Carson City, NV & Hong Kong, March 06, 2018 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC) released an update to its shareholders, investors and stakeholders about the latest Company activities.
Dear Shareholders, Investors, and Stakeholders;
I have received numerous inquiries from shareholders and stakeholders requesting information about the Company and its prospects. As you may be aware the 45-day period prior to the filing of the Company's Annual Report (SEC Form 10-K) is usually a news "Black Out" period. Consequently, we are prohibited from making individual non-material disclosures, however there is some information that we would like to share with our shareholders, investors and stakeholders.
- During the last 7 months of 2017 the Company completed 3 significant acquisitions in 3 different jurisdictions: 12 Hong Kong Ltd, 12 Japan, Ltd and 12 Europe A.G. to position our Company for the future. One acquisition is usually a major undertaking. We completed three of them.
- The Company has engaged RotenbergMeril, a well-respected PCAOB registered auditing firm with over 60 accountants and auditors, to perform a two-year audit of all three of those acquisitions as well as the parent public entity. We are required by the SEC to complete this audit prior to publishing our FY2017 financial results. Because there is a deadline to publish these financial results in order to remain timely in our SEC filing requirements, your management team is heavily engaged in this task.
- During 2017, the Company executed three Letters of Intent to make three additional significant acquisitions. The due diligence and preparation of final documents are still in progress. As you may be aware from witnessing other acquisitions during the due diligence and documentation process there are many changes and negotiations going on between the parties until a final closing occurs. These negotiations are non-trivial and Management is actively engaged in them.
- 12 Europe A.G. has engaged with new retailers to implement our cutting-edge technology and software including Manor A.G. the largest department store chain in Switzerland.
- 12 Hong Kong, Ltd is completing development of our new mobile App "12 Sconti" which will be ready for launch by April 2, 2018. The 12 Sconti App provides merchants with perishable goods or times of non-peak demand, the ability to push advertisements to shoppers within a defined vicinity of the merchant in real time. The idea is to reduce waste of perishable products like food, flowers or empty seats.
- 12 Europe A.G. has engaged the regional Swiss bakery chain Wüst Bäckerei + Konditorei AG and the large grocery produce wholesaler Fresh A.G. to launch the 12 Sconti App. These companies have already started a marketing campaign around our App targeting all their existing customers. We expect the 12 Sconti App to reach 200,000 users in a short time in Switzerland alone.
- 12 Hong Kong, Ltd which is the R&D arm of the Company is developing new products for retailers that will be announced in the first half of FY2018.
- 12 Japan, Ltd is in talks with their customer, Itoya, to expand the use of the Company’s technology to other Itoya locations and Itoya is interested in some of the Company's newer products as well.
- In January, 2018 in association with the National Retail Foundation’s “Big Show” exhibition and conference, the Company hosted a dinner for nearly 60 top Retail executives in New York City to build the Company's prospect list. The Company has attracted the attention of several of these retailers. We are working with them to understand their needs so that we can recommend and provide solutions to them.
- The Company has retained Richard J. Berman, Daniel Wong and Stefan Guggisberg and continues to attract talented people like them to add to our team.
- The Company continues to attract additional consumer micro-brand acquisition targets and is busy vetting them.
- Until this "Black Out” period ends, OTC Markets will not consider up-listing a member entity to its OTCQB listing and therefore we will resubmit our application after our annual 10-K is filed.
So, as you can see there are many positive projects being worked on in our Company. However, there is a lot on management's plate right now and everyone is working hard to complete these many initiatives. Don't confuse a slowdown in our news releases to be a slowdown in our progress. There is a lot of work going on and we are moving forward with optimism that 2018 will be a successful year for our Company.
Sincerely,
Angelo Ponzetta
Chief Executive Officer
12 ReTech Corporation (OTC: RETC)
About 12 ReTech Corporation:
12 ReTech Corporation (OTC: RETC) Leading the Profitable Convergence of Traditional and Online Retail Commerce Through Technology — The Omni-Channel Solution.
We are a publicly listed holding company whose operating subsidiaries develop, improve, acquire and/or license technologies designed to bridge the convergence between real world "Brick and Mortar" stores with effective Online retailing, creating a new, fun and exciting way of transacting Commerce. For Retailers, our products bring more Consumers into physical and/or online stores, encouraging them to purchase more by improving their overall shopping experiences while lowering both the Retailer's costs of customer acquisition and the costs of employee training. This is what we call Empowered Shopping. We enhance shareholder value by acquiring Micro-Brands that can greatly increase revenue and earnings by applying and using our proprietary technologies. The access these Micro-Brands give to sell our technologies to Major Retailers around the globe is the reason why we say, "We are the Omni-Channel Solution". Throughout history 12 is a “symbolic number" and ReTech stands for "Retail Technology". Our subsidiaries 12 Japan Limited and 12 Europe, A.G. operate under the guidance of our main technology subsidiary 12 Hong Kong Limited. Our Micro-Brands operate under the leadership of our U.S. based subsidiary 12 Retail Corporation. For more information about our products, technologies and/or Micro-Brands visit our website at: www.12ReTech.com.
12 ReTech Corporation is publicly listed in the United States on the OTC Markets under the symbol: RETC.
Safe Harbor: This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.