Progress Watch Corp updates stockholders
Nov 04, 2013
OTC Disclosure & News Service
Senden, Germany -
Progress Watch Corp., (OTCMarkets: PROW) confirms that on July 15, 2013 it satisfied US$ 896,516 in indebtedness to affiliates by assignment of the START Triple Axis Tourbillon watch movement technology and the participation in the Swiss subsidiary Calibrum AG after extended efforts to license or sell the technology proved unsuccessful. The removal of this debt from the Company?s balance sheet has made the Company much more attractive as public vehicle for other technologies. After July 15, management has refocused its energy into locating another technology with a potential to increase shareholder value. Management is currently investigating the development and launch a mobile network based broadcast technology with the potential to provide tremendous upside in revenue generation.
The Company intends to periodically update its shareholders with additional information as negotiations develop. Shareholders have no assurance the Company will be able to acquire and effectively deploy a mobile network based broadcast technology.
* * * * * * * * * * * * * * * * * * * *
This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
