LONG BEACH, Calif., Feb. 11, 2004 (PRIMEZONE) -- Utah Clay Technologies, Inc. (OTCBB:UTCL) announced today that it has completed its acquisition of 100% of the outstanding shares of NeWave, Inc. The Company also announced that it has effected a 1-for-344 reverse split of its common stock. The total shares of common stock outstanding post-merger are 10,000,000. The Company's new ticker symbol is OTC:BB - "NWAV"
NeWave's newly appointed directors are; Barrett Evans, Theodore Smith, Douglas Leighton, Michael Hill and Michael Novielli. Mr. Novielli was elected Chairman and Michael Hill is the Company's CEO.
About NeWave, Inc.
NeWave Inc. through its wholly owned subsidiary Onlinesupplier.com offers a comprehensive line of products and services at wholesale prices through its online club membership. Additionally, NeWave's technology allows both large complex organizations and small stand-alone businesses to create, manage, and maintain effective website solutions for e-commerce. To find out more about NeWave (OTCBB:NWAV), visit our website at www.newave-inc.com. The Company's public financial information and filings can be viewed at www.sec.gov.
Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.