SOURCE: Raptor Technology Group, Inc.

March 16, 2011 12:21 ET

Raptor Technology Group Updates Shareholders on Audit Progress

GROVELAND, FL--(Marketwire - March 16, 2011) -  Raptor Technology Group, Inc. (OTCBB: RAPT), who is in the process of acquiring Raptor Fabrication & Equipment, Inc. ("Raptor"), today provided shareholders an update on Raptor's progress on its audit process.

The auditor for the Company, MaloneBailey, LLP, is continuing to work on the financials and the audit procedure and expects to have it complete in the near future. Previously, the Company reported that the audit of Raptor Fabrication and Equipment, Inc. would be completed on or before March 15. 

About Raptor Technology Group, Inc.

Raptor Technology Group, Inc. has signed a "Plan of Merger Agreement" with Raptor Fabrication & Equipment, Inc. and anticipates the business combination to be completed shortly. Raptor Fabrication & Equipment, Inc. is a technology supplier that provides eco-friendly and green solutions to global issues. The company is committed to developing reliable fuel and energy alternatives by making them both dependable and economically appealing to the manufacturer as well as the consumer. Additional patent pending technology has also been developed to recover rare earth minerals from endless miles of mine tailings. This technology provides an eco-friendly means of recycling these mine tailings both economically and profitably.

Raptor Technology Group, Inc. has positioned itself to become a leader in the biofuel and mining industries with their advanced proprietary biofuel production technology and mineral recovery technologies. Their constant drive for eco-friendly business solutions and economically profitable business models will secure Raptor Technology Group, Inc. as a leader in alternative energy and remediation sectors.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: The statements in this release relating to completion of the acquisition of Raptor Fabrication & Equipment, Inc. by Raptor Technology Group, Inc. and the positive direction are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties which may arise, the failure to obtain necessary approvals, the future market price of Raptor Technology Group, Inc. common stock, the ability to obtain the necessary financing and the failure of Raptor Technology Group, Inc. to complete the acquisition of Raptor Fabrication & Equipment, Inc.

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