SOURCE: Quantum Bit Induction Technology Inc.

December 17, 2010 12:21 ET

Quantum Bit Induction Technology Partners to Complete Share Conversion Dropping Outstanding Shares by 98%

HOUSTON, TX--(Marketwire - December 17, 2010) - Quantum Bit Induction Technology (PINKSHEETS: QBII) proudly announces that the QBIT Investment Fund, LP (QBIT Fund) has converted 2.425 billion shares of Quantum Bit Induction Technology, Inc. (Quantum Bit) (PINKSHEETS: QBII) to Class B shares of the company. QBIT Fund submitted the conversion transaction to the Quantum Bit transfer agent today in response to the recent reinstatement of conversion privileges from QBII to Class B shares. QBIT Fund is excited to participate in the technology development efforts of Quantum Bit and support the overall interest and agenda of the company. "This conversion will drop the outstanding QBII shares by approximately 98% to 75 million shares of common stock and more importantly give QBIT Fund a firm foothold in the advantages planned and underway for Quantum Bit's Class B shareholders. We are excited to participate," said Craig Nelson, president of QBIT Investment Fund, LP's General Partner.

We encourage anyone interested in our work, company, history, or story to contact us. We welcome informed people as stockholders to share our future.

Quantum Bit Induction Technology, Inc. is a Houston-based technology developer of Fusion, Wireless Power Transmission and Negative Group Delay, specifically how to render those technologies commercially viable. The Company's common stock is traded OTC under the symbol "QBII." The Company also issues Class B Stock which is privately held and does not trade publicly. More information is available through the company's website. Every stockholder or interested investor is encouraged to join our Shareholder's Group hosted by Yahoo! Groups. Important topics regarding this company are discussed through the Shareholder's Group.

The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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