LAS VEGAS, NV--(Marketwire - July 22, 2011) - Cardio Infrared Technologies, Inc. (PINKSHEETS: CDOI) (www.cardioinfraredtech.com, www.thebiofit.com) CEO Wayne Bailey issued the following statement addressing the eligibility of the Company's securities with the Depository Trust and Clearing Corporation ("DTC").
On or about July 14, 2011, the Company was made aware of certain information suggesting that its securities were not DTC eligible. Immediately upon being made aware of this information, the Company contacted the underwriting department of DTC, and was assured that there was no issue whatsoever regarding the eligibility of shares already on deposit with DTC. Importantly, DTC confirmed that all Company shares on deposit with DTC remained DTC eligible.
During the telephone call with DTC, the Company was advised of an issue relating to future deposits at DTC of its securities, and the Company is presently working with DTC to clear this up. The Company was, however, assured that this does not affect, in anyway, the continued eligibility at DTC of its shares already on deposit.
The Depository Trust Company is a member of the U.S. Federal Reserve System and a registered clearing agency with the Securities and Exchange Commission. It was established to provide a safe and efficient way for buyers and sellers of securities to execute and settle transactions.
Essentially, DTC provides for the centralized custody of securities so that they exist only as electronic files rather than as physical certificates. This process provides banks, brokerage firms and other institutions with an efficient means of moving securities and settling trades electronically.
Wayne Bailey, CEO of the Company, stated, "Maintaining DTC eligibility for our securities is of paramount importance for the Company. Securities that are not DTC eligible are often not accepted for trading at many institutions due to the amount of paperwork and manpower required to place and execute trades, thus making it very difficult for a stock to be traded. We are indeed fortunate to be DTC eligible and will work with DTC to ensure that our securities remain eligible and to clear up any issues relating to future deposits."
About Cardio Infrared Technologies, Inc.
Cardio Infrared Technologies, Inc. is a technology and marketing company, which is focused on developing the revolutionary and evolutionary process of combining exercise equipment with medical benefits that go far beyond the normal benefits of standard exercise equipment. Cardio Infrared Technologies, Inc. is committed to continue to market this equipment to the exercise and medical markets and to aggressively expand the market into every country around the world. The technology has been featured on Good Morning America and The View. Cardio Infrared Technologies, Inc. also has an aggressive growth plan that includes mergers and acquisitions and the development of innovative new equipment and programs within the exercise and medical industries.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.