LAS VEGAS, Aug. 2, 2012 /PRNewswire/ -- NANOTECH ENTERTAINMENT (PINKSHEETS: NTEK) would like to take this opportunity to update shareholders about recent announcements and our support in the market. In an open letter to shareholders, recently appointed Chairman and CEO Jeffrey A. Foley made the following statements about NanoTech.
NanoTech Entertainment has recently undergone substantial restructuring in an effort that has successfully established the company a strong foothold in the entertainment and technology consumer markets. On the heels of our exciting recent announcements about the launching of the first NanoTech branded TV show, "Adam Curry's Big App Show," and the company's expansion into Television, IPTV and Mobile Video, we have had a significant increase in exposure, and unprecedented levels of trading in our stock.
Given NTEK's limited trading history, yesterday's high volume day only stands to strengthen the company as shares moved into hands of confident investors that believe in our future. The company welcomes the new shareholders and looks forward to a long relationship together. CEO Foley stated, "We are very excited and optimistic about both the shareholder and company growth. This is a great entry point for new shareholders and we will continue to support our base with real company growth and ongoing shareholder communications."
The Board of Directors and Management team is excited about today's activities and increased exposure in the investment community. In January 2012, we set forth our plan in a letter to shareholders as part of our CEO leadership transition. We have made tremendous progress on each and every objective set forth by the new management team including: delivery of value to our customers and shareholders, improved governance and transparency, and most importantly, markedly improved business performance. In just two months, new growth initiatives are already taking hold, and we have delivered approximately $1.5 million of expense reductions and enhanced efficiencies. We look forward to the coming weeks as we continue to grow the business and make more announcements about products, contracts and business deals that will continue to expand the company and provide ongoing rewards for the investors and backers of the company.
About NanoTech Entertainment
Headquartered in Las Vegas, NV, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With three business units, focusing on Gaming, Media & IPTV and Mobile Apps, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
The NanoTech Entertainment logo is a trademark of NanoTech Entertainment, Inc. All rights reserved. All other marks are the property of their respective owners.
Contact: Denise Clifford
Phone: (702) 518-7410
SOURCE NanoTech Entertainment