ASHBURN, Va., May 4, 2009 (GLOBE NEWSWIRE) -- Red Branch Technologies, Inc. ("Red Branch-Delaware") (Pink Sheets:RBTI) today announced that it will spin-off its wholly owned subsidiary Red Branch Technologies, Inc., a Nevada corporation ("Red Branch-Nevada") on May 15, 2009. The spin-off represents a move by Red Branch-Delaware to consolidate its business operations and for Red Branch-Nevada to grow independently as a private company. Red Branch-Nevada is a software solutions business that has built and owns the mTravel and my|mTravel business travel automation software.
The Board of Directors has announced that May 15, 2009 shall be the record date for purposes of the spin-off of Red Branch-Nevada. The spin-off will be made on a pro-rata basis to the shareholders of Red Branch-Delaware. Red Branch-Delaware will mail an information statement to its shareholders describing the spin-off and how and when Red Branch-Delaware shareholders will receive shares of Red Branch-Nevada. Red Branch-Nevada intends to operate as a private company.
About Red Branch
Red Branch-Delaware is a holding company of Red Branch-Nevada.
Questions concerning the above-mentioned announcement should be directed via electronic mail to dforan@redbranchtech.com or by regular mail to Red Branch Technologies, Inc. c/o Doug Foran, Chief Executive Officer, at 44081 Suite 320, Pipeline Plaza, Ashburn, VA 20147
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations.