DENVER, Nov. 23 /PRNewswire-FirstCall/ -- RFID, LTD. announced today an update regarding developments related to the company for the third and fourth quarters of 2007.
1. RFID, LTD. is not creating sufficient revenue to cover expenses. 2. RFID, LTD. is not currently a party to any lawsuit. 3. RFID, LTD. has undergone a major resource loss of both operating capital, and human capital used to attract operating capital in the form of revenue. 4. RFID, LTD. has deemed that the costs associated with remaining a public company are in excess of available capital resources and may force insolvency. 5. RFID, LTD. has considered a spin-off of operations, and the subsequent privatization of the company. A portion of any monies gained from privatization may be allocated for the continued operation of RFID, LTD. until additional operating capital is obtained in the form of revenue or investment or for the next calendar year, whichever occurs first. 6. RFID, LTD. may consider mergers, share exchanges and other transactions that may involve the sale of substantially all of the Corporations assets to another entity or entities. 7. RFID, LTD. has filed Amended and Restated articles of Incorporation with the State of Colorado. 8. RFID, LTD. has changed the structure of its management team and Board of Directors. 9. RFID, LTD. management still controls the majority of RFDL common shares with 88,500,000 shares currently held. Less than 2,200,000 shares have been liquidated by known RFID, LTD. insiders in the last 28 months since reverse merger in July 2005, with a portion of the liquidated proceeds being reinvested by insiders and used as operating capital for continued operation of RFID, LTD.
Forward-looking Statements: This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
