NEW YORK, June 13, 2005 (PRIMEZONE) -- Mr. Thomas Megas, President of Bancorp International Group Inc., trading symbol (Pink Sheets:BCIT), makes this announcement in order to correct inaccurate statements made previously by Carter Care Inc, its agents, representatives and others purporting to represent BCIT and Carter Care have completed a reverse merger.
Let it be known that BCIT has never entered into any agreement, neither oral nor written or ever had any contact with Carter Care or anyone associated with Carter Care prior to June 4th 2005. Also, no such agreement has been entered into since June 4th 2005. No officer of BCIT or any of its controlling Shareholders have been involved with Carter Care prior to June 4th 2005. Upon learning of the claimed reverse merger, BCIT commenced an investigation which is still ongoing. Carter Care, upon being informed of the above by BCIT, and at the request of BCIT issued a statement. The purpose of this statement was to remedy the incorrect announcements that Carter Care had completed a reverse merger with BCIT.
At no time has BCIT issued any statement that relates to any merger or reverse merger in the last six months. BCIT has not authorized nor issued any BCIT shares to any person or any legal entity in the last five months. Any shares issued by Carter Care are without the knowledge and authority of the board of directors of BCIT and its shareholders and are therefore deemed null and void and constitute no obligation or liability on BCIT or its shareholders.
An announcement to this effect has already been made.
BCIT is currently undertaking due diligence on several possibilities for a reverse merger, one of which includes Gold-Oil rights details of which are as follows. This information would not normally be released but in the present circumstances full disclosure is appropriate. There are no letters of intent related to this exercise. Compensation for damages suffered by BCIT is an issue and is being thoroughly pursued by BCIT against those whom it considers responsible.
No direct announcement was made by BCIT earlier because of the difficulty of ascertaining what has transpired. The inquiry is ongoing and BCIT will announce its conclusions as soon as possible.
This press release contains 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 are based largely on Bancorp International Group Inc. Expectations or forecasts of future events can be affected by inaccurate assumptions and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the company's control. Therefore, actual results could be differing materially from the forward-looking statements contained herein. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, margins, profitability, cash flows and capital needs.