NTCHF - N1 Technologies Inc. announces partial Spin Off of Florida R&D Subsidiary PR Newswire "Press Releases US - English"
BELIZE CITY, Belize , May 21, 2015 /PRNewswire/ --The directors and management of N1 Technologies Inc. (OTC PINK: NTCHF) announced today that the company will partially spin-off it's R&D subsidiary NanoSave Technologies Inc. as a stand alone public company pending regulatory-legal review. NanoSave Technologies Inc. a Florida corporation has been the long standing research and development arm of parent company N1 Technologies Inc. NanoSave Technologies Inc. has provided R&D for many of the company's nano based products, such as the NanoSave N1 Motor Oil line, Tungstalon Advance Nano plastics, and NanoBolt Lithium Tungsten Battery to name just a few. "We see this partial carve out as a great opportunity to unlock under utilized value and tap new capital resources for future innovation," stated Steve Lovern CEO. The company has begun talks with its attorneys and accountants to list NanoSave Technologies Inc. as a stand alone public company. The company is looking at structuring an IPO (Initial Public Offering) of $50 million dollars U.S. offering up to 40 percent of the company's shares to investors. The capital proceeds will be used to fund a number of existing projects including an advanced video camera system called Osiris Optium, that has Military and Satellite Imaging capabilities www.OsirisOptical.com and the company's patented Velocitron Engine, an advanced electric generator built into current gas engines eliminating the need for an external generator. www.VelocitronEngine.comN1 Technologies Inc. will retain a 60% stake in the newly minted public company benefiting from any new discoveries made by NanoSave Technologies Inc. The company expects to have the listing completed by the end of the 3rd quarter of 2015.
FORWARD-LOOKING INFORMATION Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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