HOLLYWOOD, Fla., April 24, 2020 /PRNewswire/ --Aluf Holdings, Inc. ("AHIX") ("the Company") (OTC PINK: AHIX) today announced plans to unwind its acquisition of Interaqt Corporation ("COLOTRAQ").
"The Covid-19 crisis has negatively impacted Aluf's ability to raise the necessary capital to fund the COLOTRAQ acquisition and, as a result, we have agreed mutually to unwind the transaction at this time," says Don Bennett, Chairman of the Board of Directors of Aluf.
Dany Bouchedid, Founder & CEO of COLOTRAQ, added: "With the stock market volatility and the impending recession due to the Covid-19 pandemic, being a part of a publicly traded micro-cap stock was not in our best interest so taking COLOTRAQ back as a privately-held business was the absolute best move for us at this time."
Mr. Bouchedid will also be resigning from his position as Aluf's CEO and the Board of Directors. "With the current economic climate, I need to dedicate 100% of my time and energy on COLOTRAQ," added Mr. Bouchedid.
About Aluf Holdings, Inc.: Aluf Holdings, Inc. is a publicly traded holding company whose core competency is to acquire, manage and propel "Next-Gen" technology companies into the future. Our core focus is the Biometric, Cybersecurity, Blockchain, and Software/Hardware verticals.
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 and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.