SUTIMCo Provides Corporate Update
05 December 2013 - 12:21AM
Marketwired
SUTIMCo Provides Corporate Update
SANTA ANA, CA--(Marketwired - Dec 4, 2013) - SUTIMCo
International, Inc. (OTC Pink: SUTI) a multi-project business
accelerator company, is pleased to provide third quarter financial
and operating results and an update regarding business
operations.
For the quarter ended September 2013, SUTIMCo lowered its total
liabilities by $7.4 million, or 71% to $3.1 million as compared to
the fiscal year ended December 2012. Management lowered accounts
payables, accrued expenses, loans to related parties, and
convertible notes representing both long and short terms loans by
negotiating with most debt holders.
Mr. Fred Rogers, SUTIMCo CEO, stated, "As we prepare to bring to
market a business unit we believe strengthening the balance sheet
is an important factor and a necessity to better position the
company. We worked with our debt holders to negotiate terms that
benefited all parties involved. We are even more pleased that most
of the debt was converted to common stock and the debt holders are
committed to working with us to ensure the growth of SUTIMCo."
SUTIMCo has engaged Crucible Capital, a New York based
investment banking firm. Crucible Capital Group, Inc. is a
registered Broker-Dealer with FINRA and a member of SIPC. The
company has been a presence, globally, in transactions up to $50
Million. Crucible's principal and founder, Chuck Moore, has 28
years of financing experience.
Crucible will be arranging for SUTIMCO a capital raise for the
launch of its water business unit.
SUTIMCO's Water Technology Unit intends to be a leader in
providing safe and healthy drinking water. The world is 75 percent
water, and only 2.5 percent is fresh water two-thirds of which is
locked up in icecaps and glaciers. In the end less than 0.75
percent of the Earth's total water supply is available for use. The
worldwide demand for freshwater is increasing by 64 billion cubic
meters each year (1 cubic meter equals 1,000 liters). Currently
more than one billion people around the world use unsafe,
contaminated water. Twenty five thousand people die every day from
disease associated with lack of access to safe drinking water,
inadequate sanitation and poor hygiene and 80% of disease in the
developing world is caused by contaminated water.
The solution to this impending disaster is technologies which
effectively and economically, filter, desalinate and purify water
for both the developed world where costs are becoming an issue and
the developing world where access to fresh clean drinking water is
a pre requisite for any other form of economic development.
"I have had the pleasure of presenting our business units to a
number of institutional investors over the last 2-months and feel
confident that Chuck and his team at Crucible can assist me in
moving forward," commented Mr. Rogers. "The technology in these
business units has been developed by leading Universities and
medical professionals, all of which promotes better overall health
while addressing the constant need for cost effective programs
through proactive programs."
About SUTIMCo
International, Inc.
SUTIMCo International, Inc. is a holding company, which utilizes
a unique and established platform to launch new technology
enterprises based on world-class university research discoveries.
SUTIMCo International through its wholly owned subsidiary SUTIMCo,
Inc. provides experienced management to early stage companies,
reducing risk and assuring the know-how in launching and growing a
new company. In addition to this skilled management team, SUTIMCo
can avail itself of the encyclopedic, informal knowledge of the
inventor, his experience and his research team.
SUTIMCo's robust portfolio of relationships with prestigious
American universities is unique and strategic. North American
universities invest over $42 billion in science and technology
research, with about 15,000 new technologies disclosed annually.
SUTIMCo's portfolio of technology and innovation start-ups, in
partnership with more than two-dozen of the nation's premier
research universities, includes technologies and products in the
pre-funding stage and projects in the development process. Each of
these business entities is being advanced by the SUTIMCo management
team and methodology.
Safe Harbor
Statements regarding financial matters in this press release
other than historical facts are "forward-looking statements" within
the meaning of section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934, and as that term is
defined in the Private Securities Litigation Reform Act of 1995.
The Company intends that such statements about the Company's future
expectations, including future revenues and earnings, technology
efficacy and all other forward-looking statements be subject to the
safe harbors created thereby. The Company is a development stage
company who continues to be dependent upon outside capital to
sustain its existence. Since these statements (future operational
results and sales) involve risks and uncertainties and are subject
to change at any time, the Company's actual results may differ
materially from expected results.
Investor Relations Andrew Barwicki 516-662-9461
andrew@barwicki.com
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