LOS ANGELES, CA--(Marketwired - Apr 9, 2014) - Autris (OTCQB: AUTR) an automotive technology investment corporation was recently granted Eligibility Status by the Depository Trust Company (DTC). The DTC allows brokerage firms, banks and other financial institutions the use of widely accepted protocols for the electronic settlement of trades and securities transfers.
"We are very pleased that those that wish to participate in our public market can more readily do so now," said Autris Chairman and CFO Ellis Martin.
On October 9, 2013, the company acquired 100% interest of NitroHeat, LLC in a reverse takeover. Nitroheat is a manufacturer and distributor of nitrogen generators and compressed gas heaters. This unique solution is currently supplied into the automotive and industrial spray painting markets. There are a variety of other uses for this system in the following area: In the painting segment, the benefits derived from the utilization of the Nitroheat system are improved paint transfer efficiency, faster drying / curing time, and a higher finish quality. In the industrial sectors the Nitrogen generators are used as an alternative to compressed "bottled / tanked" nitrogen.
As part of the reverse takeover Derek Naidoo was appointed Chief Executive Officer. Derek Naidoo is a serial entrepreneur with an automotive engineering background. After having worked in the automotive industry for 12 years, Derek founded a technology business in 1995 which was consolidated in a merger and listed on the Johannesburg stock exchange in 1999. Derek later started the autobody speedshop concept in South Africa in 2002. The concept was launched in the USA in 2009. Derek designed a heated nitrogen generation system for the automotive spray painting environment in 2011 which is currently being manufactured and distributed out of the NITROHEAT business in Gardena, California. Ellis B. Martin resigned as President and CEO and remains as Chief Financial Officer and Chairman. Brett Whitelaw retains his position as Executive Vice-President and Director.
AUTRIS is an OTC publicly traded company. We are a dedicated automotive technology investment company with a current wholly owned subsidiary NITROHEAT (www.nitroheat.com). The company is strategically positioned for additional acquisitions in the automotive and technology sectors. Our focus is to continue the development and growth of NITROHEAT whilst exploring additional opportunities in the automotive industry.
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements.
Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the AUTRIS core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
The matters discussed herein may also be affected by risks and uncertainties described from time to time in AUTRIS filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement