SOURCE: Textechnologies Inc.

December 04, 2007 10:53 ET

Textechnologies Signs LOI to Acquire

WASHINGTON, DC--(Marketwire - December 4, 2007) - Textechnologies Inc. (PINKSHEETS: TXTG) has just announced that it has signed a Letter of Intent with (PINKSHEETS: IMEN) whereby shall become a wholly owned subsidiary of Textechnologies upon execution of a definitive agreement. Under the LOI Textechnologies shall make a tender offer to all shareholders of record to provide one share of Textechnologies common shares for each ten shares of

Alex Lightman, CEO of, shall be appointed as CEO of Textechnologies Inc. shall join forces with iMan Inc. as a subsidiary of Textechnologies working in tandem on Textechnologies' Internet initiatives. According to Mr. Lightman, "The cross-pollination and collective potential between and iMan Inc. in the cutting-edge wireless technologies arena is unparalleled. iMan has already demonstrated its technological prowess and innovation with its amazing products in the last year. For my part, as the 'Guru of IPv6' it is both a natural and exciting fit to integrate my knowledge of both the corporate and wireless worlds with the dynamic new technology which iMan is bringing into the markets. This is truly a situation in which the sum far outweighs our collective parts."

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"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.

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