BERLIN, Dec. 1, 2003 (PRIMEZONE) -- Diversified technology company, Advanced Technology Industries, Inc. ("ATI") (OTCBB:AVDIE), secures a footing in the US hardware market with the Vari-Grip Latch, the first among over 40 families of unique, patented consumer products, that will be progressively introduced and, in certain instances, co-developed with US industry leaders.
The first order for this product is scheduled for delivery within the next 60 days. The extensive range of innovative, patented consumer products, which include the Vari-Grip Latch, have been developed by Alfa-Pro Products GmbH ("Alfa-Pro"). ATI has exclusive global marketing rights for Alfa-Pro products until such time as the merger with LTDnetwork is completed. ATI will then acquire all intellectual property in Alfa-Pro (and related entities) under the previously announced Asset Acquisition Agreement.
Designed specifically as a childproof mechanism, the Vari-Grip Latch is the first door or cupboard latch that allows the user to increase or decrease tension by a simple turn of a screw. Cupboards, doors, sliding doors and windows can be rendered impossible for toddlers to open, while allowing adults to open them with ease.
ATI President, Hans Skrobanek, is pleased with the initiation of sales activity in the US market. "The introduction of the Vari-Grip Latch to the United States is an important development for ATI as a company, and the first of many unique and exciting products and that are set for co-development and distribution in a variety of key markets. Vari-Grip Latch will have a significant impact on parents with small children, nursing homes and elementary schools and, like many of our products, the Vari-Grip Latch is multi-functional and should in turn be adopted by the furniture, trailer and boat industries", said Mr Skrobanek.
LTDnetwork, President & CEO, Allan Klepfisz observed "We, and no doubt other shareholders, welcome the beginning of marketing & sales activities in the U.S. We have confidence that this unique range of products will be well received by a number of industry sectors. R & D has been the primary focus in the past. This will now be complemented by a strong focus on sales & revenue."