Tranzbyte Enters Final Stages of Appeal Process with DTC Regarding the "Chill" Placed on the Company's Common Shares 18 Months Ago
PHOENIX, Oct. 2, 2012 /PRNewswire/ -- Tranzbyte Corporation (ERBB (OTC:PK) announced today that it has engaged its administrative and legal resources to answer an information request received by the company from the Depository Trust Company (DTC) on September 8, 2012. The DTC request for information was triggered by Tranzbyte's appeal of DTC's decision 18 months ago to place a deposit restriction or "chill" on the company's common shares on March 18, 2011. ERBB has continued to trade during this period, but trade completion times are extended and can be more expensive.
According to Company president, David Gwyther, "The Deposit Transfer Restriction or 'Chill' placed on our common stock last year has hobbled our company's growth. Since my arrival at the Company this year, one of my most important priorities - as directed by the Board - has been to successfully complete the appeal process with the DTC. Shareholders should know that the Company has been fully engaged in this appeal process with the DTC for over a year in an effort to have the chill lifted at the earliest possible time."
Continues Gwyther, "The Company is engaged in some very exciting business segments that I believe will have a positive impact on the future growth of Tranzbyte. Although our efforts, as we enter the final stage of this long appeal process, do not insure that Tranzbyte will be successful in reversing the DTC decision to 'chill' the stock, the company is cooperating in good faith with the DTC to achieve that result."
Both Tranzbyte Corporation and its divisions will continue to release details of new products and future acquisitions in the coming days, weeks and months.
The Tranzbyte Corporation (www.tranzbyte.com) is a driving force behind Altitude Organic Corporation. The company expects to continue its plan to acquire, hold, or spin out successful divisions in what has been described in previous news releases as "dividend farming." Companies that qualify that decide to become public on their own will agree to carve out shares for Tranzbyte and their ERBB shareholders once the spin-out is registered and publicly trading.
This year, Tranzbyte acquired ProximaRF – a leading-edge company that produces a line of products supporting leading-edge RFID technology.
Tranzbyte also houses the company's 9-year-old technology division which is actively engaged in the sale of its optical media enhancement products to potential customers in the US and Asia. Products in the Tranzbyte division include FLASHAlbum™ and FlixStix -- technologies that enable distributors of optical media (CDs, DVDs, etc.) to consolidate the best features of each medium onto a single content-protected USB flash drive.
ABOUT ALTITUDE ORGANIC CORPORATION
Altitude Organic Corporation (www.altitudeorganix.com) provides business support services to independently-owned retail dispensaries and legally licensed caregivers in states that have approved the use of medical cannabis. AOC continues to drive innovation in the industry through its sales and marketing support services, product research and development, point-of-sale and inventory management technologies, Zazzz™ unique retail product lines, and an expanding family of brands designed to meet the ever-growing demand of the burgeoning medical cannabis industry. Visit http://www.altitudeorganix.com today.
ABOUT PROXIMARF AND APPLIED RFID
Founded in 2006, Applied RFID and its operating subsidiaries (www.proximarf.com), have a versatile and leading-edge portfolio of RFID reader, sensor tag and data logging products based on the ISO 15693 standard of high frequency (13.56Mhz) RFID.
The company has plans to increase its network of global distributors and value-added resellers. With its "Proxima RF" line of RFID readers, sensor tags, sensor probes and data logging products, the Company seeks out opportunities with partners who have a unique software offering within market verticals where the implementation of secure data collection and temperature sensing bring real and immediate ROI to users. These key markets include: food safety, cold chain logistics and healthcare/pharmaceutical as well as factory and field maintenance applications.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.
Company and Contact:
Mr. John T. Martin, Asian Division
Tranzbyte Corporation – Hong Kong
Rm 308, 3/F, Kai Tak Commercial Building
317-319 Des Voeux Road Central,
Hong Kong (SAR)
Victor J. Elias, President
ProximaRF Technology Holding Company
ProximaRF Corporate Office:
14220 N. Northsight Blvd., Suite 139-B
Scottsdale, AZ 85260
SOURCE Tranzbyte Corporation