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NEW YORK, June 12 /PRNewswire-FirstCall/ -- Netgates Holding, Inc. (Pink Sheets: NTGS) announced today that on May 31, 2006 in a private transaction, Pan Pacific Investments Ltd., ("Pan Pacific"), acquired controlling interest of Netgates issued and outstanding capital stock. In addition, Mr. Dino D'Agostino, sole officer and director of Netgates resigned as the sole member of the Board of Directors and sole officer, and Mr. Alastair McRae was elected the interim sole director and president. Previously and as a result of competition in the marketplace and a lack of sufficient working capital, previous Management determined that their business model was unprofitable and decided to discontinue such enterprise. "We are currently evaluating opportunities within the Alternative Energy Sector, but we cannot at this moment yet assure that we will be able to conclude a transaction which inevitably may be beneficial to our stockholders," said Mr. McRae. Following the change of control of Netgates, the new Board of Directors will continue investigating potential acquisitions or other business combinations. This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding benefits of the proposed merger and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "expects," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks, as well as other risks associated with the merger, will be more fully discussed in any joint proxy statement or prospectus or other relevant document filed with the Securities and Exchange Commission in connection with the proposed merger. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. SOURCE Netgates Holding, Inc
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