Jeantex Group Provides Corporate Updates Nov 25, 2009 9:55:00 AM Email Story Discuss on ZenoBank
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LOS ANGELES, CA and BERLIN -- (MARKET WIRE) -- 11/25/09 -- Jeantex Group, Inc. (OTCBB: JNTX) (BERLIN: LEX) today announced that the company has completed a letter of intent with a Southeast Asian company whose principal business is in green infrastructure technology, holding several key patents that are believed to have significant worldwide impact on the industry.
According to the letter of intent, a definitive agreement is expected to be executed during the week of December 14, 2009 or shortly thereafter, subject to further due diligence review by the Company. The Company will issue a press release on the details of this transaction early next week.
The Company believes this new technology may qualify it for substantial assistance under the Energy Policy Act of 2005, which authorizes the U.S. Department of Energy to issue loan guarantees to eligible projects that "avoid, reduce, or sequester air pollutants or anthropogenic emissions of greenhouse gases" and "employ new or significantly improved technologies as compared to technologies in service in the United States at the time the guarantee is issued."
The Company's board of directors has also passed resolutions to reduce its authorized capital from 4,999,500,000 to 300 million authorized shares of $0.001 par value common stock. The Company has 75.4 million shares of common stock issued and outstanding, after taking into account 20.8 million shares that have been earmarked for cancellation. Currently there are approximately 5.2 million shares in the float.
About Jeantex Group, Inc.
Jeantex Group was previously engaged in the textile-apparel clothing industry, focusing on denim goods and accessories. Since the fourth quarter of fiscal year 2006, the Company has discontinued its apparel business and been actively seeking an acquisition or business combination opportunity to enhance value for its shareholders.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties Such forward-looking statements are based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected, on the basis of such forward-looking statements.
Contact: Henry Fahman Tel: 714-843-5455
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