Monday April 3, 10:31 am Eastern Time
Company Press Release
Medtech Diagnostics, Inc. Announces First Acquisition
Signs Letter of Intent To Purchase DelOtto Systems, Inc.
NEW YORK--(BUSINESS WIRE)--April 3, 2000-- MEDTECH DIAGNOSTICS, INC. (MDIA, OTCBB) announced today, that it signed a letter of intent to acquire all of the outstanding shares of DelOtto Systems, Inc. ( delottoinc.com ).
DelOtto Systems, a privately held corporation, is a full service business-to-business provider of web-based content management and syndication. Its proprietary product, Site Manager, encompasses a comprehensive set of web-based tools designed to create a turn-key solution that enables clients to reduce costs and efforts by allowing them to easily manage and maintain their own robust on-line presence.
Medtech Diagnostics, Inc., which previously announced plans to change its name to 4networld.com, Inc. ( 4networld.com ), subject to a shareholders' vote, currently scheduled for May 11, 2000, is in the process of positioning itself as a unique incubator of early-stage Internet and technology companies. The new business strategy will focus on acquiring, marketing and funding Internet and technology businesses whose primary market is business-to-business services or products.
``This acquisition will mark Medtech's initial step in implementing its new business strategy to acquire and assist young and growing companies realize their market potential,' said Steven N. Bronson, President of Medtech Diagnostics, Inc. ``We are extremely impressed with DelOtto System's Internet solutions, proprietary products and people, which is why we targeted it to become the inaugural acquisition for our Company,' continued Bronson.
``We are excited about becoming part of this exciting project,' said Michael Park, President of DelOtto Systems, Inc. ``We feel Medtech's talents and resources will leverage our proprietary Internet software to help our company to realize our potential,' continued Park.
About Medtech Diagnostics, Inc.
Medtech Diagnostics, Inc. is an incubator for Internet and technology companies that have not yet achieved their market potential. Medtech intends to provide marketing, operational and financial assistance to a variety of Internet and technology businesses servicing the business-to-business market. Medtech is based in New York City.
About DelOtto Systems, Inc.
DelOtto Systems, Inc., a private corporation organized under the laws of the State of Pennsylvania, is a provider of web development technology that concentrates on assisting small businesses design, develop and maintain web sites. DelOtto Systems is the owner of Site Manager, which is its proprietary web site design and maintenance software. DelOtto Systems' business model is based on reducing the costs associated with building and maintaining web sites, while allowing companies to control their content internally. DelOtto Systems is based in Elmira, New York.
FORWARD-LOOKING STATEMENTS
Certain of the statements contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. The words ``believe,' ``expect,' ``intent,' ``anticipate,' ``estimate,' ``may increase,' variations of such words, and similar expressions or future or conditional verbs such as ``will,' ``should,' ``would,' and ``could' identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include, but are not limited to, the implementation of the Company's new business strategy, the Company's limited capital resources, a rapidly changing market, continued growth of the Internet and online commerce and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended September 30, 1999 and its most recent Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect the occurrence of unanticipated events. |
