Nano Labs Shareholder Update
March 07 2014 - 1:45PM
Marketwired
Nano Labs Shareholder Update
DETROIT, MI--(Marketwired - Mar 7, 2014) - Nano Labs Corp.
(OTCQB: CTLE) is pleased to provide the following update to
shareholders regarding the Company direction and vision for
2014.
Dear Shareholders,
Over the past 18 months the company has worked with Dr. Castano,
our team of researchers, designers, and engineers on creating a
portfolio of advanced nano technology that will provide benefits to
a variety of industries including: (i) consumer products, (ii)
energy, (iii) materials, and (iv) healthcare.
Since entering into an Asset Purchase Agreement with Dr. Victor
Castano on October 10, 2012 the company has followed Dr. Castano's
lead and filed Intellectual Patents after reviewing several of Dr.
Castano's publications. The first product identified by the company
to take to market was the Nano Coatings technology.
The Nano Coatings were produced in the laboratory environment
and tested under ASTM and Underwriters Laboratory protocol by
several testing facilities. The company has also approached several
manufactures to produce the product under license over the past 18
months. However, the company experienced consistent problems with
the manufacturing of the Nano Coatings as it applies to developing
several other coatings applications for uses in the Nano Nail
Polish and LED system.
The Board of Directors has determined that the outstanding
manufacturing issues to be resolved with the coatings technology
were extensive and problematic, and it is in the best interest of
the company to pursue our other opportunities such as Polec
Industries and industry sectors not related to the Nano Coatings at
this time.
The Board of Directors agreed that the consummation of the Asset
Purchase Agreement is not in the best interests of the Company or
its shareholders in light of certain difficulties pertaining to the
intellectual property, testing, and the production of the Nano
Coating Technology and other products provided by Dr. Castano using
his Nano Coating Technology.
The Company has determined and agreed with Dr. Castano that the
Asset Purchase Agreement should be rescinded (the "Rescission") and
that all right, title and interest in and to the Nano Coating
Technology and products publications be returned to Dr. Castano.
Dr. Castano has accepted to rescind the Asset Purchase Agreement
and return 101 million common shares of Nano labs Corp to the
Company for cancelation.
The Rescission Agreement was signed on March 4th, 2014 with Dr.
Castano, and the Company received the resignation of Dr. Victor
Castano as Chairman and Chief Technology Officer on the same
day.
We continue to follow our core strategy of developing a
diversified investment of nanotechnologies for our shareholders in
Nano Labs. The Company will continue negotiations with Polec
Industries and other potential opportunities currently under
review. The Company is also in the process of interviewing several
potential high-level candidates to replace Dr. Castano as Chief
Research and Innovations Officer of Nano Labs and continue move the
company in the direction to generate revenues in 2014.
We are working to create products and materials that come with
the satisfying investment benefit of making our industries
stronger, our economies healthier, and our environment safer. The
company plans to update our shareholders in the weeks to come as to
the direction the company will take in 2014.
Respectfully on behalf of the Board,
Mr. Bernardo Camacho Chavarria President, Nano Labs
About Nano Labs Nano Labs Corp. (CTLE) is a nanotechnology
company whose research and development team of scientists,
designers, and engineers is focused on creating a portfolio of
advanced products that could provide benefits to a variety of
industries including: (i) consumer products, (ii) energy, (iii)
materials, and (iv) healthcare. Through the use and integration of
proprietary nano compounds, our goal is to evolve common products
into new, revolutionary products in order to make the world a
better place. Nano Labs shares are traded on the OTC Bulletin Board
in the United States under the ticker CTLE. For more information,
please visit www.NanoLabs.us.
Forward-looking statements This press release contains
forward-looking information within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1993 and Section 21E of the Securities Exchange
Act of 1934 and is subject to the safe harbor created by those
laws. These forward-looking statements are based upon a number of
assumptions and estimates that are subject to significant
uncertainties that involve known and unknown risks, many of which
are beyond our control and are not guarantees of future
performance. Actual outcomes and results could materially differ
from what is expressed, implied, or forecasted in any such
forward-looking statements and any such difference may be caused by
risk factors listed from time to time in the Company's news
releases and/or its filings with the OTC Bulletin Board or as a
result of other factors.
Contact: Bernardo Camacho Chavarria President 1 (888)
806-2315