SFIN Safetek International Inc (CE)

NEW YORK, Sept. 29 /PRNewswire-FirstCall/ -- Safetek International, Inc. (Pink Sheets: SFIN) (www.safetekinternational.com) an incubator of and investor in green technology and Eco-Friendly start-up companies, announced today that two highly respected industry experts, have agreed to join Newave Packaging (in which Safetek recently acquired a majority ownership stake, as its first portfolio company). "In addition to identifying, developing and managing business projects that show significant growth potential, we help our portfolio companies identify individuals experienced in management to take the company from the idea/development stage to the operating stage," stated Shmuel Shneibalg, President of Safetek. "We couldn't be more pleased by the caliber of the two individuals. Management believes they have unquestionable qualifications in corporate leadership and strategy as well as business planning. They have agreed to spearhead Newave's launch of its ground-breaking, non-toxic film packaging product into the billion dollar market which is currently dominated by PVC-based products," he added. The new leadership team that has agreed to join the company includes:

Dr. Fredrik Verkroost as President, an acknowledged and highly regarded CEO specialized in developing and commercializing companies with innovative technologies and products. Fredrik is an experienced industrialist in building shareholder value. He has built and run a number of companies and earned his reputation in the financial community when he raised $690m in an IPO/Bond issue on NASDAQ as Deputy CEO for the mobile satellite company ICO Global Communications. He later notably transformed the strategy of an entrepreneurial software company and secured a pounds Sterling 47m IPO on the London FTSE TechMark exchange, and has also successfully turned around a number of other companies. Fredrik is a Chartered Engineer, a Fellow of the Institute of Engineering & Technology and a Fellow of the Institute of Directors. He gained management experience from board-level roles within Landis & Gyr, Square D Company, Hewlett-Packard and ICO Global Communications.

Tony Schweinzer as Chief Financial Officer, brings to the company capital markets and finance expertise through prior experience with some of Wall Street's most respected hedge funds and investment banks including DLJ, Deutsche Bank and a Tiger Management spin-off. Tony has also served as an operating executive for a number privately held companies as Chief Financial Officer. He has agreed to commit his time to help build Newave Packaging into what could potentially be one of the leading US suppliers of food film wrap products.

Dr. Verkroost stated, "I'm excited by the prospect of a ground-breaking non-toxic film packaging product, because it has the potential to transform the way our industry packages food - without leaving any harmful trace elements. There is a real desire from the industry and the consumer to make these changes happen. Many leading national retailers have already announced a ban on PVC. I am equally encouraged by the early interest exhibited from large food stores and food packaging firms for the supply of Newave's ewrap™ film."

Mr. Schweinzer stated, "I think the financial markets may find Newave as an attractive investment candidate, offering a truly "good for the consumer, good for the planet" product, versus the heavily entrenched yet widely recognized "bad for the consumer, bad for the planet" toxic PVC food wrap." Stefan Gudmundsson will focus his attention on the commercial development, as Business Development Director. He has spent most of his career in the packaging industry, and has been responsible for determining and evaluating distinctive packaging requirements specifically of Non-PVC film applied to the Bakery Industry. He has previously served as President of Trinity Plastics Inc; VP Sales & Marketing for Packall Packaging Inc.; Regional Sales Manager for Purity Packaging; and Sales Representative of Glopak Packaging. Commenting on the appointment, Shmuel Shneibalg, President said: "We are fortunate to have secured the services of two top level managers whose credentials speak for themselves and who have had tremendous success in the past in building and managing entrepreneurial companies. We're equally excited about their past track record in securing substantial financial backing from private equity and institutional investors

About Safetek International Inc.

Safetek International Inc. is a holding company formed to identify, develop and manage business projects that show significant growth potential, including new green technologies and other Eco-Friendly sectors. The Company has recently acquired Newave Packaging Inc. as part of its restructuring program to take advantage of innovation and their application to 'green' initiatives, especially for the non-toxic food film market. In addition to identifying, developing and managing business projects that show significant growth potential, Safetek helps its' portfolio companies find individuals experienced in management to take companies from idea/development to profitable operation.

About Newave Packaging Inc. (www.newavepackaging.com)

Newave Packaging Inc. supplies some of most ECO friendly non-toxic and bio-degradable film products and cutter boxes for the $1bn+ packaging industry, especially food packaging, which is still dominated by PVC products. All its products are tested and certified to conform to new environmental legislation. Newave Packaging now distributes throughout North and South America and will soon supply other countries worldwide.

Forward-Looking Statements

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.

SOURCE Safetek International, Inc.