MONTREAL, Nov. 30, 2007 (PRIME NEWSWIRE) -- Royaltech Corp. (OTCBB:RYTE), a biotech start up headquartered in Montreal, QC, today announced the company's intention to search for a new direction of business venture.
The board of the directors of the corporate has recently decided not to further the business of manufacture and distribution of the four clinical diagnostic kits in China that the company has had licensure agreement to, unless further financing and local efforts to meet the regulatory compliance are met.
"It is not to abandon, but to adjust company's strategy in the business of biotech R & D, under the situation of limited financing available, and changed local regulatory compliance demand," emphasized Chenxi Shi, the President and CEO stated. "The Corporation affirms its belief that the biotech venture that the corporation previously acquired licenses to develop are important business ventures both in their technical/clinical advantages, and as a future revenue to the company. Based on the assessment of new information becoming available regarding the financial needs and regulatory compliance of such venture to launch in China, the corporation recognizes that it is in the best interest of the company to maker better efforts in obtaining financing before any major operation in this direction to further proceed."
"The company further decides to persuade a new business in different directions than the biotech R & D, for financial gains, to strengthen its position in long-term growth and increase the shareholders value."
This press release contains statements, which may constitute "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of Royaltech Corp. and its management as well as assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.