Hidenet Secure Architectures, Inc. (Pink Sheets: HIDE) today announced
that the Company has cancelled its previously announced acquisition of
Nucentcom, a facilities based telecommunications and technology company,
and has changed its name to Hidenet Ventures, Inc.
“Hidenet sets
its sights high and the Board is insistent on finding high growth
opportunities to maximize shareholder value. Unfortunately, Nucentcom
continually failed to perform under the terms of the Merger Agreement
and we were forced to abandon the transaction. We wish Dr. Vidyalal and
his staff the best.”
We regret that the acquisition of Nucentcom did not meet our earlier
expectations, stated a Board of Directors spokesperson. Hidenet sets
its sights high and the Board is insistent on finding high growth
opportunities to maximize shareholder value. Unfortunately, Nucentcom
continually failed to perform under the terms of the Merger Agreement
and we were forced to abandon the transaction. We wish Dr. Vidyalal and
his staff the best.
In other news, Hidenet has changed its name to Hidenet Ventures, Inc.
and has employed the services of a Los Angeles based M&A firm to seek
out potential investment candidates. The Board has decided to change
our focus from seeking a single acquisition, to restructuring ourselves
as a Venture Fund. We will take substantial private equity positions in
exciting high growth companies that plan to go public in the next 12-18
months. This will grant the fund immediate cash flow and give our
stockholders the benefit of future stock distributions as our portfolio
of companies come to market, said the Board spokesperson.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934
and 1995 for all public news releases. Statements, which are not
historical facts, are forward-looking statements. The company, through
its management, makes forward-looking public statements concerning its
expected future operations, performance and other developments. Such
forward-looking statements are necessarily estimates reflecting the
companys best judgment based upon current information and involve a
number of risks and uncertainties, and there can be no assurance that
other factors will not affect the accuracy of such forward-looking
statements. It is impossible to identify all such factors. Factors which
could cause actual results to differ materially from those estimated by
the company include, but are not limited to, government regulation;
managing and maintaining growth; the effect of adverse publicity;
litigation; competition; and other factors which may be identified from
time to time in the companys public announcements.

Source: Business Wire