Transfer Technology International Corp. (OTC: TTIN.PK) Announces Overview and Corporate Update
TAMPA, FL -- 04/03/08 -- (PINKSHEETS: TTIN) -- There has been many exciting developments in our company over the last year. It is very important for us to keep our valued stockholders informed as well as the investment community as we execute on our business plan and goals for the future.Chris Trina was hired as the Director of Corporate Finance in June 2007. His goal was to correct the defaults in the financial position by creating and executing agreements with creditors while building the business plan for our future. The company had also fallen behind in its filings to the Securities and Exchange Commission. By November of 2007, TTI Corp. (then called Inverted Paradigms) had caught up all of our back filings and re-established our company as fully reporting and current in our filings to the SEC.
In October Mr. Trina was made the Chief Executive Officer of the company and filled his former position with a new Director of Corporate Finance. Since October through the present time, TTI Corp. has been successful in raising financing money of approximately a half million dollars.
By December 2007 we changed our name to Transfer Technology International Corp. and began to implement our plan to acquire, license, develop and commercialize cutting edge technologies. Our trading symbol is now TTIN.PK. We started building our Scientific Advisory Board to evaluate the technologies and advise management on the potential of each technology reviewed. We created the structure and developed the plan for financing our new business. As of today's date, we have recapitalized our company with over $650,000.
We have established relationships with Bagell, Josephs, Levine & Company LLC as our auditing firm and Zucker and Associates as our accountants. Our corporate counsel is Gary Henrie and we have retained the prestigious law firm of Kramer Levin Naftalis & Frankel to manage our patent and intellectual property issues.
In the first quarter of 2008, we acquired ownership of two patents for products that impact industries with global markets, are considered green products that will appeal to environmental concerns and have great potential for commercial success. Management believes that these patents will bring both short and long-term revenues to the company through licensing agreements that have been presented to TTIN for review. We have hired an Operations Manager to facilitate the manufacture of these products for licensee sampling. Samples have been manufactured and initial shipments have already been delivered. We are currently evaluating a third patent for possible acquisition and look forward to the possibilities that come from this procurement. Lastly, Mr. Trina was rewarded from the Board of Directors for his accomplishments and voted in to become the new Chairman of the Board.
TTI has greatly improved the financial position of our company by negotiating favorable agreements with creditors that were left behind from the prior management team. Our improved balance sheet now puts us in position to move forward at warp speed to build our company. We are currently working to raise $6 million to keep us well financed as we continue to grow.
We came a long way in 2007. Our goals for 2008 are even more exciting. Our plans include initial monetization of our currently owned patents and intellectual properties. We plan to add two more advisors to our Scientific Advisory Board, one new member to our Board of Directors, and a Chief Operating Officer. These additions will be instrumental in our acquisition of new technologies and implementation of commercialization for those technologies. In addition, we are taking the necessary steps to be re-listed on the OTC bulletin board for the trading of our stock. Management believes we can successfully procure one patent per month to add to our portfolio and to perform at least 6 technology transfers by year-end.
Please visit us at our new website, www.ttinternationalcorp.com for more information. You will be able to find our SEC filings, press releases, our stock quote and corporate updates.
About Transfer Technology International Corp. (TTI)
The company was formulated on the premise of acquiring, procuring and funding of current technologies, research and intellectual properties for the transference of these technologies for commercialization. We intend to generate revenue from a variety of methods including transfer fees, licensing and strategic alliance fees and the sale of intellectual properties.
DISCLAIMER:
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements that may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding without limitation our intent to raise additional capital and other statements identified by forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "expects," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions that are subject to change.