SANTA ANA, Calif., Feb. 17, 2004 (PRIMEZONE) -- VitroTech Corporation today announced that it and VitroCo Materials, LLC, a wholly owned subsidiary, have been acquired by Star Computing Limited (OTCBB:SRCU).
"Our new status as a public company will better enable VitroTech to facilitate strategic investments and capitalize on its innovative proprietary technology," said Jess Rae Booth, president and chief executive officer of VitroTech.
In connection with the acquisition, the company completed a private placement of its common stock to accredited investors, raising a total of $2 million.
Further details related to the financing are included in the Form 8-K, as amended, filed by the company with the Securities and Exchange Commission.
About VitroTech
VitroTech is a materials technology and research company, headquartered in Santa Ana, California, with rights to purchase, process and sell approximately 35 billion pounds of extremely rare amorphous aluminosilicate deposits -- subject to royalty payments, through contractual agreements. Management believes that the products produced from this material, marketed under the "Vitrolite(r)" brand, enhance both the physical qualities and production of plastics, paint/coatings, and a variety of other product segments. Additional information is available on the company's web site at: www.vitroco.com.
This press release may contain forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and the Company's business strategy. These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Such forward-looking statements are based on current expectation, involve known and unknown risks, a reliance on third parties for information, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the performance of our auction houses, our ability to implement our inventory procurement strategy, general economic conditions, our ability to license our software to other auction houses, our ability to acquire profitable companies and integrate them into our business successfully and other factors that are detailed in documents we file from time-to-time with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ materially from the Company's expectations and estimates.