Memphis, TN – October 18, 2006 – ATWEC Technologies, Inc. (OTC: ATWT) CEO Alex Wiley recently issued a letter to the company’s shareholders as part of the company’s ongoing efforts to maintain open lines of communication with its investors. The letter discussed some of the recent and ongoing achievements of the company, as well as some of the company’s future directions. The contents of the letter were as follows:
As a result of conversations and correspondence with a number of you, it has come to my attention that there is a great deal of erroneous information about ATWEC’s marketing intentions circulating through the rumor mill. I have always made it one of my utmost priorities to maintain open lines of communication with shareholders and potential shareholders. In addition, as a company we have always worked very hard to ensure that we provide relevant, accurate information to the public. To that end, we have released this shareholder letter in order to present you, the co-owners of this company, with the facts as they currently stand.
ATWEC has continued to make substantial progress as we move forward with our efforts to realize our goals and fulfill our business plan. Some of our recent accomplishments and milestones are as follows:
- I am pleased to announce that ATWEC is in negotiations with a national insurance provider. The provider’s clients will receive discounted coverage on vehicles fitted with a Kiddie Systems product. At the current phase of negotiations, I am not at liberty to reveal the company until details of the agreement and discount are disseminated to its agents. When all of the provider’s offices have been fully informed, a more complete announcement will be made.
- ATWEC remains in negotiations with a national tire company to sell and install the Kiddie Systems products through its 1,900 outlets. We are still pursuing this opportunity, and remain confident in the viability and potential of the potential tandem. Any reports to the contrary are erroneous.
- ATWEC has acquired three new master distributors. Two are located in Arkansas and one in Minnesota. Specific information regarding our new distributors has been added to the company website at: http://www.atwec.com/.
- The company is proceeding with its audit of financial statements from 2002-2006 in two phases. ATWEC’s local accountants will complete the audit by the end of October, which will then be reviewed by Rotenberg and Company of Rochester, N.Y. After review, ATWEC will file its application with the OTC QX and will not release audited financials until that time. However, release of unaudited financial statements for 2006 and projections for fiscal 2007, based on sales in this first quarter and contracts recently signed, will be released next week.
We are embarking upon our best year since inception. With continued, large-scale growth in an industry that promises to continue to be of the utmost importance, it is safe to say that fiscal 2007 will be just the beginning of a long and fruitful path to success. Your confidence, support and patience have always been greatly appreciated as I put every effort into making our company the number one provider of child safety solutions.
Alex T. Wiley
For more information on ATWEC Technologies, visit the company's web site: http://www.atwec.com/.
NOTE: Certain statements made in this press release are forward looking statements within the scope of the Private Securities Act of 1995. Such statements involve known and unknown risks. Uncertainties and other mitigating factors may influence desired outcomes. Such risks, uncertainties and/or other mitigating factors include but are not limited to new economic conditions, risks associated in product development, market acceptance of new products and continuing product demand, level of competition and other factors both known and unknown as described within this Company's reports and other filings with appropriate regulatory agencies.