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ReDox Technology Corporation Approves Strategy of Amalgamation
With Other Related Companies for Mutual Benefit of Cooperative
Venture
HOUSTON, Dec. 2 /PRNewswire/ -- The ReDox Technology Corporation
(OTC Bulletin Board: RDOX - news) Board of Directors has unanimously
approved a plan to pursue a strategic relationship with the Octobot
Cooperative Mutual Technology Fund (O.C.M.T.F.)
The strategy would expand the scope and understanding of prior discussions
that have taken place between the principals of the various organizations.
ReDox's ongoing technology tracking discipline has kept the company
constantly aware of the rapid growth and accelerated advancements being
achieved throughout the worldwide technological arena. Because of this
observation, the ReDox Board and its officers have taken a proactive posture
to heighten the company's overall strength. The strategy involves a classic
pooling model formulated to add to the overall depth of ReDox. Pooling is
defined as combining resources and strengths (teaming) for a common advantage.
For the past twenty-four months, the company has examined a number of
alternatives they have felt would greatly enhance and guarantee ReDox's
success in today's highly competitive environment.
During meetings between ReDox and the Octobot constituent organizations
that were conducted in March 1998, Richard A. Szymanski, Chairman and
CEO of ReDox, completed his exhaustive review of the companies that had
been considered as possible strategic allies. Szymanski and the principals
of the Octobot Cooperative Group felt that their discussions had generated
sufficient interest to enter into a joint Confidentiality/Non-Disclosure Agreement.
Procedures were structured for the exchange of technical information, patent
review, financial information, and the means of transmittal.
During the week of April 13, 1998, at an informal meeting of the ReDox Board,
preliminary information was presented and independent discussions took place
regarding the possible relationship with the Octobot Cooperative Mutual Technology
Fund. It was decided that ReDox should actively pursue developing this relationship
and that a due diligence investigation of each of the Octobot's Cooperative participant's
technologies be evaluated. This review was conducted by members of ReDox's
technical staff as well as selected third party technology specialists.
It was the consensus on the part of the ReDox research team members that this
association could substantially add to the overall strength of ReDox and would enhance
its posture in today's competitive arena. The research teams' assessment of the synergistic
compatibility of such a union was thought to be highly beneficial for the advancement
on the interests of ReDox.
Briefly stated, the Octobot Cooperative consists of diverse technology, financial and
marketing entities which will provide an amalgamated pool of resources available to the
entities comprising the Octobot Cooperative. Each entity will maintain its own autonomy,
its own capitalization structure and business endeavors. However, each constituent
party of the cooperative will have available to it the resources of the other entities for
the purposes of purchasing power, acquiring new technologies, developing new
marketing strategies and obtaining the necessary financing to achieve the individual
goals of the member entities.
ReDox would greatly strengthen its position in the domestic and international markets
and at the same time, add technological strengths that, in combination with Octobot,
would be tremendously advantageous. This will heighten the opportunity to accelerate
and enhance the delivery of shareholder value and position the company to compete
favorably in the rapidly evolving technology market place.
The ReDox Board has always considered the importance of scale, scope, market position,
technical competence, financial ability and highly qualified personnel as the key ingredients
in achieving its growth strategies. The strategic alliance that has been developed between
ReDox and Octobot Cooperative Mutual Technology Fund (O.C.M.T.F.) gives us the
foundation and strengths that are needed in achieving our short, intermediate and long
range goals without sacrificing the autonomy of ReDox to pursue its individual production,
marketing and distribution goals.
ReDox's Board and management have thoroughly evaluated and assessed the benefits
and worth of this strategic alliance, and feel it is extremely complimentary to the short
term as well as intermediate and long range objectives of the company.
SAFE HARBOR -- This release contains forward-looking statements. These statements
are subject to certain risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward- looking statements. Readers should
not place undue reliance on forward- looking statements, which reflect management's
view only as of the date hereof. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect subsequent events or circumstances.
Readers should carefully review the risk factors described in this Release.
SOURCE: ReDox Technology Corporation |
