SOURCE: Xact Aid, Inc.

June 12, 2006 14:25 ET

Xact Aid, Inc. Announces Signing of Acquisition Agreement

LOS ANGELES, CA -- (MARKET WIRE) -- June 12, 2006 -- Xact Aid, Inc. (OTCBB: XAID) ("The Company") today announced that it has entered into a definitive sale and purchase agreement through which the Company will acquire all of the outstanding shares of Technorient, Inc. ("Technorient"), a Hong Kong based company whose principal business is the importation and distribution of luxury sports cars in Hong Kong, Macau and China.

Through its wholly owned operating subsidiaries Italian Motors Ltd. and Autoitalia Ltd., Technorient has operated as exclusive distributor for Ferrari and Maserasti motorcars in Hong Kong and Macau since 1984 and, from 1994 to 2004, in the Peoples Republic of China ("China"). Since 2004, Technorient has been developing a dealer network in China to work closely with the Ferrari SpA controlled distributor based in Shanghai.

Sales of Technorient for the 2005 year were approximately US$52 million and net earnings US$1.7 million.

Closing of the acquisition is scheduled for July 30.

About Xact Aid, Inc.

Xact Aid's business included marketing of wound-specific first aid kits and development of biomedical products. It's business operations, held by its subsidiary Brook Carlyle Life Sciences, Inc. have recently been sold to Nexgen Biogroup, Inc. Xact Aid plans to transfer control of the Company to management at Technorient, Inc.

Contact Information

  • For more information:
    Please visit our website at www.xactaid.com
    Or contact Ben Kirk
    1(800)605-1577