciting technology.
Clifford M. Rhee, CEO, stated, “We have worked very hard over the past year to make CTX a household name in the world of smartphone manufacturing, computing technology and our flagship virtual display. To be recognized by a leading international technology company demonstrates that our proprietary innovative product lines are the wave of the future." Rhee went on to say, “Today we are also announcing the resignation of one of our original board members, David Cohen, who has served our company well guiding us through the first year as a public company. Mr. Cohen was the original controlling shareholder of Petroleum Consolidators of America Inc before it completed the merger with CTX Virtual Technologies, Inc."
CTX Virtual Technologies, Inc.
CTX Virtual Technologies, Inc., through its subsidiaries, is a virtual telecommunications technology company with facilities in the U.S., China, Canada, and Korea. For more information about the Company, please visit the Company's web site at www.ctxtechnologies.com.
Forward-Looking Statements -- The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address CTX's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which CTX currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights.
For CTX Virtual Technologies, Inc.Ed Carter, 702-561-1790ecsdlv@hotmail.comThis e-mail address is being protected from spambots. You need JavaScript enabled to view it
