ONTC News Onteco Corporation, ONTC, Provides Up

MIAMI, Oct. 3, 2012 /PRNewswire/ -- Onteco Corporation (OTC.QB: "ONTC"), (the "Company", or "Onteco"), provided additional information today on the spin-off of 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"), as announced on September 14, 2012.

The Company reports that it had filed the required Information Statement under Section 14(c) of the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission ("SEC"), and is currently preparing a response to SEC comments received on the Information Statement. The Company intends to clear these comments as quickly as possible so that it can move forward with sending copies of the Information Statement to its shareholders. As previously stated, it is further contemplated that the shares of common stock of NexPhase to be distributed in the spin-off 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

The Company has determined that 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 one share of NexPhase for every 200 shares of Onteco common stock held as of the record date, with fractional shares rounded up to the next nearest share