CHANDLER, Ariz., Feb. 6, 2012 (GLOBE NEWSWIRE) -- Ecoland International, Inc. (OTCBB:ECIT.OB) would like to provide clarity as it relates to ECIT and the acquisition of D&R Technology Inc.
Drasko Karanovic - Director of Ecoland International, Inc. comments, "We would like to take this opportunity to set the record straight and let our shareholders know that in fact ECIT has now acquired 100% ownership of D&R Technology in a share exchange agreement executed by both companies on February 1, 2012."
Mr. Karanovic continues, "The Board of Directors of the of both ECIT and D&R approved the execution and consummation of the transaction under a Share Exchange Agreement. In accordance with the terms and provisions of the Share Exchange Agreement ECIT issued an aggregate of 59,000,000 shares of its restricted common stock to the D&R Shareholders in exchange for 100% of the total issued and outstanding shares of D&R Technology, thus making D&R Technology its wholly-owned subsidiary."
Following the Share Exchange Agreement: Mr. David Wallace resigned as a member of the Board of Directors and the President/Chief Executive Officer, Secretary, Treasurer/Chief Financial Officer of ECIT and Mr. Berardino Paolucci was appointed as the President/Chief Executive Officer, Secretary, Treasurer/Chief Financial Officer and a member of the Board of Directors of the Corporation effective February 1, 2012; and Mr. Drasko Karanovic and Mr. Veljko Pjevac were appointed as additional members of the Board of Directors of ECIT. Thus as of the date of this report, the Board of Directors consists of Berardino Paolucci, Drasko Karanovic and Veljko Pjevac.
Further details can be found at:
http://www.sec.gov/Archives/edgar/data/1388180/000147124212000151/ecit8k.htm
SHARE STRUCTURE
The Company maintains the position that there will be no need for a reverse split or financing at this time. The issued and outstanding stock remains at 88,650,000 with a float of 18,100,000 . The Company intends to update shareholders on any share issuances that may occur going forward, along with the purpose behind any issuance.
With the acquisition complete and to better reflect the company's direction a name change will be effectuated in coming months.
About D & R Technology Inc.
www.dnrtechnology.com/" target="_top" rel="nofollow">www.dnrtechnology.com
D & R Technology designs, manufactures, and markets industrial and consumer products. Through independent subsidiaries we provide state of the art automation technology solutions to enable customers to dramatically accelerate time-to-market and increase revenue. D & R Technology Inc. is a recognized technology pioneer and market leader in the area of engineering, design and the manufacturing of automated tube processing solutions for the automotive industry. It is emerging as one of the world's leading providers of automated manufacturing solutions, which are used by three of the top ten automotive part suppliers in the world.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to the future anticipated direction of the Company, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, potential contracts, and/or aspects of litigation. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, Ecoland International Inc. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions. Persons are encouraged to read our Annual Report on Form 10-K for the year ended May 31, 2011 and our other documents subsequently filed with the Securities and Exchange Commission for meaningful cautionary language in respect of forward-looking statements in this press release. Interested persons are able to obtain free copies of filings containing information about the Company at the SEC's internet site (www.sec.gov/" target="_top" rel="nofollow">http://www.sec.gov). The Company assumes no obligation to update any of these forward-looking statements