NEW YORK, Dec. 9, 2004 (PRIMEZONE) -- Invicta Corporation (Pink Sheets:IVIA) announced today that it is undertaking a restructuring of its business operations in order to maximize the value of its intellectual property assets, and that it will discontinue the business operations of its Invictavision, Inc. subsidiary effective December 31, 2004.
The Company is presently in negotiations with an optical technology company to transfer its patented SOLERA(tm) brand photochromic eyeglass lens technology in exchange for royalty payments. In the event that this transaction is completed, it is the intention of the Company to exit the optical industry and to seek new business opportunities.
In order to assist in this transition process, and to evaluate new business opportunities, the Company also announced that it had retained Newport Capital Partners of Newport, RI as its investment advisor. Newport Capital will also assist the Company in completing its periodic reporting requirements and bringing its quarterly and annual reports to a current status.