SOURCE: Transfer Technology International Corporation

Transfer Technology International Corporation

May 24, 2011 08:30 ET

Transfer Technology International Corporation Announces Record May Revenue in Pest Control Division and Explains Late 10Q Filing

WESLEY CHAPEL, FL--(Marketwire - May 24, 2011) - TTI Corp. (www.ttinternationalcorp.com) (OTCBB: TTIN) announced today its wholly owned subsidiary, X-Terminate Inc., a full-service pest control division, will hit record sales volumes for the month of May in year to year comparison and comments on its late filing of its most recent 10Q.

Chris Trina, Chairman and CEO, stated, "One of our goals for 2011 was to cut expenses across the board and to bring back shareholder value from strategic measures that are taking place both internally and externally. I and my Board of Directors made the difficult decision to change audit firms during our first quarter of this year which was successfully completed and we filed both the 2009 and 2010 annual 10Ks in a timely manner. We have enjoyed the new working relationship with HJ and Associates, our new auditors. This change alone will save this company around thirty thousand dollars annually and was the absolute beginning of our cost cutting measures taking place for 2011. Yesterday however TTI Corp. wasn't able to file our recent 10Q in a timely manner due to internal financial constraints stemming from delayed expected funding and a slower than expected April termite season in our pest control division. If shareholders and investors look back on my four year filing track record they will realize how very serious I take our corporate filings to be filed timely and to remain SEC compliant and that seriousness hasn't changed one bit. Our 10Q is prepared and basically done except to await audit review commencement but was delayed solely from lack of current cash flow to meet certain financial commitments to our auditors which in turn allow them to legally commence this short 10Q review process. As I understand the bulletin board listing rules regarding late filings, a company is allowed three total late filings over two calendar years before being downgraded to the pink sheets on that third late filing. This is only strike one and I'm very sorry it has happened and I want to apologize to all of our shareholders and vow to not let this happen again going forward and to never get a strike two," Trina explained.

Trina also stated, "On the bright side however, we will hit a record May in sales for X-Terminate Inc., our wholly owned pest control division, and things look extremely bright in year to year comparisons going forward and we expect to exceed last year pest control revenues by at least 30-50%. We have a gem of a company with excellent branding, website presence, SEO marketing strategies, well accepted eco-friendly products and services and excellent technicians. As the CEO all I can do is keep pushing forward where the positive cash flow continues to bless us and to work diligently to settle overhanging legal matters and most importantly to continue to successfully fund and fuel our growth and to execute on our overall business plan. If I am successful at this then we will file our 10Q much sooner than later and hopefully never be late again with our future filings." Trina ended by stating, "I am taking the majority of my salary in stock vs. cash over the last year which is under rule 144 selling restrictions and most recently converted over 300k of corporate debt owed to me personally to help clean up our balance sheet and to better attract sophisticated investors."

Transfer Technology International Corp. acquires, procures and/or funds research, intellectual property and technologies for commercial transfer to world-class business partners. The company intends to generate 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 specialize in the distribution of Eco-friendly organic products and low impact pest control 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