December 14, 2007
7 Days Expire After Photo Violation Technologies Corp. Puts NATCO International Inc. On Notice to Correct Default of Agreement
Photo Violation Technologies Corp. ("PVT") a leader in technologically innovative parking solutions announces with great disappointment that the Reverse Take Over (RTO) procedure with NATCO International Inc. has not been completed to date. Due to reasons beyond PVT management's control, PVT has yet to receive the total of $2 Million USD that was due on May 1, 2007 as required in the Letter of Agreement that both parties signed on March 16, 2007.
When NATCO failed to deliver the total amount of $2M USD by the expiration of the original agreement by July 15, 2007, the agreement was extended to October 31, 2007. This extension was subject to NATCO providing additional funds totaling $600,000 USD to accommodate the delay. This leads to a total of $2.6M USD required from NATCO to complete the transaction. As of October 31, 2007, PVT had received only an approximate total of $1,485,000 of the $2M USD from NATCO, excluding the additional $600,000 USD. The agreement was extended once again to help provide NATCO with additional time to December 31, 2007, provided that NATCO delivered the remaining $515,000 of the $2M USD that was due on May 1, 2007 by November 7, 2007. As of today, the $515,000 USD was not paid, and the $2M USD requirement not met.Therefore, on December 4, 2007 PVT unfortunately had to place NATCO on 7 days notice to correct the default and submit the remainder of the amount as was afforded in the Letter of Agreement.
PVT had no choice but to put NATCO on notice. On the expiry of the 7 days notice, before PVT could cancel the agreement, NATCO filed a lawsuit against PVT but still did not provide the balance of the $2M USD.
PVT is doing amazingly well, and has generated a lot of interest from cities globally and will require additional funding necessary to continue our success. The company is on the verge of closing their first sale, and has been pursued by cities for potential trials. Photo Violation Technologies is confident that the aggressive business plan for the company will be achieved as a result of the overwhelming amount of interest from cities, the public, and the press PVT has obtained.
Photo Violation Technologies Corp. is a private Canadian corporation, with subsidiaries in Europe and Asia that has developed a patented, technologically innovative parking meter system - the PhotoViolationMeter(TM). Photo Violation Technologies Corp. has successfully forged relationships with Fortune 500 companies and global suppliers such as IBM, Cisco, and Honeywell. These relationships ensure the future success of Photo Violation Technologies Corp. on a global scale. Photo Violation Technologies Corp. is proud to be working with these partners to develop the most sophisticated parking system. Together we are Revolutionizing the Parking Industry(TM) by Perfecting How People Park(TM) through the PhotoViolationMeter(TM) solution. Visit our website www.photoviolation.com for more details on our company.
NATCO International Inc. is a publicly traded company. Led by President Raj Gurm, the company is based in Surrey, British Columbia, Canada.
This document may contain forward-looking statements. These statements present management's expectations, beliefs, plans, and objectives regarding future events and conditions and, as such, involve inherent risk and uncertainties. Actual results could be significantly different from those projected.
Contacts: Photo Violation Technologies Corp. Fred Mitschele President & CEO (604) 628-8694 Email: [email protected] Photo Violation Technologies Corp. Jayson Lee Corporate Communications Manager (604) 628-8694 (604)730-8694 (FAX) Email: [email protected] Website: www.photoviolation.com
SOURCE: Photo Violation Technologies Corp.