SOURCE: Newport Digital Technologies Inc.
NEWPORT BEACH, CA--(Marketwire - Aug 9, 2012) - Newport Digital Technologies, Inc. (PINKSHEETS: NPDT) (PINKSHEETS: NPDTE) today announced significant changes in its management structure, and announced it has opted to leverage its principals' expertise by entering the branded specialty food business.
Richard Damion, NPDT founder and current Chairman of the Board, was appointed as CEO and will remain a director of the Company. Wielding more than 30 years of experience in the development, sales, marketing and distribution of food products, Damion will head NPDT's efforts in launching a variety of branded food items.
NPDT's current Director Michael Lutton will succeed Damion as Chairman of the Board.
Former CEO Don Danks will be added to the Board of Directors and will continue to contribute to the execution of the Company's new business plan.
"We have been working diligently to determine the best course of action for the Company and its shareholders," stated Damion. "Mike, Don and the entire team worked hard to launch NPDT into the RFID and digital signage markets, but we were unable to compete with much larger, better funded competitors in these spaces. As we deliberated our next move, we assessed our strengths and determined that we have the management, product development, sales, marketing and distribution skills to re-enter the food business.
"We already have a number of items ready to test market and with our strong relationships with retailers such as Costco and Wal-Mart, our strategy is to focus on products with large market potential. In the past, we have successfully introduced a variety of food products into the national marketplace. We are excited to be redirecting our efforts into this arena. Our goal is to generate revenue, earnings and value for all of our shareholders."
The Company previously announced that it has eliminated all long-term debt from its balance sheet and intends to complete a reverse split of its common stock in the near future. At that time, NPDT will change its name to reflect its new business direction.
"We have worked very hard over the past few years, but were not able to gain traction," Danks stated. "We have thoroughly assessed our options and are delighted about the direction the Company is now taking. I am pleased to be joining the Board and look forward to supporting Richard Damion in executing our new business plan."
Newport Digital Technologies, Inc.
Safe Harbor: This press release contains certain forward-looking statements with respect to NPDT and its business. Statements that are not historical facts are identified as "forward-looking statements." The words "estimate," "project," "intend," "expect," "believe," "plan," and similar expressions, particularly when used in the "future tense," are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Information on potential risk factors that could affect the Company's business plans and financial results can be found in the Company's reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Newport Digital Technologies, Inc. has its headquarters located in Newport Beach, California, with a branch office in Australia. If you would like more information about this press release, please contact Donald Danks at +1.949.230.8323 or email at email@example.com