NEW YORK--(BUSINESS WIRE)--WaveTrue, Inc. (OTC Pink: PRTK.Q) formerly known as Profile Technologies, Inc. announced today that its Plan of Reorganization (Plan) from Chapter 11 bankruptcy proceedings became effective on May 22, 2013.
Pursuant to the Plan, new investors have made cash investments in exchange for 80% of the stock of the reorganized corporation. The unsecured creditors will receive an aggregate of 10% of the stock of the reorganized corporation. Existing shareholders of Profile Technologies will retain an aggregate of 10% of the stock of the reorganized corporation.
Shareholders of Profile Technologies are cautioned that the existing price of their shares as reflected in market quotations may not reflect the changes in ownership described above.
Professionals assisting the Company during the Chapter 11 process have been partially paid in cash and have accepted the Company’s notes for the balance of their fees and expenses.
The Company’s New Board of Directors has appointed new executive management. The members of management are:
Ronald Floit CEO
John DeWees President
Robert LeBoyer CFO
The Plan of Reorganization is available on the Company’s website www.wavetrue.com.
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
