JEFFERSON CITY, Mo., Nov. 23, 2015 (GLOBE NEWSWIRE) -- Hitec Corp. (OTC Pink:HTIC) (Pink Sheets:HTIC) The Board of Hitec Corp. (formerly Dragon Polymers, Inc, OTC Pink: DRAG) (the “Company”) has cleared all concerns by FINRA regarding the CTO placed on the Company by the AMF.
The Company’s sister company Hitec LLC has rejected the proposal for funding that it announced in April, concluding that the terms were not satisfactory. Harvey Buhr Chairman of both companies stated, “Hitec LLC is still in negotiations on several fronts to complete a financing round that could be in the 25 million dollar range. The Board takes these matters very seriously and will not consummate a deal until certain the terms will provide solid footing going forward with a mind towards preserving value.”
Hitec Corp. is a publicly held company engaged in the business of off the road tire (OTR) pyrolysis processing.
Safe Harbor Statement This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.