Beito, Inc., Formerly a Wholly-Owned Subsidiary of Nanergy Inc., Announces Acquisition of Nanotechnology Assets From Nanergy, as Well as Certain Additional Patents Relating to Nanotechnology; Appointment of New Board of Directors and Management; and Change of Name to Nanergy, Inc.
NEW YORK, NEW YORK- (BUSINESS WIRE) - June 9, 2006 – Beito, Inc. today announced that effective May 15, 2006 it has acquired all of the nanotechnology assets from Nanergy Inc. (renamed to Xacord, Inc.) and has changed its name to Nanergy, Inc. Beito will now operate under the Nanergy Inc, name and will continue to develop consumer products that harness nanotechnology.
Dr. Zoltan Kiss and Mr. Robert Rubin became directors of the Company and Dr. Kiss was appointed as President and Chief Executive Officer of the Company.
In consideration for the transfer of the assets, Xacord issued 25,973,517 shares of Beito to certain former shareholders of Xacord in consideration for the waiver by them of accrued but unpaid sums owed to them by Xacord.
The Company has agreed that, in order to provide an opportunity for the shareholders of Xacord to receive maximum value for their remaining investment in the Company, to register the 24,212,939 shares of common stock of the Company held by Xacord for distribution to the shareholders of Xacord, on a pro rata basis. In order to accomplish this, the Company plans to register these securities, to become a registered reporting company with the Securities Exchange Commission and to seek to obtain a listing on a US-based securities market.
As the result of these transactions, the Company has approximately 50,000,000 shares outstanding.
This transaction was completed in conjunction with the determination by Xacord to pursue an opportunity to acquire all of the shares of Metaccord Inc., whose sole asset is Metaccord Ltd., an Israeli corporation specializing in platform software for the wireless and communications industries. Since the business of Metaccord and the business of Nanergy were significantly different, the Board of Directors of the Xacord determined that it was in the best interests of its shareholders to reorganize the company by way of the transaction to allow each of the companies to focus on their own business and exploit the talents of their respective management teams.
Dr. Kiss stated that the direction of Nanergy’s business will not change, staying with its plan as now outlined on the Company’s website www.nanergyinc.com. Nanergy’s goals continue to be:
* Continue the research on hydrogen storage in carbon nanotubes and nano-materials * Make the Company profitable as rapidly as possible with the present line of consumer products using “PV nanofilms”™
About Nanergy Inc.
Nanergy Inc. is a developmental stage company headquartered south of Princeton, NJ. Its focus is on developing exciting consumer products that harness nanotechnology, and especially photovoltaic nanofilms, while conducting ongoing research in storing hydrogen using carbon nanotubes. Its new corporate website is still being developed but is available for viewing at http://www.nanergyinc.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," "promise," "seeking to," "negotiating to" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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