Suti news........
SANTA ANA, CA, Dec 04, 2013 (Marketwired via COMTEX) -- SUTIMCo International,
Inc. (OTC Pink: SUTI) a multi-project business accelerator company, is pleased
to provide third quarter financial and operating results and an update regarding
business operations.
For the quarter ended September 2013, SUTIMCo lowered its total liabilities by
$7.4 million, or 71% to $3.1 million as compared to the fiscal year ended
December 2012. Management lowered accounts payables, accrued expenses, loans to
related parties, and convertible notes representing both long and short terms
loans by negotiating with most debt holders.
Mr. Fred Rogers, SUTIMCo CEO, stated, "As we prepare to bring to market a
business unit we believe strengthening the balance sheet is an important factor
and a necessity to better position the company. We worked with our debt holders
to negotiate terms that benefited all parties involved. We are even more pleased
that most of the debt was converted to common stock and the debt holders are
committed to working with us to ensure the growth of SUTIMCo."
SUTIMCo has engaged Crucible Capital, a New York based investment banking firm.
Crucible Capital Group, Inc. is a registered Broker-Dealer with FINRA and a
member of SIPC. The company has been a presence, globally, in transactions up to
$50 Million. Crucible's principal and founder, Chuck Moore, has 28 years of
financing experience.
Crucible will be arranging for SUTIMCO a capital raise for the launch of its
water business unit.
SUTIMCO's Water Technology Unit intends to be a leader in providing safe and
healthy drinking water. The world is 75 percent water, and only 2.5 percent is
fresh water two-thirds of which is locked up in icecaps and glaciers. In the end
less than 0.75 percent of the Earth's total water supply is available for use.
The worldwide demand for freshwater is increasing by 64 billion cubic meters
each year (1 cubic meter equals 1,000 liters). Currently more than one billion
people around the world use unsafe, contaminated water. Twenty five thousand
people die every day from disease associated with lack of access to safe
drinking water, inadequate sanitation and poor hygiene and 80% of disease in the
developing world is caused by contaminated water.
The solution to this impending disaster is technologies which effectively and
economically, filter, desalinate and purify water for both the developed world
where costs are becoming an issue and the developing world where access to fresh
clean drinking water is a pre requisite for any other form of economic
development.
"I have had the pleasure of presenting our business units to a number of
institutional investors over the last 2-months and feel confident that Chuck and
his team at Crucible can assist me in moving forward," commented Mr. Rogers.
"The technology in these business units has been developed by leading
Universities and medical professionals, all of which promotes better overall
health while addressing the constant need for cost effective programs through
proactive programs."
About SUTIMCo International, Inc.
SUTIMCo International, Inc. is a holding company, which utilizes a unique and
established platform to launch new technology enterprises based on world-class
university research discoveries. SUTIMCo International through its wholly owned
subsidiary SUTIMCo, Inc. provides experienced management to early stage
companies, reducing risk and assuring the know-how in launching and growing a
new company. In addition to this skilled management team, SUTIMCo can avail
itself of the encyclopedic, informal knowledge of the inventor, his experience
and his research team.
SUTIMCo's robust portfolio of relationships with prestigious American
universities is unique and strategic. North American universities invest over
$42 billion in science and technology research, with about 15,000 new
technologies disclosed annually. SUTIMCo's portfolio of technology and
innovation start-ups, in partnership with more than two-dozen of the nation's
premier research universities, includes technologies and products in the
pre-funding stage and projects in the development process. Each of these
business entities is being advanced by the SUTIMCo management team and
methodology.
Safe Harbor
Statements regarding financial matters in this press release other than
historical facts are "forward-looking statements" within the meaning of section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the Company's future
expectations, including future revenues and earnings, technology efficacy and
all other forward-looking statements be subject to the safe harbors created
thereby. The Company is a development stage company who continues to be
dependent upon outside capital to sustain its existence. Since these statements
(future operational results and sales) involve risks and uncertainties and are
subject to change at any time, the Company's actual results may differ
