SOURCE: Cross Atlantic Life & Science Technology

October 20, 2005 16:01 ET

Cross Atlantic Announces AsiaLiveAuction.com to Be Marketing Brand for Online Asia Pacific Online Auction

SINGAPORE -- (MARKET WIRE) -- October 20, 2005 -- Cross Atlantic Life and Science Technology, Inc. (OTC: CLNT) announced today that further to the recent announcement of the commencement of technical development of its online auction system, it will brand, market and operate the auction system from the domain name www.AsiaLiveAuction.com.

The Company is developing an Internet-based auction site with a focus on the Asia Pacific market permitting buyers and sellers of products to be linked via a web enabled auction portal in real time.

A comprehensive e-commerce back end will be integrated into the auction system in order to offer credit card, e-check and other secure online payment systems. As part of the actual online auction system itself, Cross Atlantic has developed a unique marketing program to ensure consumer awareness with the strategy to capture a large customer base. Cross Atlantic's mandate is to develop www.AsiaLiveAuction.com into the premier Asia Pacific auction site and achieve market share similar to the most successful auction sites in North America.

The Company anticipates the system will be operational in the first quarter of 2006 and intends to generate revenues immediately upon commercial launch.

With respect to the focus on the Asia Pacific region, there are almost 200 million users of the Internet, which is a major factor in the Company's focus on the Asian economies. As more and more consumers are introduced to Internet connectivity, the Company anticipates they will adapt to the convenience and flexibility of online commerce as a method through which to purchase goods and services.

About Cross Atlantic Life & Science Technology, Inc.

Cross Atlantic Life & Science Technology, Inc. is a venture capital company with a focus on emerging technologies in growth market areas. The focus areas of the Company are technology, information technology / e-commerce in addition to life sciences. It is envisaged that the Company will develop a portfolio of investments thereby offering financial diversity to our shareholders.

On behalf of the Board of Directors,

Mr. Mehryari

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of wireless networks or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

Contact Information

  • For further information please contact:

    Cross Atlantic Life and Science Technology, Inc.
    Telephone: 011 65 6248 4740
    URL: www.CrossAtlanticGlobal.com