Efftec International, Inc. Announces Asset Sale and Updates Shareholders on Current Activities
October 07 2013 - 9:30AM
Marketwired
Efftec International, Inc. Announces Asset Sale and Updates
Shareholders on Current Activities
TULSA, OK--(Marketwired - Oct 7, 2013) - Efftec International,
Inc.(PINKSHEETS: EFFI), is pleased to announce the successful sale
of its Efftrack™ technology suite by one of its wholly-owned
subsidiaries, Efficiency Technologies, Inc., to the Hudson
Technologies Company and its parent, Hudson Technologies, Inc.
(NASDAQ: HDSN). After many months of appropriate diligence between
the two companies, Efftec and Hudson executed the sale of the
Efftrack™ suite for a total purchase price of $750,000.00.
This purchase was paid for by Hudson with a cash payment
of $250,000.00 and a number of shares of Hudson Technologies, Inc.
common stock with a value of $500,000.00 six months from the
closing date. Efftec continues to hold the majority of the HDSN
stock position on our books as a tangible asset; we have used the
cash portion of the payment to eliminate a significant portion of
outstanding debt, further improving our balance sheet while
reducing our liabilities.
Dr. Clinton, CEO, provides the following remarks.
"First, we would like to inform our shareholders that the
Company is in the final stage of preparing its annual financial
statements, which will be posted publicly on the OTCMarkets.com
website. As a fundamental aspect and indicator of how we manage our
Company affairs, we intend to be fully transparent to the investing
public, and as such will attain and maintain a status of
'Fully-Reporting/Pink.' We expect to complete this process within
one week."
Dr. Clinton went on to state that "Our development and sale of
the Efftrack™ suite by our subsidiary, Efficiency Technologies,
Inc., was a major milestone for the Company, and one which
certainly sets us apart from many enterprises in our space. With
this transaction, we have clearly demonstrated our ability not only
to successfully identify, acquire, improve upon and market
cutting-edge, market-welcomed technologies, but to recognize when
the optimal time to shift our Company's focus to new endeavors is
upon us. That said, and stated simply, we believe that our more
recent acquisition holds significantly more potential for revenue
growth for the Company. We will update our shareholders shortly on
our recent endeavors and upcoming business."
About Efftec International, Inc.:
Efftec International, Inc. is a holding company with multiple
wholly-owned subsidiaries. Efftec is active in the area of
acquisition and proprietary development of novel software,
platforms, sustainability technologies.
Safe Harbor:
This Press Release may contain, among other things, certain
forward-looking statements, including, without limitation, (i)
statements with respect to the Company's plans, objectives,
expectations and intentions; and (ii) other statements identified
by words such as "may", "could", "would", "should", "believes",
"expects", "anticipates", "estimates", "intends", "plans" or
similar expressions. These statements are based upon the current
beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements.
These forward-looking statements involve certain risks and
uncertainties that are subject to change based on various factors
(many of which are beyond the Company's control).