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NATCO Executes Letter of Intent for Reverse Take-Over Dec 5, 2006 1:14:00 PM
SURREY, BRITISH COLUMBIA--(CCNMatthews - Dec. 5, 2006) - Mr. Raj Gurm, President of NATCO (OTCBB:NCII), is pleased to announce that a Letter of Intent has been signed with Photo Violation Technologies Corp. ("PVT") of Vancouver, Canada that will lead to the shareholders of PVT holding 85% of the outstanding shares of NATCO at the conclusion of the transaction. The shareholders of NATCO will retain a 15% interest in the re-organized company.
PVT is a private company with subsidiaries in Europe and Asia that has developed a patented, technologically innovative parking meter system - the PhotoViolationMeter(TM). This user friendly high tech meter will generate significantly more revenue than current parking meters through greatly improved compliance and zero double usage of time. The PhotoViolationMeter(TM) has already advanced to field trials and is being tested at the University of British Columbia Endowment Lands and at the Port of San Francisco.
PVT has successfully forged relationships with Fortune 500 companies and global suppliers such as IBM, Cisco, Honeywell, and Motorola and is working with these partners to develop the world's most sophisticated parking system. One of these companies has also agreed to come on board under the terms of a North America-wide service agreement.
Based on data provided by PVT, Sean Lanigan B.Eng. (Civil), MBA, LL.B of Wishing Tree Inc. has established a fair market value for the PVT patent of $133 million USD. This value of the United Sates Patent does not include additional patents that have been issued and are still pending.
The formal share-exchange agreement is expect to be signed in January.
Safe Harbor Statement
All statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, constitute "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. The company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
FOR FURTHER INFORMATION PLEASE CONTACT: NATCO International Inc. Raj Gurm (604) 507-6657
Source: NATCO International Inc.
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NATCO International Inc. Raj Gurm (604) 507-6657
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