Company Anticipates Acquisition Could More Than Double its Current Revenue Stream and Fuel Market Entry Into the Medical and Healthcare Industry
SAN JOSE, Calif., Nov. 2 /PRNewswire-FirstCall/ -- Titanium Group Limited (OTC Bulletin Board: TTNUF), a leading biometric and security solutions provider, announced today the company has signed a letter of intent to acquire China Medical Systems (OTC: CHSY), a company listed in the US that engages in researching, developing and marketing of specialized software systems in the field of three-dimensional medical imaging. Their major products include Virtual Endoscopy and 3D Virtual Radiotherapy Planning System. China Medical Systems is profitable and had revenues of US$2.2 million in 2006. The acquisition could not only further boost Titanium's research and development capability in the areas of image processing and pattern recognition, but also provide a sales channel into China's healthcare and medical industry.
"The acquisition of China Medical Systems represents great synergies. First of all, like Titanium their core value lies in the research and development of software technology. Their expertise in image processing will add value to Titanium's video surveillance technology. Secondly, as medical care reform in the PRC has started we have identified the medical and health care industry as an important sector for Titanium's products. The acquisition would allow us to pursue new customers and market segments through China Medical Systems' existing sales network," said Johnny Ng, Chairman of Titanium Group Limited. "In addition, China Medical Systems could also double our current revenue stream which would add to our shareholder value."
The completion of the acquisition is subject to completion of further due diligence and financing and execution of a definitive agreement.
About Titanium Group:
Titanium Group Limited (http://www.titanium-tech.com), through its wholly owned subsidiary Titanium Technology, is a leading biometric and security solutions provider featuring its proprietary and patented automated Face Recognition Systems (AFRS). Titanium's AFRS products capture human face images electronically, input the facial images into searchable files (face print) and, in just seconds, accurately compare the facial images to a database containing millions of faces. These cutting-edge products reduce administration cost, enhance security, and significantly increase overall productivity. Titanium's products are distributed worldwide, either directly or through resellers or OEM partners, to governments, law enforcement agencies, gaming companies, and other organizations. The Company's clients include: ESPN, IBM and the People's Bank of China.
About China Medical Systems:
China Medical Systems (http://www.sxgk.cn/en) is listed on the Pink Sheets with trading Symbol CHSY. The company is engaged in manufacturing, developing and selling three-dimensional medical imaging software such as Virtual Endoscopy (Virtual Colonoscopy) which allows doctors to transform a medical image from the patient's CT image and examine the full large intestinal wall to diagnose the state of an illness or to discover the knubs in the intestines. Other products also include three-dimensional virtual radioactive therapy system and medical image pool products.
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Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Titanium Group Limited (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the Company's strategies regarding growth and business expansion, including future acquisitions; (b) the Company's financing plans; (c) trends affecting the Company's financial condition or results of operations; (d) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the Company's ability to respond to changes in customer demand and regulations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the Company's technologies noncompetitive or obsolete; and (v) new product introductions, product sales mix and the geographic mix of sales.
The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The statements which are not historical facts contained in this advertisement are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, governmental approval processes, the impact of competitive products or pricing, technological changes, and the effect of economic conditions.
|SOURCE Titanium Group Limited|
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