MONARCH BAY, CA, Aug 25, 2011 (MARKETWIRE via COMTEX) — Microelectronics Technology Co. (PINKSHEETS: MELY) (hereafter “The Company”) previously announced on August 3, 2011 that it has entered into a letter of Intent for the purchase of all of the existing outstanding shares of Cloud Data Corporation.
The closing of the acquisition was subject to the completion of certain due diligence being completed on or before August 26, 2011.
The company is pleased to announce that the diligence process has been completed successfully and the acquisition will close August 26, 2011 as previously anticipated.
Cloud Data Corp represents the first of many future acquisitions by the company.
Microelectronics Technology Co. through the acquisition of Cloud Data Corporation is moving into the Internet Incubator space in order to capitalize upon the technology opportunities available today and in the immediate future within the Cloud Computing market place.
Cloud Data Corp has developed proprietary technologies that will enable the company to capitalize on the third party data management and utilization space through the implementation of a cost effective development and delivery system allowing for economies of scale to be applied to custom applications.
Further details regarding the transaction and the various Internet assets that Cloud Data Corp currently owns and operates, as well as the projects under development will be made available upon completion of the formal closing of the transaction.
Cloud Data Corp is a full service Internet applications incubator within the cloud computing sector.
Legal Notice Regarding Forward-Looking Statements Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward-looking statements are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Factors such as the Company’s ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain permits, potential delays or obstacles in operations and interpreting data, the likelihood that this business model business is not successful. Additional information on risks for the Company can be found in the Company’s periodic filings filed from time to time with US Securities and Exchange Commission at www.sec.gov.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). They may not be offered or sold in the United States (as defined in Regulation S under the Securities Act), except pursuant to an exemption from the registration requirements of the Securities Act.
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms such as estimates of a mean of undiscovered natural gas and estimates of a mean of undiscovered oil that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K and other periodic reports filed by us from time to time with the SEC, available from us at www.sec.gov. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
For further Information:
Microelectronics Technology Co.
Mr. Brett Everett
1 866 587 2860