NEW YORK, Nov. 8, 2006 (PRIMEZONE) -- Organetix, Inc. (OTCBB:OGTX) has today announced that it will change its name to Spectrum Acquisition Holdings, Inc. in anticipation of successfully completing a future acquisition/merger with a technology business. Recalling on September 28, 2006, the Company entered into a 180-day Letter of Intent ("LOI") with a New Mexico-based Fiber Laser developer. Management believes that the current corporate name reflects the Company's past rather than its future.
On October 24, 2006, the Company's majority shareholders and Board of Directors approved changing the Company's name and increasing its authorized number of shares of common stock from 150,000,000 to 300,000,000 in anticipation of engaging in significant corporate transactions related to its revised business plan. On October 25, 2006, the Company filed an information statement related to the aforementioned actions, with the Securities and Exchange Commission.
Dr. David F. Hostelley, President and CEO of Organetix, Inc. stated, "We are very excited about the new direction that our business is taking and believe to have the opportunity to continue adding value to our company."
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.