News Release
January 02, 2012HiTech Stages Ltd. no longer listed on the Frankfurt exchange.
HiTech Stages Ltd. – Rapidly Deployable – Fully Integrated – Engineered for Performance….
London, United Kingdom, January 2, 2012 -- HiTech Stages Ltd. today announced that it was no longer listed on the Frankfurt Stock Exchange.
The Frankfurt Stock Exchange raised the capital requirements in 2011 for listed companies and in September of 2011, the Exchange confirmed that HiTech had met all of the new listing requirements.
The Company was then advised by the listing agent that under new Frankfurt Stock Exchange rules, the Specialist handling the stock was going to discontinue working with HiTech within one month unless the Company both increased the daily trading volume and also ensured that the bid/ask price was maintained within closer margins. We requested an extension from the specialist via the listing company while we tried to arrange for a different specialist to manage our stock but did not even receive the courtesy of a response.
Accordingly the Frankfurt Exchange delisted HiTech one month later for lack of a specialist and Stuttgart has removed out stock based on the change in status on the Frankfurt Exchange.
This situation is unsatisfactory but does not change the fundamentals of the Company. The patent applications that have been filed based on the extensive engineering design work funded by HiTech are in the US PTO review process and although we now have to change the sourcing of the finance required to build the first stages, the Company still intends to try to source private long term financing to achieve the Company objectives.
We are optimistic that we will be successful in sourcing the required funding and confirm that none of the principal shareholders have sold any of their shares to date and are still committed to building long term shareholder value.
About the Stage
The designed automation is impressive. No forklift trucks are required to remove components from the tractor-trailers as the main stage unit unloads itself off of the trailer and then can self drive up to 500 meters to the event site. It then self-levels, the roof lifts and extends automatically and the stage extends. Lighting is already attached to the roof. The video dollies containing the hi-resolution video screens and the speaker systems also self-drive from the parking lot to the event site and then self level and deploy automatically. The on board generator deploys the stage and then runs all systems during the performance. The stage lift, which allows a car or other promotional product, to be raised and tilted, will be a unique feature. The 'front of house' is plug and play and includes the multi media control center.
About Stageco
Stageco Belgium NV has more than 25 years experience and has become a pioneer and trendsetter in designing and building innovative staging solutions.
The Company is known for achieving the highest level of engineering excellence and proprietary staging systems. They have built stages for U2's 360 World Tour, AC/DC, Coldplay, Bruce Springsteen, Bon Jovi, Andre Rieu, Genesis, Robbie Williams, The Rolling Stones and many more.
About HiTech Stages Ltd.
With significant investment in design engineering and market development, the Company intends to build 20+ stages over the next few years and locate them strategically to take advantage of the identified worldwide demand. They will be constructed by Stageco, and include power generation, computerized lighting, sound, big screens and a multi-media control center. The management team and company advisors are all well experienced in building profitable rapid growth companies. Our website is: www.hitechstages.com
Contact Information:
HiTech Stages Ltd.
David Rebak
Ph. 1.604.908.8784
HiTech Stages Ltd. is registered in England and Wales with Company Number 7126523. The Registered Office is:
Thames House, Portsmouth Road, Esher, Surrey, K10 9AD, England
Disclaimer:
According to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 apply statements, forecasts, expectations, beliefs, plans, objectives and assumptions regarding future events or bring benefits to express or contain, are based not as historical facts and may therefore be forward-looking statements. "Forward-looking statements on expectations, estimates and plans at that time the statements were made, and therefore include a number of risks and uncertainties, that could cause actual results or events to differ materially from those currently expected. HiTech Stages Ltd. is not obligated to update forward-looking statements in this press release.