NEW YORK, Aug. 28, 2006 (PRIMEZONE) -- Organetix Inc. (OTCBB:OGTX) has today notified shareholders that the Company has no plans to affect any type of reverse split moving forward. The current share capitalization shall remain intact, with the exception of future share issuance for a potential acquisition target and related financing activities.
On August 21, 2006 Organetix announced that its controlling shareholders signed an agreement to transfer control of the Company to Lusierna Asset Management ("Agent"). At that point Dr. David F. Hostelley was appointed interim President and Director. The Company is actively evaluating potential acquisition possibilities to restore and create shareholder value.
Organetix President Dr. Hostelley, stated, "The Company is confident it will be successful in driving shareholder value through successfully completing an acquisition. It is our opinion that a reverse split is not in the best interests of shareholders."
DISCLAIMER
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 acquisition and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "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. 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.