WaveTrue, Inc. ( f/k/a Profile Technologies, Inc.) Announces Reorganization and Exit from Chapter 11
WaveTrue, Inc. (OTC Pink: PRTK.Q) formerly known as Profile Technologies, Inc. announced today that its Plan of Reorganization (Plan) from Chapter 11 bankruptcy proceedings became effective on May 22, 2013.
Pursuant to the Plan, new investors have made cash investments in exchange for 80% of the stock of the reorganized corporation. The unsecured creditors will receive an aggregate of 10% of the stock of the reorganized corporation. Existing shareholders of Profile Technologies will retain an aggregate of 10% of the stock of the reorganized corporation.
Shareholders of Profile Technologies are cautioned that the existing price of their shares as reflected in market quotations may not reflect the changes in ownership described above.
Professionals assisting the Company during the Chapter 11 process have been partially paid in cash and have accepted the Company’s notes for the balance of their fees and expenses.
The Company’s New Board of Directors has appointed new executive management. The members of management are:
Ronald Floit CEO
John DeWees President
Robert LeBoyer CFO
The Plan of Reorganization is available on the Company’s website www.wavetrue.com.
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