Carson City, NV & Hong Kong, Oct. 30, 2017 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC) announced today that it had formed an Advisory Board of Directors and Richard J. Berman had joined the Company to serve as its initial Advisory Board Member.
Mr. Berman who serves on the Boards of several NASDAQ listed companies including Advaxis, Inc., Cadasys, Inc. and Cryoport, Inc., agreed to serve on the Company's Advisory Board on an interim basis until the Company had obtained Directors and Officers Insurance, at which time he would become a Board Member. As an Advisory Board member Mr. Berman will be tasked with evaluating various Directors and Officers, insurance policies, interviewing qualified independent Board members to add to the Company's Board and to serve on various committees, as well as to position the Company for a future up-listing.
Angelo Ponzetta the Company's CEO said, "We are honored that Richard took such an interest in our Company at this stage in our history. His contacts and experience will be invaluable to us as we manage what we anticipate will be substantial growth in our operations. Having him as part of our Board will help us attract other qualified members that would provide depth to our Board for the benefit of our shareholders."
"Angelo's team is outstanding. I love the technology and I love the space that they are in. By acquiring retail brands while market valuations are in the trough, and relatively inexpensive compared to other assets, and applying the Company's proprietary technology to demonstrate lift to other brands and retailers, 12 ReTech is able to offer a compelling value proposition to retail businesses who are desperately seeking more traffic and increased revenues. This is a brilliant strategy!" Richard J. Berman stated. He continued, "With the completion of the acquisition of the first major operating company, 12 ReTech will have significant revenues and earnings that they can grow to provide shareholder value until their proprietary technology takes hold. This could result in tremendous upside for investors!"
Angelo Ponzetta commented, "with Richard's contacts and relationships as well as his experience I am confident that we can swiftly work towards up-listing our Company, first to the OTCQB and later to a major national exchange such as NASDAQ or NYSE American.”
About Richard J. Berman
Richard Berman's business career spans over 35 years of venture capital, senior management and merger & acquisitions experience. Mr. Berman is a well-respected and seasoned professional, senior executive and public company Board member with extensive experience in many business sectors including finance, technology, retail, bio-science and real estate.
Mr. Berman has served as a director or officer of more than a dozen public and private companies. In 2016 he joined the advisory Board of Medifirst while in 2014, he was elected Chairman of MetaStat Inc. From 2006-2011, he was Chairman of National Investment Managers, a company with $12 billion in pension administration assets. Mr. Berman is a director of three public healthcare companies: Advaxis, Inc., Caladrius Biosciences, Inc., and Cryoport Inc.
From 2002 to 2010, he was a director of Nexmed Inc where he also served as Chairman/CEO in 2008 and 2009 (now called Apricus Biosciences, Inc.). From 1998-2000, he was employed by Internet Commerce Corporation (now Easylink Services) as Chairman and CEO, and was a director from 1998 to 2012. Previously, Mr. Berman worked at Goldman Sachs; was Senior Vice President of Bankers Trust Company, where he started the M&A and Leveraged Buyout Departments; created the largest battery company in the world in the 1980's by merging Prestolite, General Battery and Exide to form Exide Technologies (XIDE); helped to create what is now Soho (NYC) by developing five buildings; and advised on over $4 billion of M&A transactions in over 300 deals.
He is a past Director of the Stern School of Business of NYU where he obtained his BS and MBA. He also has US and foreign law degrees from Boston College and The Hague Academy of International Law, respectively.
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