ALTAMONTE SPRINGS, Fla., Oct. 30, 2006 (PRIMEZONE) -- Metropolis Technologies Corp. (Pink Sheets:MTPT) announced today that the first of several planned MTPT stock acquisitions has been successfully completed and that the company has re-acquired 19,000,000 shares of its common stock.
Metropolis President Michael Smith stated, "This particular stock re-acquisition was an important step for the Company. As we continue to grow our business, we believe it is important for the company to have as much of its own equity as possible, while we undertake to develop important alliances, strategic acquisitions and growth related financings. The Metropolis Board of Directors and our Management team are very pleased to have obtained such a significant amount of the company's equity. Several of our growth strategies will require the company to utilize its own capital."
Smith continued, "As a result of this 19,000,000 share block acquisition, Metropolis is now positioned to immediately execute Phase 1 of its acquisitions and alliances strategy. Additionally, the Company expects to obtain other large share blocks in the immediate to near future which will be used in part to facilitate the Company's short, mid and long term growth strategies. The Company expects to announce several new deals as a result of this successful undertaking."
Smith concluded, "As I've stated previously, Metropolis is a rapidly growing company with substantial margins and diligently controlled overheads. Our revenue projections continue to be revised upward as our sales pipeline fills with a steady flow of new revenue opportunities. Our valued shareholders and partners can expect Metropolis to aggressively pursue these opportunities in the most efficient manner possible as it relates to growing shareholder value."
About Metropolis Technologies Corp.
Metropolis has a strategic platform to capitalize with the present and future way in which businesses, associations, artists & entertainers, venues and consumers communicate, create partnerships and develop revenue generating activities and transactions within the online universe.
Our mission is to innovate -- bringing the power, ease of use and massive reach of the internet together with our constantly evolving software solutions to deliver better products, customized services and unique business solutions. Today, Metropolis is offering highly advanced, scalable e-ticketing and portal solutions to clients in North America, South America and the Caribbean with a deeper commitment to provide our products and solutions to clients and consumers on a Global scale.
The Metropolis Technologies Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2913
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased" "plan," "confident that," "believe," "expect," "intend to," or "anticipate" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the company's SEC reports and filings. All forward-looking statements are based on information available to Metropolis Technologies Corp. on the date hereof, and Metropolis Technologies Corp. assumes no obligation to update such statements.