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Organetix Updates Shareholders on Status of Recent Financing Activities and Current Cash PositionNEW YORK, June 22 /PRNewswire-FirstCall/ -- Organetix Inc. (BULLETIN BOARD: OGTX) has today provided shareholders with an update of both recent financing activities and current cash positions. The Company initiated a private placement in early 2007 which was originally planned for $300,000. As of June 21, 2007 the Company has received $589,000 in conjunction with that financing. An 8K (Form 8K) shall be filed shortly in conjunction with this completed private placement activity. As of June 21, 2007 the Company reported a cash position of exactly $240,000. As of today's date, the Company has invested $279,000 into privately held ADAO Telecom ("ADAO") and $70,000 on combined legal, accounting, audit expenses. Organetix CEO, Seth Shaw, commented "When I took over the position of CEO on June 4, I wanted to establish a clear path of communication between the Company and its shareholders. The previous management team wasn't clear enough on the status of financing activities, so I decided to rectify that issue. It is my pledge to shareholders that management will work tirelessly to restore shareholder value moving forward." About Organetix Inc. Organetix Inc. (OTC Bulletin Board: OGTX http://finance.yahoo.com/q?s=ogtx.ob&d=t - News; http://finance.yahoo.com/q/h?s=ogtx.ob ) has defined its short term strategy as evaluating potential acquisition candidates to both restore and create shareholder value. The Company entered into a definitive merger agreement with Florida based privately held ADAO Telecom, Inc. on January 25, 2007. Disclaimer This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding benefits of the proposed acquisition and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. Organetix Inc. CONTACT: Mr. Seth M. Shaw, Interim CEO, Organetix Inc., +1-917-796-9926,[email protected] |