SOURCE: Transfer Technology International Corporation

Transfer Technology International Corporation

June 22, 2011 09:29 ET

Transfer Technology International Corp. Announces Settlement of Major Legal Judgment and Adds Clarity About Its Recent 10Q Filing

TAMPA, FL--(Marketwire - Jun 22, 2011) - TTI Corp. (OTCBB: TTINE) announced today that after weeks of negotiating with opposing legal counsel regarding its largest disclosed judgment that terms were verbally agreed upon yesterday to settle and release this matter completely. In addition, the company feels compelled to explain certain disclosures contained in the footnotes of its most recent 10Q filings.

Chris Trina, Chairman and CEO, passionately states, "I have two urgent items to discuss with the public market place regarding some disclosures in our most recent 10Q footnotes that seem to have some investors worried and confused. I truly believe after some phone calls and emails I received yesterday during the trading hours that this concern triggered a small selloff in our stock yesterday and prompted further short selling as well. As the CEO, I owe it the public and our loyal investors to explain what I believe to be an overreaction and to shed light on what seems to be misunderstandings in our latest 10Q filing." Trina goes on to say, "First off I am extremely proud after weeks of ongoing negotiations with opposing legal counsel to announce that yesterday afternoon, TTI and legal counsel representing our largest outstanding judgment have settled on undisclosed terms to fully release TTI and to settle this matter fully and expeditiously. I believe by the end of this week this legal matter will be behind us which allows me to focus more so on operations and funding needs. I have also made great strides with the remaining legal matters in dealing with those opposing lawyers and their clients and truly believe these outstanding judgments to be very close to being fully settled as well. I don't think the overall market place understands the urgency and importance of getting these judgments settled. I have had many discussions with financiers, mergers and acquisitions teams and large individual investors who seemingly love our company but wouldn't touch us until progress was made in the settling of our overhanging legal matters. Today marks that much needed progress and hopefully is the beginning to the end of these stifling judgments."

Trina continued by stating, "As part of the strengthening of our balance sheet which is of utmost importance to management, future and current investors and current shareholders alike the BOD wisely approved an increase in our authorized share amount if and when needed and only by shareholder vote. I'm certain that traders and shareholders in our company have overreacted unnecessarily yesterday and aren't at all grasping the importance of this potential authorized increase whatsoever." HJ and Associates, our firms' auditors stated yesterday, "With an increased number of authorized shares, the Derivative Liability would be eliminated from the balance sheet." Trina adds to this by saying, "This derivative liability equates to almost a half million dollars that will suddenly disappear off our balance sheet just like magic. The other benefit of increasing our authorized share amount is to give management the ability and flexibility to entertain certain mergers and/or acquisitions and possible funding opportunities or immediate accretive strategies presented to TTI both currently and in the past. Any or all of these things would increase shareholder value which is my number one goal at all times. The last thing you want to happen is to be handcuffed and have no stock available to issue if and when needed which is much more detrimental to the company vs. having a simple increase in the authorized share amount." Trina ended by stating, "We currently have almost 40 million shares of stock to issue when necessary before we hit our legal authorized threshold and in my opinion, it's completely irrelevant how high we set our new authorized number at because we have no immediate plans of issuing major amounts of newly authorized stock out assuming it passes shareholder votes. Shareholders should understand as the largest stakeholder of TTI that no one is more cognizant of dilution than me and it's always my and our BOD's goal to manage stock issuances very carefully."

Transfer Technology International Corp.

Transfer Technology International Corp. acquires, procures and/or funds research, intellectual property and technologies for commercial transfer to world-class business partners. The company generates revenue from transfer fees, licensing and strategic alliance fees and from the sale of intellectual properties. TTI also owns and operates two wholly owned subsidiaries, Organic Products International (www.opitampa.com) and X-Terminate Inc. (www.xterminatetampa.com) which specializes in the distribution of Eco-friendly organic products and low impact pest control and termite eradication services.

Disclaimer and Forward-Looking Statements -- The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of The Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.

Contact Information

  • Contact

    Chris A. Trina
    CEO
    813-388-6891