TORONTO, Jan. 12, 2004 (PRIMEZONE) -- Fiton Technologies Corp. (Pink Sheets:FITNF) is pleased to announce that pursuant to an Annual and Special Meeting of the shareholders of the Company, the shareholders have approved a consolidation of the common shares of the Company on a basis of 1 (new) share for each 20 (old) shares.
In addition the shareholders have also approved a name change of the Company from Fiton Technologies Corp. to "Fiton Group Inc.". The name change will become effective upon regulatory approval if applicable and acceptance by the Ministry of Business New Brunswick.
We are also pleased to announce the re-election of Dr. Itamunoala, Dr. Fleming and Genevieve Itamunoala to the Board of Directors.
Dr. Godknows Itamunoala, Chairman and CEO of Fiton states that, "We are encouraged by the overwhelming support of our shareholders in our effort to restructure the Company so that we may better capitalize on business and financing opportunities."
About Fiton Technologies Corp.
Based in Toronto, Canada, Fiton Technologies Corp specializes in biocatalysis, a special form of bioremediation. The biocatalysis treatment process uses naturally occurring micro-organisms to break down hazardous substances into less toxic or non-toxic matter. The company's technology is capable of treating a range of industrial wastes including organic & inorganic contaminants with applications to problems such as landfills, oil spills, oil tanker sludge, PCB's and mine tailings. The company also provides consulting services in site assessment, biotreatability testing, bioremediation system design, remediation construction, operation and monitoring.
FITON TECHNOLOGIES CORP. On behalf of the Board of Directors
Dr. Godknows Itamunoala Chairman & CEO