LONDON, Aug. 9, 2005 (PRIMEZONE) -- Quantech Electronics Corp. (Pink Sheets:QANT) announced today the sale of its wholly owned subsidiary, DimiTel UK Ltd., to its previous owners in consideration for all of their equity in Quantech Electronics. Consequently, Quantech Electronics has no operating business at present.
The president of Quantech Electronics, Mr. Rony Cohen, resigned today from all his duties and was replaced by Mr. Israel Levi.
DimiTel was a wholly owned subsidiary of Quantech, operating primarily in the areas of Voice-over-IP (VoIP).
"We are actively looking to merge with a new business entity," says Levi, "and we are confident that this move will help to improve the operating status of Quantech. It is not yet clear whether we will merge with another VoIP company, but we are now diligently establishing criteria and our strategy in reviewing potential merger candidates." Mr. Levi further stated, "We will do our best to restore shareholder value, and we are confident that by acquiring a successful operating business we will be able to enhance shareholder value. Our shareholders have remained loyal, and through hard work, proper strategic planning and solid execution we will be able to become a huge success."
Levi continues, "There are outstanding opportunities in the market today. We will be very thorough in our search, because our interest is in building up company value for our valued investors. This means that our board will be focusing its search in high growth potential industries that offer long-term stability."
Safe-Harbor Statement
This press release contains "forward-looking statements." These forward-looking statements use words such as "believes," "intends," "expects," "may," "will," "should," "plan," "projected," "contemplates," "anticipates," or similar statements. These statements are based on our beliefs, as well as assumptions that we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties, and assumptions. Actual future results may differ significantly from the results discussed in the forward-looking statements. A reader, whether investing in our common stock or not, should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release.