MIAMI, Sept. 14, 2012 /PRNewswire/ -- Onteco Corporation (OTC.QB: "ONTC"), (the "Company", or "Onteco"), announced today that it intends to spin-off its wholly-owned subsidiary, NexPhase Lighting, Inc., ("NexPhase"), by means of a distribution of shares of common stock of NexPhase to the Company's shareholders of record as of October 14, 2012 (the "Spin Off"). The number of NexPhase shares to be issued to the Company shareholders on a pro-rata basis in accordance with their record holdings will be determined. The Company is currently preparing and filing an Information Statement under Section 14(c) of the Securities Exchange Act of 1934, as amended, to its shareholders. It is further contemplated that the shares of common stock of NexPhase as distributed will be registered with the Securities and Exchange Commission with the result that a market will be created for trading of NexPhase shares and NexPhase will become a fully reporting company

"We are very pleased to be able to spin off NexPhase and create a new public company," said Onteco CEO, Dror Svorai. "We are delighted to be able to provide our shareholders with an ownership interest in this new, exciting company." Svorai concluded, "Once the Spin Off is effective and all regulatory requirements meet, we believe the new publicly-traded NexPhase will help demonstrate the value of stock ownership in Onteco