Electro-Chemical Technologies Ltd. Reports That the Auction of Nine of Its U.S. Patents Has Been Completed and Approved by the U.S. Bankruptcy Court
ST. LOUIS, Mo.--(Business Wire)--
Electro-Chemical Technologies Ltd. (Pink Sheets: ELCHQ) announced
today that the auction of nine of its United States patents in the
field of "electrochemical activation of water" has been completed and
approved by the United States Bankruptcy Court for the Eastern
District of Missouri (the auction process was previously announced on
May 14, 2008). The successful bidders in the auction, John and Cheryl
O'Shaughnessy, submitted a final bid of $4,830,000 for the purchase of
the patent portfolio. The entire amount of the $4,830,000 purchase
price will be paid in cash. The bid was approved by the Bankruptcy
Court, and closing of the purchase and sale of the patent portfolio is
expected to occur on or prior to July 15, 2008.
About ECT
To receive additional information on ECT, please visit ECT's
website at www.ectltd.net, which does not form part of this press
release.
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical facts
but rather are based on the Company's current expectations, estimates,
and projections about its industry; its beliefs; and assumptions.
Words such as "anticipates," "expects," "intends," "plans,"
"believes," "seeks," "estimates," and similar expressions are intended
to identify forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown
risks, uncertainties, and other factors, some of which are beyond the
Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions shareholders and
prospective shareholders not to place undue reliance on these
forward-looking statements, which reflect the view of the Company only
as of the date of this announcement. The forward-looking statements
made in this announcement relate only to events as of the date on
which the statements are made. The Company will not undertake any
obligation to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory authority.
Electro-Chemical Technologies Ltd., St. Louis
Vadim Panichev, 314-398-6791
vapani@earthlink.net
Copyright Business Wire 2008
