AKRON, Ohio, July 3, 2003 (PRIMEZONE) -- Multi-Tech International, Corp. (OTCBB:MLTI), announces the resignation of several members of its Board of Directors and of its Chairman, Mr. Jack Craciun III. MLTI is focused on developing and promoting spectrum technologies for broad-based applications worldwide. The spectrum technologies product(s) provides far more efficient use of bandwidth. Through the use of narrow band frequencies and patented algorithms, these spectrum technologies will use existing infrastructure with efficiencies greater than conventional technologies.
Mr. Craciun, Chairman of ITM Ltd. and AlphaCom International Ltd. (an international master territory license joint venture between ITM Ltd. and AlphaCom, Inc.), both Hong Kong registered companies, will now devote his time to market the MLTI Spectrum Technology master licensing opportunities in association with MLTI joint venture partners and contracted international licensees.
Dr. Dave Hostelley stated, "The Company is actively seeking to add new members to its Board of Directors and capable management to guide the Company as it attempts to reach its stated goals."
Mr. Craciun stated, "I look forward to devoting more of my efforts to the market, the MLTI technology and developing licensing arrangements for MLTI throughout the world."
Dr. David F. Hostelley, CPA, Director/CFO of MLTI, with a Ph.D. in Project Management, has agreed to remain with MLTI, as the interim Chairman, President and CFO, and Dr. Dennis Byrne with a Ph.D. in Economics, has agreed to remain as a director.
In addition, Mr. Steve Coutoumanos has resigned as CEO and director and Mr. Mark P. Wing and Fr. Richard Rasch have resigned as directors.
Contact Information: Multi-Tech International, Corp. (OTCBB:MLTI) 9974 Huntington Park Drive Strongsville, OH 44136-2516 Dr. David F. Hostelley, President 440-759-7470 davehost@ameritech.net
This news release contains forward-looking statements that involve risks, uncertainties, and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties, and assumptions include the possibility that the market for the sale of certain products and services may not develop as expected; that development of these products and services may not proceed as planned. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, MLTI's results could differ materially from MLTI's expectations in these statements. MLTI assumes no obligation and does not intend to update these forward-looking statements.