20/20 Networks Inc. Announces Acquisition of Sanitec Services of Hawaii Inc., Name Change and Forward Split.Business Editors WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Dec. 11, 2003 20/20 Networks Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: TWNK) announced that it has entered into an agreement with its majority shareholder, Crown Partners Inc., to acquire Sanitec(TM) Services of Hawaii Inc. ("SSH (Secure SHell) A security protocol for logging into a remote server. SSH provides an encrypted session for transferring files and executing server programs. Also serving as a secure client/server connection for applications such as database access and e-mail, SSH supports a "). As part of this transaction, Crown will receive $550,000 for its interest in SSH, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Crown, and receive approximately 5% of the company's common stock, subject to non-dilution for 24 months. The company will assume all the liabilities and assets of SSH, including its waste collection contracts. SSH will become a wholly owned subsidiary of the company upon closing of this transaction. SSH is engaged in the medical waste collection, treatment and disposal business and has a plant operating in Honolulu. SSH utilizes a proprietary, state-of-the-art, environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] microwave process technology that renders medical waste unrecognizable, reduces the volume by 80% and disinfects the medical waste, producing no harmful emissions or liquid discharges. As part of its acquisition of SSH, the company has changed its name to "Micro Bio-Medical Waste Systems Inc." The company's capitalization has also increased to 500,000,000 shares of common stock. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements can be identified by lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , and changing price and market conditions. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statement. |
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