This decision to rescind the previous announcement made on June 9, 2008, that PTS, Inc. was to pursue a 51% controlling share interest of CPMEM through an exchange or purchase of 51% of their controlling shares.
After extensive research, PTS, Inc. management consulted with various parties which included legal opinions, accountants and especially an audit firm. The opinion’s conclusion was, that due to the nature of CPMEM’s business model, which is to manufacture OEM products specializing in X-ray systems, which generally have low profit margins due to the Chinese government imposing a limit of profit that the manufacturer can make, and the cost to acquire the 51% controlling shares of CPMEM, it would not be economically feasible for PTS, Inc. to pursue this course.
A preliminary research opinion regarding the third generation Glove Box™ showed that it needed to be more compact, for efficiency, and to serve as an “eco-friendly” unit. The joint venture between PTS, Inc. and CPMEM for development of the third generation Glove Box™ will clearly be a win-win situation for the shareholders of both companies, and this course will have the additional benefit of eliminating the highly expensive and time-consuming audit requirement of CPMEM.
Additional information about this joint venture will be announced as soon as both companies complete final details.
About PTS:
PTS's subsidiary, Glove Box Inc. (www.ptspi.com), owns the rights to patented, revolutionary Glove Box™, the only product that offers contamination reduction through automated glove dispensing. The Glove Box™ system is a free-standing dispenser of disposable latex gloves.
About Disability Access Consultants (DAC):
Disability Access Consultants, Inc. conducts facility inspections, policy reviews and program analyses in addition to comprehensive continuums of other compliance services. Over 54 million people in the United States have a disability, a number equal to 20% of the population. The 1990 Americans with Disabilities Act requires all organizational entities, with 15+ employees, to provide equal access for individuals with disabilities. It’s estimated that there are 7 million sites at risk across the US. www.adaconsultants.com.
Safe Harbor Statement:
Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results to differ materially from forecasted results.
Contact:
PTS, Inc. Patrick Donahoo, 702-327-7266
