Technologies Scan Corp (OTCQB: TENP) announces that regarding a letter of intent dated April 27, 2013,as amended (the "Letter of Intent") and license agreement dated May 24, 2013 (the "License Agreement") with Social Geek Media Inc ("Social Geek") for the acquisition by TENP of an exclusive License from Social Geek to market and sell Proteina21 products for the territory of the United States, TENP and Social Geek entered into a rescission agreement dated November 9, 2013 (the "Rescission Agreement").
In accordance with the terms of the Rescission Agreement, we announce that the transaction with Social Geek is rescinded and any and all agreements between the parties, including the Letter of Intent and the License Agreement, are also rescinded. The parties agreed to a mutual, complete and final release.
The Board of Directors of TENP has decided its in the best interests of its shareholders to return to its core business technologies and is already in discussions with several potential partners, states Ghislaine St-Hilaire CEO. We will first go through re-organising the management and corporate structure in the upcoming weeks to give our future associates a strong and financially healthy company.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements which address actual results could differ materially from those expressed or implied in forward-looking statements. These statements are made on the basis of management's views and assumptions. As a result, there can be no assurance that management's expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Management cautions that the ability to attract clients and generate business may be affected by a decline in the Company's financial ratings, the competitive environment, the Company's ability to raise sufficient capital to meet the collateral requirements associated with its current business and to fund the Company's continuing operations and changes in market conditions.
Contacts:
Technologies-Scan Corp
(438) 500-1309
