Onteco Corporation, ONTC, Announces Spin Off of its Subsidiary, NexPhase Lighting, Inc., and Dividend Distribution of NexPhase Shares
14 Sep, 2012, 08:15 ET
MIAMI, Sept. 14, 2012 /PRNewswire/ -- Onteco Corporation (OTC.QB: "ONTC"), (the "Company", or "Onteco"), announced today that it intends to spin-off its wholly-owned subsidiary, NexPhase Lighting, Inc., ("NexPhase"), by means of a distribution of shares of common stock of NexPhase to the Company's shareholders of record as of October 14, 2012 (the "Spin Off"). The number of NexPhase shares to be issued to the Company shareholders on a pro-rata basis in accordance with their record holdings will be determined. The Company is currently preparing and filing an Information Statement under Section 14(c) of the Securities Exchange Act of 1934, as amended, to its shareholders. It is further contemplated that the shares of common stock of NexPhase as distributed will be registered with the Securities and Exchange Commission with the result that a market will be created for trading of NexPhase shares and NexPhase will become a fully reporting company
"We are very pleased to be able to spin off NexPhase and create a new public company," said Onteco CEO, Dror Svorai. "We are delighted to be able to provide our shareholders with an ownership interest in this new, exciting company." Svorai concluded, "Once the Spin Off is effective and all regulatory requirements meet, we believe the new publicly-traded NexPhase will help demonstrate the value of stock ownership in Onteco."
About Onteco Corporation
Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant global environmental and energy challenges today.
Additional information about Onteco Corporation is available at: www.Onteco.com
About NexPhase Lighting, Inc.
NexPhase Lighting, Inc. is a designer and developer of proprietary high quality LED (light-emitting diode) lighting fixtures and control systems for commercial applications. It believes its products will be the lowest cost, highest efficacy fixtures available in the LED Lighting Industry. All NexPhase lighting products incorporate its proprietary "NexSense Technology TM", which provides benefits well beyond the generally acknowledged advantages of all other LED lighting fixtures. NexSense control systems use a unique, "patent pending' wireless protocol, which provides for an unsurpassed reduction in architecture and infrastructure installation cost in commercial applications, as well as significantly reduced maintenance and ongoing operation costs.
For more information about NexPhase Lighting, Inc. visit: http://www.nexphaselighting.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
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