THE WOODLANDS, Texas, Feb. 25, 2011 /PRNewswire/ -- As a part of a recently completed settlement agreement, a transaction originally entered into in July 2010, whereby the Company acquired certain assets of Innovative Asset Corporation, has been rescinded. As a result, 2 billion shares of the Company's common stock issued pursuant to that transaction have been returned to the Company as Treasury Shares. Eric Ottens, CEO of AppTech commented: "During the past several months we have been working on cleaning up several prior year transactions that upon careful consideration just don't make sense for us and were distracting our attention from those tech related industry segments that will form the basis of our operations as we move forward. This includes our marketing relationship with LTI Industries in Argentina."
About AppTech Corp
AppTech Corp is developing mobile application market places serving emerging markets in Latin America, Brazil and the USA. AppTech is focused on multi-platform mobile apps designed to run on device operating systems such as Apple's iPhone and Google's Android. In addition, through its wholly owned subsidiary, Oronoco Telecom, AppTech is working on securing agreements with top communication companies in Central America, South America and The Caribbean.
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SOURCE AppTech Corp