From: bbruin@home.com (Barrie Einarson)
To: bbruin@home.com (Bbruin)
CTI DIVERSIFIED HOLDINGS INC. ANNOUNCES ACQUISITION OF IT TRANSIT LIMITED
CTI Diversified Holdings, Inc. (OTCBB: CDHI) (“CTI” or the “Company”) today
announced that it has completed its acquisition of IT Transit Limited (“IT
Transit”). IT Transit is a professional services firm, delivering secured
wireless IPsec-based VPN and infrastructure solutions, web-hosting, PKI and
ASP services, with clients in both Hong Kong and Singapore.
“The acquisition of IT Transit allows the Company to rapidly deploy its
complete end-to-end security solutions to the Asian marketplace and grow our
product and services offerings”, said Mr. Stephen Koltai, Chairman of CTI.
“Our IPsec secured wireless network in Hong Kong has now been launched and
is currently being installed with a number of our customers.” As a result
of this acquisition, Mr. Ingemar Lampa, of IT-Transit, will oversee all
technical aspects out of the Company’s Hong Kong operations. “We are
leveraging the synergy effect that our organizations have by marrying the
current deliverables with a strong IT security foundation and methodology.
With our combined entities, we are excited about establishing ourselves as
the leader in providing end-to-end security networks and solutions in the
Asia region”, said Ingemar Lampa.
The Company acquired 100% of the total issued and outstanding shares of
IT-Transit for US $250,000. 2001 projected revenue from IT-Transit is
US$1.2 million in the Hong Kong market and is anticipated to grow sharply
when deployed in CTI’s broader Asian marketplaces. The acquisition of
IT-Transit complements the Company’s core business of providing leading
North American IT, ISP, ASP products and services into the e-security,
e-business and e-financial markets in Asia, as well as providing consulting
services for IT security.
Any statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, and involve risks and uncertainties.
Potential factors could cause actual results to differ materially from those
expressed or implied by such statements. Information on the potential
factors that could affect the Company's actual results of operations are
included in its filings with the Securities and Exchange Commission. These
risks may be further discussed in periodic reports and registration
statements to be filed by the Company from time to time with the Securities
and Exchange Commission in the future.
The Company’s shares trade on the OTCBB under the symbol “CDHI”.
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