Medina International Holdings, Inc. Enters Into Agreement With WinTec Protective Systems, Inc.
Company creates new subsidiary to address anti-corrosion market for small watercraft
CORONA, Calif., July 1, 2011 /PRNewswire/ -- Medina International Holdings, Inc. (OTC BB: MIHI) announced today that the company has entered into a Contribution and Exchange Agreement with WinTec Protective Systems, Inc. ("WinTec."). The Company has filed an 8K, which is available at www.sec.gov, detailing the transaction.
As part of the Contribution and Exchange Agreement, the Company agreed to issue 3,000,000 shares of its restricted common stock in exchange for 20,400,000 shares of the common stock of WinTec. As a result of such exchange, the Company holds 51% of the issued and outstanding common stock of WinTec, making WinTec a subsidiary of the Company.
WinTec, located in Houston, Texas, has developed various proprietary products, which include CORTAIN, Hydro-Tain and Blast Block. Medina International Holdings, Inc. has first right to use CORTAIN, anti-corrosion material for small marine craft.
"This is a strategic milestone for our Company," commented Mr. Daniel Medina, CEO of Medina International Holdings, Inc. "The acquisition of WinTec will give us access to coatings and other proprietary technologies that are a natural complement to our existing watercraft business. The incorporation of WinTec's product lines will allow us to offer highly-specialized products that are not available elsewhere. We know our customers will be as excited as we are about this new subsidiary."
Mr. Rao Mankal, CFO of Medina, stated, "We are very pleased with the structure of this deal. The WinTec team sees the potential, as do we, of their product lines. Management of both companies will be working closely together to realize the potential of this business combination."
To learn more about WinTec, please go to: http://wintecusa.com/aboutus.php
About Medina International Holdings, Inc.
Medina International Holdings, Inc. through its wholly owned subsidiary, Harbor Guard Boats, Inc., produces commercial fire, rescue, police and patrol boats utilizing the highest design and performance standards. The company's products combine safety, power, handling and stability with a proprietary hull design and equipment features that address specific niche markets with products ranging from 15' to 37'.
For more information, visit and http://www.harborguardboats.com.
Safe-Harbor Statement
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Medina International Holdings, Inc. to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in the Company's Annual Report on Form 10-K for the currently fiscal year and any subsequent reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, inability to timely develop products or services, inability to deliver products or services when ordered, inability of potential customers to pay for ordered products or services, and political and economic risks inherent in domestic and international trade.
CONTACTS:
Daniel Medina
President
(909) 522-4414
Communications:
Cinapsys, Inc.
Mark Moline
(760) 208-1894
SOURCE Medina International Holdings, Inc.
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