DALLAS, TX — (Marketwire) — 12/14/11 — Metiscan, Inc. (PINKSHEETS: MTIZ) today announced its settlement with the China Trust Bank (CTB). Although, the details of the Settlement are to remain confidential, the impact of this settlement significantly reduces Metiscan-s liabilities by $2,108,332.
“The CTB settlement is very positive for our Company and our shareholders,” commented Curtis Gung, President & CEO of Metiscan, Inc. “The CTB settlement and our ability to reduce other liabilities over the past nine months has yielded Metiscan a total reduction of $7,501,572 in liabilities since year end 2010.”
Balance Sheet Overview:
Metiscan, Inc. is a public holding company traded on the Pink Sheets under the symbol MTIZ. Its sole, majority owned subsidiary Aclor, Inc. is an international manufacturer and supplier of private label paper products. Aclor-s customers include some of the most recognized and reputable office supply mass retailers worldwide and also include the largest consumer and office retailer in the United States. Aclor produces composition notebooks, spiral notebooks, wireless notebooks, and filler paper in its factory located in Nuevo Laredo, Tamaulipas, Mexico.
Safe Harbor Statement: Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Metiscan-s actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Contact Information
Dylan Yarter
214.872.6570
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