SANTA ANA, Calif., July 20, 2011 /PRNewswire/ -- SUTIMCo
International, Inc. (Pink Sheets: SUTI) is pleased to announce that
the Company is expecting to report its first profitable quarter.
SUTIMCo International completed the acquisition of SUTIMCo
Inc. and as a result, the Company has dramatically increased its
sales and is now profitable for the first time.
SUTIMCo International finished the 2nd Quarter with revenues of
$465,000 and a Net Profit of over
$12,000. The Company's increase
in sales are a result of Venture Accelerator Agreements signed with
various University-based technology companies.
"We are very pleased after our initial review of the financial
statements. We expect the profitability to continue as the
Venture Accelerator Agreements represent mutual long-term
commitments," stated Fred Rogers,
Chairman of SUTIMCo International, Inc.
In further news, the Company has completed the execution of a
new Venture Acceleration Agreement with Capwave Sensors, Inc.
The new agreement calls for Capwave to pay SUTIMCo an initial
fee of $100,000 to be paid upon the
execution of the Agreement and an annual retainer of $930,000 a year for 3 years as well as a 6%
royalty of gross revenues. In addition, SUTIMCo has the right
to earn a 15% equity stake of the portfolio company upon a
liquidation event as well as the option to acquire an additional
15% equity position in the portfolio company for a period of 2
years The new Agreement also stipulates that SUTIMCo shall be
appointed to the board of directors of each client company.
For more information on SUTIMCo, its portfolio companies, and
University partners, please visit; http://www.suti.com
About SUTIMCo International, Inc.:
SUTIMCo International, Inc. is a holding company, which utilizes
a unique and established platform to launch new technology
enterprises based on world-class university research discoveries.
SUTIMCo International through its wholly owned subsidiary SUTIMCo,
Inc., provides experienced management to early stage companies,
reducing risk and assuring the know-how in launching and growing a
new company. In addition to this skilled management team, SUTIMCo
can avail itself of the encyclopedic, informal knowledge of the
inventor, his experience and his research team.
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the safe harbors created thereby. The
Company is a development stage company who continues to be
dependent upon outside capital to sustain its existence. Since
these statements (future operational results and sales) involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected
results.
Source: SUTIMCo International, Inc.
Investor Relations
407-389-5900
SOURCE SUTIMCo International, Inc.