Coretec Inc.
TSX : CYY

Coretec Inc.

November 08, 2009 17:53 ET

Coretec Announces Update on Private Placement and Formation of Special Committee to Review Offers

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2009) - Coretec Inc. ("Coretec" or the "Corporation"), (TSX:CYY), a leading designer and fabricator of printed circuit boards for the prototype and quick turnaround production markets, announced today that it has recently received proposals from third parties with respect to a possible sale of Coretec. Coretec continually investigates any and all opportunities presented to it which could enhance shareholder value. To assist it in reviewing the proposals, Coretec has formed a special committee of its board of directors comprised of Saleem Dedhar, Peter Murphy and Walt Custer. There can be no assurance that a transaction will result from any of the various proposals. As a result of its review of the proposals, Coretec has obtained an extension to the closing date of its previously announced private placement of debentures and warrants to November 30, 2009. There can be no assurance that Coretec will complete the previously announced private placement on the terms announced or at all.

About Coretec

Coretec is one of the leading designers and fabricators of printed circuit boards for the prototype and quick turnaround production segments of the North American and European markets. Coretec distinguishes itself from its competitors by providing an extensive suite of printed circuit board services including field applications engineering support and education; technology roadmap consulting, CAD layout; rapid response manufacturing for prototypes; quick turn production for small-to-middle volume quantity requirements; and facilitation of higher volume requirements via partnerships in lower cost jurisdictions. The Company is also differentiated by its broad range of PCB technologies.

Caution Regarding Forward Looking Information

This news release contains "forward-looking statements" within the meaning of the United States Securities Litigation Reform Act of 1995, and applicable Canadian Securities Legislation. Forward-looking statements include, but are not limited to, statements with respect to financial performance, opportunities, new market for growth and financial position. Generally these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecast", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Please be cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results or developments may vary materially from those projected or implied in the forward-looking statements as a result of any number of factors, including currency exchange rate fluctuations; variability of operating results; dependence on certain industries; management of growth and expansion; integration of operations; ability to attract and retain key personnel; nature of sales; product complexity and product defects; international operations; material cost fluctuations and limited availability of raw materials; potential loss of customers; competition; industry contraction and slow economic growth; technological change and process development; environmental liability; need for additional financing; product liability; pricing pressure; ability to reduce costs; and other risks discussed in the section entitled "Risk Factors" in Coretec's Annual Information Form dated March 26, 2009 which can be obtained at www.sedar.com.

Contact Information