SkyBridge Technology Group, Inc.

October 05, 2010 15:24 ET

SkyBridge Technology Group, Inc. (SKGO) Closer to Textraw Merger

BUFFALO, NEW YORK--(Marketwire - Oct. 5, 2010) - SkyBridge Technology Group, Inc.'s (PINK SHEETS:SKGO) - News; President Jeffrey Burns announced today that the company has located a possible USA-based merger candidate, and initiated talks with the possibility of entering into a business relationship or transaction that will involve a merger.

The company of interest has been well established in the market place for over a decade and produces an innovative synthetic product that has been carried by several major retailers. The company's most recent distribution agreement has ended, and they are looking for a new partner with whom to re-establish a strong worldwide market. SKGO management has vigorously battled other interested parties for the acquisition of Textraw, for reasons that will soon become evident and clear. Simply put, Textraw offers tremendous potential for SKGO and will add great value for our shareholders.

Textraw produces synthetic pine straw from recycled plastics making this company a GREEN company. This revolutionary new product designed for landscaping has a much higher burn temperature than natural pine straw, which allows landscapers the ability to use this product in markets that have outlawed original pine straw due to posing a significant fire hazard (several southern states have passed laws making it illegal to use the original pine straw).

This product lasts longer than natural pine straw, does not attract weeds, does not mould and due to its high density, does not blow away in the wind to the same degree as natural straw. Another giant asset of this product is that it repels insects to a high degree. President Jeffery Burns and his advisory board are of the opinion, that Textraw could become a huge part of SKGO's GREEN companies.

The SKGO management works hard to obtain permission to release the name of the targeted candidate, henceforth SKGO management respectfully requests its shareholders and followers not to contact any representative of Textraw until the transaction is complete.

Jeff Alan, IR for SKGO, said, "As many SKGO shareholders know and the discontinuance of another client for Textraw merger opportunities are presented to various compatible issuers and each issuer bids for acquisition of the assets, and in no way does this constitute a "done deal" until such time that all the paperwork is completed. SKGO has made it clear that they feel they are a better fit for Textraw, and are looking to transform SKGO into a complete green energy company. SKGO management has a game plan that will increase shareholder value of SKGO, and have Textraw become a part of their green company portfolio, and expand operations and revenues on a hyper growth scale."

More details will be provided shortly.

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Information in this news release may contain statements about future expectations, plans, prospects or performance of SkyBridge Technology Group, Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. SkyBridge Technology Group, Inc. cautions you that any forward-looking information provided by or on behalf of SkyBridge Technology Group, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. SkyBridge Technology Group, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond SkyBridge Technology Group, Inc.'s control. In addition to those discussed in SkyBridge Technology Group, Inc.'s press releases, public filings, and statements by SkyBridge Technology Group, Inc.'s management, including, but not limited to, SkyBridge Technology Group, Inc.'s estimate of the sufficiency of its existing capital resources, SkyBridge Technology Group, Inc.'s ability to raise additional capital to fund future operations, SkyBridge Technology Group, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match SkyBridge Technology Group, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. SkyBridge Technology Group, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

Source: SkyBridge Technology Group, Inc.

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