Onteco Corporation, ONTC, Closes Acquisition of Cyber Centers Worldwide Corporation
MIAMI, Nov. 8, 2012 /PRNewswire/ -- Onteco Corporation (OTC.QB: "ONTC"), (the "Company", or "Onteco"), announced today that it had closed its acquisition via a share exchange agreement with Cyber Centers Worldwide Corporation, a privately-held Florida corporation, ("CCW").
Under the terms of the agreement Onteco acquired all of the issued and outstanding capital stock of CCW, in exchange for a number of shares of preferred and common stock of Onteco. CCW is in the business of interactive social gaming on the Internet.
"This acquisition is but the first example of our plan to expand and diversify our 'portfolio of companies' in order to add shareholder value," said Dror Svorai, CEO of Onteco. He added, "We believe that Cyber Centers Worldwide has the capability to rapidly grow our revenue in a fresh and innovative way while building excitement in the new social media marketplace."
About Cyber Centers Worldwide Corporation
Cyber Centers Worldwide Corporation, formerly named Cyber Centers International Corporation, is developer of interactive online gaming designed for consumer play via subscription through a computer or mobile device (e.g., cell phone). Their online games are designed to be played across a number of software platforms.
About Onteco Corporation
Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant global environmental challenges. Today, the Company is broadening its operational footprint into rapidly growing consumer markets, while continuing to focus on technologies to increase the efficient use of energy, and improve the recycling of consumer products.
Additional information about Onteco Corporation is available at: www.Onteco.com
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.
CONTACT: Onteco Corporation
Dror Svorai, CEO, (305) 932-9795
SOURCE Onteco Corporation