NEW YORK, Nov. 22, 2004 (PRIMEZONE) -- Advanced Technology Industries, Inc. (OTCBB:AVDI) ("ATI") and LTDnetwork, Inc. ("LTD") announced today that the previously disclosed merger to combine the two companies is set to close during the week of November 29, 2004. Upon closing, ATI will relocate its headquarters from Berlin, Germany to New York City.
"ATI is extremely excited to reach the end of the merger process and begin focusing on marketing its products and intellectual property," stated Hans-Joachim Skrobanek, President of ATI.
"Everyone at LTD looks forward to the closing of this merger," added Allan Klepfisz, CEO of LTD. "Our immediate focus post merger will be to bring several products to market and begin revenue generation. We believe that the shareholders of the merged company will benefit significantly from the diligent work done during the merger process over the past two years on strengthening the financial position and product development of the two companies."
Upon closing, the Company intends to immediately focus on generating revenue from the Qtrax music downloading software, price comparison software and online gaming software developed by LTD and the Star Can resealable beverage can developed by ATI. As these products are successfully introduced to the market, the Company will focus on other products contained in the ATI, LTD and Alfa-Pro intellectual property portfolios and the development of new products for the software and consumer markets.
About Advanced Technology Industries, Inc.
ATI is a technology holding company devoted to technology identification and acquisition, as well as research and development leading to commercialization of innovative products, including proprietary technologies. ATI has offices in Berlin and Passau, Germany.
About LTDnetwork Inc. www.ltdnetwork.com
LTD operates over 350 specialty e-commerce sites and has developed a range of cutting-edge proprietary software products that is designed to facilitate and enhance the purchasing experience of both its own customers and those of leading Internet companies that will utilize the products under joint venture or licensing arrangements. LTD has offices in New York, New York and Melbourne, Australia.
The above news release contains forward-looking statements. These statements are based on assumptions that the management of Advanced Technology Industries, Inc. believe are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of Advanced Technology Industries, Inc. and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. Advanced Technology Industries, Inc. assumes no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise.