LOUISVILLE, KY, United States, via ETELIGIS INC., 11/19/2014 – – RadTek, Inc. (OTCQB: RDTK) ("RadTek" or "the Company"), is pleased to announce the effectiveness of its Form S-1 dated April 29, 2014, which outlines the details of the Company’s $20 million common-stock-purchase investment agreement with Dutchess Opportunity Fund, II, LP (see more details about the "Dutchess Opportunity Fund, II, LP Investment Agreement" further below). The first steps to fulfilling that is the current registration of 14,800,000 shares of common stock effective in this S-1 registration statement.
RadTek intends to raise capital through the Dutchess Opportunity Fund, II, LP Investment Agreement commencing possibly in November of 2014. In particular, the Company will commence expansion of US sales and marketing operations and continue expansion at its Korean sales and marketing. RadTek’s ability to maximize these investments and contracts are expected to increase revenue and company valuation. The company’s team in South Korea has been preparing for a strategic launch X-ray products targeting the U.S. Market as a quality manufacturer of X-ray generators specifically focused on the medical sector. With this in mind they have scheduled a systematic approach to their US launch and brought online additional product line quality improvements in order to make their offerings more effective and competitive. These anticipated upgrades will improve uses in their customer’s business sectors and offer direct comparable features to any other manufacturers in the sector.
The Company expects expansion of operations to be operational in the next year following access to the necessary funding through the Dutchess Opportunity Fund, II, LP Investment Agreement. This will also allow expansion of US operations and the potential to grow sales and marketing in the North American region.
RadTek’s President, Kwanghyun Kim, commented, "We want to thank Dutchess for bringing the $20 million Investment Agreement. We are now looking forward to a very active first few months of 2015 and efforts to establish a clear framework for RadTek to fulfill the full investment agreement.”
DUTCHESS OPPORTUNITY FUND, II, LP INVESTMENT AGREEMENT DETAILS
By way of background, on April 22, 2014, RadTek entered into an investment agreement with Dutchess Opportunity Fund, II, LP ("Dutchess"). Under the agreement, Dutchess committed to purchase up to 40,000,000 of RadTek’s common stock over a period of up to 36 months. From time to time during the 36 months period, RadTek may deliver a put notice to Dutchess, stating the dollar amount it intends to sell to Dutchess on a date specified in the put notice.
As outlined in RadTek’s Form S-1 filing, the Company may raise capital through the Dutchess Opportunity Fund, II, LP Investment Agreement as needed for current running costs, general operating expenses and capital expenditures related to RadTek’s operations. At this time RadTek is registering 14,800,000 of the authorized 40 million shares. Further details of the Dutchess Opportunity Fund, II, LP Investment Agreement are available in RadTek’s Form S-1 filing from April 29, 2014.
To learn more about the RadTek’s product lines, the Company, and regular news updates, visit RadTek’s official website: http://www.radtekinc.com.
ABOUT RADTEK, Inc:
RadTek, Inc develops and markets radiation-imaging system and equipment. The company’s radiation-imaging system and equipment employs digital radiography technology. It provides food inspection systems, X-ray diagnosis related systems, baggage and container inspection systems, and radiation safety engineering, as well as industrial DR NDT systems, bone densitometry systems, and veterinary diagnosis systems. The company offers its products for users in various fields, such as biotechnology, medical, product quality control, and security system. RadTek Co., Ltd., 100% subsidiary of RadTek, Inc was founded in 2001 and is based in Daejeon, South Korea. www.radtek.co.kr
ON BEHALF OF THE BOARD OF DIRECTORS,
KwangHyun Kim, President
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on RadTek, Inc.’s current expectations and projections about future events, based on information currently available. The forward-looking statements found in this press release may also include statements relating to RadTek, Inc.’s anticipated financial performance, business prospects, new developments, strategies, and similar matters. RadTek, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. RadTek, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
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SOURCE: RadTek Inc.