SOURCE: Onteco Corporation

May 24, 2011 09:06 ET

Onteco Corporation, ONTC, Files Quarterly Report With the SEC

MIAMI, FL--(Marketwire - May 24, 2011) - Onteco Corporation (OTCQB: ONTC) (PINKSHEETS: ONTC) (the "Company" or "Onteco") announced today that on Monday, May 23, it had filed its first quarter report for 2011 with the Securities and Exchange Commission.

"We continue to fulfill our commitment to our shareholders by providing on-time information about their Company to them," said Onteco President and CEO Dror Svorai. He added, "As important, our first quarter's report shows significant progress in our corporate development, and the beginnings of revenue generation from our NexPhase intellectual property." He added, "We have gained traction since the start of the year and believe that we are building significant sales and marketing momentum as well. This is going to be a very exciting year for all of us."

About Onteco Corporation

Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant environmental challenges facing us today. Additionally, these solutions must show promise of generating significant, ongoing profits for the company. The company determined that one industry that meets these criteria is the Energy Saving Lighting Industry, and as a result acquired NexPhase Lighting, Inc. in February 2011.

Additional information about Onteco Corporation is available at: www.Onteco.com

About NexPhase Lighting, Inc.

NexPhase Lighting, Inc. is a designer and developer of proprietary high quality LED (light-emitting diode) lighting fixtures and control systems for commercial applications. It believes its products will be the lowest cost, highest efficacy fixtures available in the LED Lighting Industry. All NexPhase lighting products incorporate its proprietary "NexSense Technology™," which provides benefits well beyond the generally acknowledged advantages of all other LED lighting fixtures. NexSense control systems use a unique, "patent pending" wireless protocol, which provides for an unsurpassed reduction in architecture and infrastructure installation cost in commercial applications, as well as significantly reduced maintenance and ongoing operation costs.

For more information about NexPhase Lighting, Inc. visit: http://www.nexphaselighting.com

Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.

Contact Information

  • CONTACT:
    Onteco Corporation
    Dror Svorai
    President
    (305) 932-9795