SOURCE: Lifetech Industries, Inc.

July 03, 2013 14:25 ET

Lifetech Industries, Inc. Corporate Update

BELLEVUE, WA--(Marketwired - Jul 3, 2013) -  Lifetech Industries, Inc. (OTCBB: LTCH) is pleased to provide a corporate update with respect to the recently filed form 8-K with the SEC. On June 25th the company announced that Mr. Benjamin Chung resigned from all his positions with the company and that the company had appointed Mr. Paul Rosenberg as the new President and CEO as part of a transaction whereby Mr. Chung transferred control of the company to Mr. Rosenberg. As a result of this transaction, Mr. Rosenberg now has voting control over 71.4% of the Company's outstanding issued common stock.

Mr. Rosenberg is a serial entrepreneur and private investor focused on the technology space with experience in procurement, outsourcing, research, and manufacturing.

 Transaction Rationale

Mr. Rosenberg approached Lifetech earlier this year with an interest in licensing the Lifetech IP for a consumer device that utilized a vaporization component to address two market opportunities.

Over the ensuing weeks Mr. Chung and Rosenberg developed a relationship and eventually structured a transaction that acknowledged Lifetech's financial situation as well as the resources that Mr. Rosenberg could provide.

As part of the transaction Mr. Chung transferred control of Lifetech to Mr. Rosenberg who committed to inject a minimum six figure equity financing and fund the day to day operations of the company. Additionally Mr. Rosenberg has committed to develop the consumer device within Lifetech and look to monetize the company's existing portfolio of IP.

Commenting on the transaction Mr. Rosenberg stated: "I am very excited to have taken the baton from Benjamin who did a superb job of securing key technology license agreements and raising the initial round of capital for the business. I look forward to leveraging my experience in the technology space to create new growth drivers for the company. I would like to thank Benjamin for his services and wish him well in his future endeavors."

As part of this transition Mr. Rosenberg has moved the company's corporate office from Palo Alto to Bellevue, Washington. The new address is 800 Bellevue Way, Bellevue, Washington 98004.

Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties.

Contact Information

  • CONTACT PERSON:
    Paul Rosenberg
    CEO
    (425) 462-4219