SOLANA BEACH, Calif., Feb. 3 /PRNewswire-FirstCall/ -- Parentech, Inc. , a San Diego based Newborn and Infant technology company, announced today that it has completed a reverse acquisition of Bridgetech Holdings International, Inc., a company that is incorporated in Florida.
Herbert Wong, Bridgetech’s Chairman, stated, “It just makes sense for us to pursue the public market at this point in our growth. The equity markets are just waking up to the potential for companies that are focused on delivery of products to China, not importing them from China. We believe there is probably a 2-3 year window of opportunity before everyone develops a strategy for pursuing the Chinese market, at which point it could a little late. Access to future mezzanine finance requirements as a public entity, should be easier and receive higher valuations.”
Bridgetech Holdings International, Inc., (BHI), was formed to leverage an extensive network of relationships throughout Asia and the world for select Emerging Medical Device and Technology companies, by providing not only the working capital necessary to bring their products to market, but immediate access to what will become the largest economy in the World over the next 10 years...China. Through a history of successful transactions, the management team of Bridgetech, Herbert Wong, Scott Landow and several associates in Hong Kong, have built a network of reliable resources for research and development; manufacturing and distribution in China.
Herbert Wong is Chairman of Bridgetech Holdings International. Mr. Wong is also Executive Chairman of United Premier Medical Group of Hong Kong, which operates VIP Obstetric Clinics within the largest hospitals in China. Johns Hopkins International is the clinical partner. Scott Landow is President/CEO of Bridgetech Holdings International. Mr. Landow is also President of Parentech Inc., a premier emerging medical device company for newborns and infants. UPMG was the first user of Parentech’s first product, the Nature’s Cradle(TM) Sound and Motion System, an infant environmental transition system that eases the stress experienced by infants in the post partum period by simulating certain aspects of the pre-birth environment.
After 12 months of exceptional results with the Nature’s Cradle in their VIP Obstetric Clinics, UPMG introduced Parentech to a manufacturing group in Shanghai who was interested in becoming a partner with Parentech in China. Under the name of Shanghai Parentech Industrial Co. Ltd., this company registered in Shanghai, specialized originally in manufacturing maternity and child care products. It eventually expanded to all types of medical devices. Shanghai Parentech Industrial Co. Ltd. has advanced technicians, high manufacturing capacity and long standing relationships with government agencies and hospitals in China. The success of this relationship was the root for the establishment of Bridgetech.
It is undisputed, that the fastest growing economy in the World is in China. It has experienced explosive growth in each of the last several years and is expected to continue at a rate of 8-9% per year for the next ten years. This has been substantiated by an ever-increasing foreign investment in manufacturing, technology and service industries. Three years ago China was invited to join the World Trade Organization (WTO), further evidence of their commitment as a force and partner in a global economy.
For over thirty years, China has been recognized as a major resource for low cost labor and manufacturing. Foreign companies like Intel, General Motor and General Electric, were early pioneers to go beyond purchasing by making investments in facilities. What few observers from outside of China recognized was the dramatic economic growth that accompanied this within China.
To facilitate the needs of its subsidiaries, Bridgetech has set up three core subsidiaries; Bridgetech Manufacturing; Bridgetech Distributing and Bridgetech Research and Development. Each one of these operations is a stand alone profit center that partners with appropriate Chinese businesses. Management has established numerous relationships in China that are anxious to develop or expand their existing operations by setting up mutually beneficial businesses.
Bridgetech recognized early that the value of its relationships could be leveraged beyond Emerging Medical Technology companies in search of working capital. There are numerous established firms in the United States and Europe that lack the contacts in Asia to negotiate cost effective manufacturing in China. For these same reasons, distribution of their products has not been on their short term horizon. Bridgetech will act as their agent in China to put these things in motion, expanding the operations of its three core subsidiaries.
Under the terms of the reverse acquisition, Parentech’s stockholders have an aggregate of approximately, 1,817,000 shares of common stock of Bridgetech, (Parentech changed its name to Bridgetech upon completion of the merger), reflecting approximately 20% ownership at closing. Bridgetech shareholders hold approximately 7,268,000 shares for a total of 9,084,932. Following the reverse acquisition, the operations of Parentech were put into a subsidiary of Bridgetech. The company has entered into commitments with certain consultants to issue an aggregate of 1,000,000 additional shares of the company’s common stock, which will be issued following closing.
As a condition to closing, all of the prior officers and directors of Parentech resigned and were replaced by Mr. Wong, as Chairman, and Mr. Landow, President and CEO. The new board consists of Mr. Wong and Mr. Landow. The Company is looking to add three additional members to the board, two of which will be from outside of Bridgetech.
For more information on Bridgetech Holdings International, Inc. contact the company. The new principal executive offices of Bridgetech are located in the San Diego corridor at 777 S Highway 101, Suite 215, Solana Beach, California 92075, telephone: 858/847-9000; fax: 858/847-9090.
Safe Harbor Disclosure: The statements made in this press release contain certain 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 that involve a number of risks and uncertainties. Actual events or results may differ from the company’s expectations. In addition to the matters described in this press release, risk factors listed from time to time in the company’s reports and filings with the Securities and Exchange Commission, including, but not limited to, its report on Form 10-KSB for the year ended December 31, 2003, and its report on Form 10-QSB for the period ended September 31, 2004.
Contact: Scott Landow sdlandow@bridgetechholdings.com Phone 858.847.9000 Fax 858.847.9090
Parentech, Inc.
CONTACT: Scott Landow of Parentech, Inc., +1-858-847-9000, or fax,+1-858-847-9090, sdlandow@bridgetechholdings.com
Web site: http://www.parentech.com/