SOURCE: CTX Virtual Technologies, Inc.

January 29, 2014 12:03 ET

CTX Virtual Technologies, Inc. Completes the First Phase of Key Vendor Certification With Huawei

BOCA RATON, FL--(Marketwired - Jan 29, 2014) - CTX Virtual Technologies, Inc. (OTC Pink: CTXV) a technology company that manufactures and distributes mobile telecommunication, virtual imaging, touch screen and tablet announces that it has successfully completed the first phase of vendor certification with Huawei Technologies Co., Ltd, the world's largest telecommunication equipment maker based in Shenzhen, China.

Shenzhen Kuanda Technology Company Ltd., ("Kuanda") an operating subsidiary of CTX, has successfully passed the initial quality testing of its LCD touch screens to be used for Huawei's smartphone manufacturing. Upon successful completion of the qualification process, it is expected that Kuanda will supply over one million screens per month.

In anticipation for the Huawei's requirements for 2014, CTX has initiated its capacity expansion along with production upgrades to accommodate the additional orders. With the additions of fully automated lines for glass cutting and LED bonding for size mix of 1.8 inch to 13.5 inch screens, CTX plans to increase its monthly output by 33% or more. 

Forward-Looking Statement Disclaimer

The statements made in this release may contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to the results of our 2012 audit, our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights. In addition, there can be no assurance that the activities to be performed under the Statement of Work with the global auto parts manufacturer mentioned above will prove successful or that a meaningful transaction with such party will result therefrom.

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