TAMPA, Fla., March 4, 2008 (PRIME NEWSWIRE) -- TenthGate International, Inc. (Pink Sheets:TGTI), an innovative medical technology firm, announced today that its subsidiary, TenthGate Incorporated, will not maintain their three technology licenses from the University of New Mexico through STC.UNM (Science and Technology Corporation of the University of New Mexico -- http://stc.unm.edu)
Tim Novak, CEO of TenthGate, said, "We have made the difficult choice not to continue with these technologies due to capital requirements needed for these products to reach commercialization. This decision was made in an effort to protect our shareholders in a fragile marketplace. In these troubled economic times, TenthGate has been advised by financial industry experts to seek other innovative products that offer a shorter time line to commercial revenue creation or acquire those with existing revenue streams. This decision will also allow these important melanoma technologies to find another interested biotech development partner as they truly offer next generation melanoma diagnostics."
About TenthGate International, Inc.
TenthGate International, Inc. is a medical technology company which is focused on the acquisition and development of life-changing, healthcare technologies. The range of acquired technologies include those in medical devices and diagnostics, although the company also has a strong portfolio of innovative biotech products and solutions. TenthGate maintains two intellectual properties which have already obtained FDA approval and one CE Marked for sale in Europe. It has identified additional technologies for acquisition.
For more information and TenthGate, view the company website at:
The TenthGate International, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3179
Safe Harbor:
Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made by TenthGate International, Inc. are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of TenthGate International, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.