Carson City, NV & Hong Kong, April 23, 2018 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC), announced today that it has entered an agreement with Tellson Securities, Inc. (“Tellson”), a FINRA and U.S. Securities Exchange Commission registered broker-dealer and investment bank. The agreement calls for Tellson to raise $5 million USD or more in equity in a private placement with institutional accredited investors as defined in Rule 501 of Regulation D of the Securities Act of 1933.
If the private placement is successful, the working capital that is raised by Tellson would be used to grow the operations of the Company, including the operations of future acquisitions for which the Company has LOI’s outstanding that may or may not have been previously publicly announced. The Company will also use a portion of the working capital to pay for the ongoing improvement and development of the 12 ReTech Technology Suite, as the Company prepares to go to market in Asia, Europe and North America.
Angelo Ponzetta, CEO of 12 ReTech, recently commented, “This is the next step in our business plan which includes adapting our software technology to the Asian, European and North American markets, introducing new proprietary technology products to our target merchant clients and executing the acquisitions of microbrands previously announced that we are pursuing over the course of the last six months. In addition, we are negotiating with several additional microbrand and technology parties that we are looking to acquire or joint venture with.”
Mr. Ponzetta added, “Additional working capital would be welcome as we would be able to accelerate some of the projects that we have been working on since mid-2017. We were introduced to Tellson Securities by our advisory board member, Richard Berman, who has worked with Tellson’s management team successfully in the past.”
Richard Berman, Advisory Board Member, commented, “The fact that Tellson is willing to take on 12 ReTech as a client in a capital raising effort, speaks volumes about what they think of the potential for 12 ReTech. The retailing industry is far from dead. The use of effective technology to attract shoppers and lower merchant’s expenses should be a deciding factor in its future. Companies, like 12 ReTech which help the industry to evolve and get retailers to adopt new technologies will sell at a premium to the market.”
Jeff Cianci, Senior Managing Director of the New York office of Tellson Securities, commented, “We are excited about the growth opportunities that this talented management team has put together. Synergistic acquisitions of leading microbrands combined with a leading technology should offer investors real potential growth.”
About Tellson Securities, Inc.
Tellson Securities, Inc. (formerly known as 41 North Securities, Inc.) finds its genesis in 1981 with the formation of Trenwith Capital, Inc. Today, Tellson serves clients both domestically and internationally with offices in New York City and California. Our principals have completed over 500 transactions with a combined value of greater than $15 billion.
About 12 ReTech Corporation:
At our core, we are a software company whose technology allows retailers to combat the dual threats of Walmart and Amazon — both online and in physical stores. Our microbrand rollup acquisition strategy allows us to demonstrate the effectiveness of our software, devise and test new products, while providing shareholder value through immediate revenue and earnings growth. The Company operates through our subsidiaries on three continents: 12 Hong Kong, Ltd., 12 Japan, Ltd., 12 Europe A.G., 12 Retail Corporation (and its subsidiary in North America, E-Motion Apparel, Inc.). For more information please visit our website at www.12ReTech.com.
12 Retech Corporation is publicly listed 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.