New York, New York
April 2, 2014
WaveTrue, Inc. – Science + Technologies, formerly known as Profile Technologies, Inc (“WaveTrue” or the “Company”), announced today that the Company’s Chapter 11
proceeding has been successfully concluded. The Company has been reorganized and emerged from Bankruptcy Court protection. As was previously announced on June 20, 2013, the Company’s reorganization plan (the “Reorganization Plan”) was declared effective by the Court on May 22, 2013. The recent action by the Court concludes the bankruptcy proceedings.
In accordance with the Reorganization Plan the pre-reorganization shareholders of Profile Technologies, which traded on the OTC Pink Sheets under the ticker symbol “PRTKQ,” will receive ten percent (10%) of the shares in the reorganized Company. The claims of creditors in the Chapter 11 proceeding have also been settled and satisfied. Former creditors of Profile Technologies will also own ten percent (10%) of the common stock of WaveTrue. The remaining 80% of the Company post-reorganization is owned by investors who supported the Company financially through the reorganization (including members of management and the Board of Directors of the Company).
The Company will initially act as its own transfer agent to facilitate the issuance of new shares to the all of the shareholders. Beginning on April 6, 2014, shareholders will begin to receive direct communication from the company regarding conversion. Also, the Company’s website (www.wavetrue.com) will provide instructions for shareholders to submit their proof of ownership of shares originally issued by Profile Technologies, Inc. as well as information regarding the adjusted basis of your new shares as required by the IRS and illustrated on IRS form 8937. Such proof of ownership will be necessary in order for the Company to convert those shares into Company common stock. Company contact -888-711-2532 ext 1, or firstname.lastname@example.org.
Since the emergence from the bankruptcy, WaveTrue management, at the direction of itsBoard of Directors, has reestablished the Company’s Albuquerque, New Mexico operations, training, and research center, initiated further development of the Company’s proprietary software, and hired experienced staff now ready to service clients. In addition, the Company has retained the audit firm of Peterson Sullivan to provide certified audits.
About WaveTrue Science + Technologies
WaveTrue, Inc. was formed as a new organization exiting from its predecessor’s bankruptcy process in May 2013 The Company is in the business of inspecting pipelines for corrosion and other anomalies that require inspection to verify pipeline integrity. WaveTrue has developed a patented, non-destructive and non-invasive, long range inspection process, using electromagnetic waves to remotely inspect buried, cased and insulated pipelines for corrosion. WaveTrue’s services are available to owners and operators of natural gas and oil pipelines, power plants and refineries, utilities, and most any facility with cased or insulated pipe.
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. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the Company’s financial condition and difficulties in emerging from bankruptcy; its ability to obtain and service clients and generate revenue; 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; technology and regulatory risks; and other factors, including general economic conditions. These factors or others, including those in the Company’s other public announcements and 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.
WaveTrue, Inc. contact – 888-711-2532 ext 1, or email@example.com.