Cetek Technologies Issues Statement to Shareholders.Business Editors POUGHKEEPSIE, N.Y.--(BUSINESS WIRE)--Oct. 25, 2001 Cetek Technologies, Inc. (NQB NQB National Quotation Bureau, Inc (now Pink Sheets) :CTKT) management made the following statement today regarding the company's financial condition and future outlook. In the recent past, numerous comments and some rumors have been made on Internet chat rooms about the company, and while Cetek's policy is not to comment on speculations and rumors, and specifically Internet postings which frequently have no basis of fact, it does wish to clarify the company's current situation, for the benefit of its shareholders. Stated president and chief executive officer Fayiz Hilal, "The company is not financially threatened in any way with being able to operate, and has adequate cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. to meet its current needs. Furthermore, recent private financings have resulted in increasing these cash reserves. Cetek management is continuously evaluating suitable companies compatible with the company's business plan that could become acquisition candidates." Fayiz further stated, "Recently the company has retained new legal counsel, and it is our intention to re-submit to the regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. the necessary paperwork and audited financial data on the company so as to regain NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on electronic bulletin board trading status. We will endeavor to keep shareholders updated as to the progress of this activity." Cetek Technologies is a specialty material company with a focus in ceramic substrate applications for the electronic industry. Cetek has developed a unique process and formulation allowing production of large sheets of superior quality ceramic without the need to undergo the time-consuming and expensive grinding and lapping process. The U.S. Dept. of Commerce in 1996 recognized Cetek's proprietary process when they were awarded a contract to develop the material for the back plane of the FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. (flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time ) video technology. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under 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: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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