Carson City, NV & Hong Kong, Oct. 26, 2017 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC) announced today that it has acquired 12 Europe, A.G. (F/K/A 12 Property, A.G.) in a share exchange and hired Stefan Georg Guggisberg as the Chief Executive Officer of the new wholly owned subsidiary responsible for the Company's activities in Europe.
12 Europe A.G. is based in Zurich Switzerland and therefore is strategically located to access the European market. The Company exchanged approximately 3.8 million of its newly issued common shares for all the common shares of 12 Europe A.G., which has no preferred shares or warrants of any kind authorized or outstanding. The Company deemed it important to have a direct presence in Europe when interacting with European retail industry business leaders and by acquiring 12 Europe the Company accelerated its move into Europe as opposed to creating a new business which takes considerably longer. 12 Europe was also instrumental in creating some of the technology used by the Company and that knowledge and intellectual property is now fully owned by the Company.
12 ReTech CEO Angelo Ponzetta said, "By acquiring 12 Europe, I believe we are taking steps to accelerate our goals to penetrate the European market! Stefan is the perfect executive to lead our company in Europe. I have known Stefan for over four years, and through those years, he has shown a strong interest in our technology and vision for the future of consumer retail. Stefan has always brought me many interesting ideas on how our system could be used and improved upon. In addition, Stefan is very well connected in Switzerland, Germany and Austria due to his engagement in many international private sector and Swiss government projects. With his experience managing information technology companies and his demonstrated expertise in the retail industry, I believe that Stefan is the right match for the Company to build up 12 Europe and expand our business quickly in those markets."
Stefan Guggisberg commented, "I am very excited to become part of the growing global team of 12 ReTech as I have witnessed the development of their retail technology over many years. Angelo's strategy of acquiring micro-brands to demonstrate the lift that our technology affords to retailers will help me get 12 ReTech in front of European retail leaders. While I don't officially start as an employee of the Company until November 1, 2017, I have already reached out to some of my contacts and am convinced that we will sign one or more contracts in Europe to install our retail technology before the end of the year.”
About Stefan Georg Guggisberg:
Stefan Guggisberg (48 years of age) was hired with a start date of November 1, 2017 to lead the recently acquired 12 Europe AG which is based in Switzerland as CEO for 12 Europe. Stefan’s responsibilities will include expanding and implementing the 12 ReTech technologies and Management’s vision in Europe. Stefan brings over 19 years of experience in the European markets in the industries of Information Technology with roles in software development and business solutions. So far, in his career he has managed over 100 personnel at the same time and achieved significant results for companies such as SNV Swiss Standard Association and xtendx, AG. He graduated from University of Applied Sciences in Chur, Switzerland with a Master's Degree, and also has B.A. Degrees in Business, Economy and Law from Zurich University and University at Albany (New York).
About 12 ReTech Corporation:
12 ReTech Corporation (OTC: RETC) is “Leading the Profitable Convergence of Retail and Online Commerce through Technology©”. The Company currently has four subsidiaries: 12 Hong Kong Limited, 12 Japan Limited, 12 Europe, A.G and 12 Retail Corporation.
12 ReTech Corporation manages our licensed technologies and is the developer, installer and operator of the proprietary technologies used in the Unifying Shopping eXperience System (“USXS”) hosted on the 12 Mirror (our interactive electronic mirrors) and the 12 Kiosk (our interactive digital displays) which can be installed in any high-traffic location and enhanced through our 12 Mobile-App. All the Company's products are uniquely designed to bridge the convergence between physical and virtual Commerce by getting consumers back out to the brick and mortar shopping centers and malls, to enjoy the next level of shopping experiences utilizing their smart phones with the 12 Mobile-App, with our in-store technologies and/or our online technologies which allow consumers to purchase products directly from videos posted online. Our technologies are created to build loyal repeat customers for our brand partners the world over. When our interactive products are placed in high-traffic locations like train stations, bus stops, airports, shopping venues and others, they provide media awareness with the ability for consumers to make purchases anywhere. 12 ReTech Corporation operates through three subsidiaries; the technology development company 12 Hong Kong Limited, the operating subsidiary 12 Japan Limited which deploys our products in Asia, 12 Europe, A.G. which deploys our products in Europe and 12 Retail Corporation which will hold our future consumer brands and retail operations.
For more information visit our website at www.12ReTech.com.
12 ReTech Corporation is publicly traded in the United States on the OTC Markets under the symbol: RETC
Safe Harbor: This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
Source:12 Retech Corporation