SOURCE: CTX Virtual Technologies, Inc.

April 17, 2014 06:45 ET

CTX Virtual Technologies, Inc. Receives Approval for the Establishment of Wholly-Foreign Owned Enterprise

BOCA RATON, FL--(Marketwired - Apr 17, 2014) - CTX Virtual Technologies, Inc. (OTC Pink: CTXV) (PINKSHEETS: CTXV), a technology company that manufactures and distributes mobile telecommunication and virtual imaging devices, touch screens and tablets, announced that it has received approval for the establishment of a Wholly-Foreign Owned Enterprise ("WFOE") which will replace the company's VIE structure of the company's operating subsidiaries in China.

Upon successful completion of the remaining steps which includes obtaining the business licenses and setting up of the capital structure for the WFOE, this will enable CTX greater operational flexibility and ultimately provide the ability to repatriate funds from the operating subsidiaries back to the U.S.

Clifford Rhee, CEO, stated, "We have at the moment a number of significant growth opportunities related to both our traditional businesses as well as our virtual imaging based products and this approval is timely as we concentrate our efforts on operational efficiencies and margin improvement of our sales efforts. Once fully operational, the WFOE structure will provide the company greater flexibility and improve our global finance strategy, allowing us to better manage cash flows between our operating subsidiaries."

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, 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

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