United Treatment Centers Inc. to Spin Off Element Trading Technologies LLC
December 17 2013 - 8:19AM
Marketwired
United Treatment Centers Inc. to Spin Off Element Trading
Technologies LLC
United Treatment Center Inc. Has Engaged Auditor to File an S-1
to Spin Off Their Wholly Owned Subsidiary Element Trading
Technologies and Issue a Special Dividend to Share Holders of
Record as of December 31, 2013
NEW YORK, NY--(Marketwired - Dec 17, 2013) - United Treatment
Centers Inc. (OTC Pink: UTRM), a leading proprietary trading firm
based in New York, announced today its board approval to spin out
Element Trading Technologies LLC. United Treatment Centers Inc. has
engaged the services of CPA firm Michael T. Studer P.C. to audit
the financials of UTRM and will continue to use the firm's counsel,
Securities Counselors Inc., to file an S-1 registration. The firm
announced that it will issue a special dividend to UTRM
shareholders of record as of December 31, 2013. The special
dividend will give shareholders of record as of December 31, 2013
one share of Element Trading for every one hundred shares of UTRM.
Any odd lot will be rounded up to one share. Charles Vaccaro CEO of
United Treatment Centers Inc. said, "We are excited about this
decision and feel it will increase shareholder value going forward.
We are presently negotiating with two firms that have expressed
sincere interest in acquiring UTRM and hope to have a final
decision shortly." United Treatment Centers Inc. acquired Element
Trading Technologies in August 2012 in a reverse acquisition and
has run the Element operation as a wholly owned subsidiary. Upon
the completion of the spin out Element would be its own public
company with its own symbol and would be an OTCBB listed company.
The plan is to upgrade UTRM to an OTCBB listed company in this
process creating two public entities. Element Trading Technologies
will continue developing risk management software for the active
trader market and increasing their proprietary trading model
globally. Liam Tynan, the firm's Chief Financial Officer, said,
"This decision was made in an effort to give our shareholders
increased shareholder value and to stream line the business of
Element. With our marketing plans for 2014 we felt this is one
piece of the business plan that will create market awareness for
Element in the year ahead."
"Safe Harbor Statement" under the Private Securities Litigation
Reform Act of 1995. This press release contains forward-looking
statements that involve risks and uncertainties. The statements in
the Release are forward-looking statements that are made pursuant
to safe harbor provision of the Private Securities Litigation
Reform Act of 1995. Actual results, events and performance could
vary materially from those contemplated by these forward-looking
statements.
Contact Information Element Trading Technologies
888-568-1830