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In addition Organetix anticipates the appointment of new directors andofficers following the merger, to gain compliance with Sarbanes-Oxleyregulations for major exchanges. The combined company will be headquarteredin East Islip, N.Y., where KidFitness is currently based. Organetix wouldhave no other business other than the business of KidFitness.
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At closing, the Company ("Organetix") expects to change its name toKidFitness, Inc. and request a new trading symbol to better reflect the newdirection of the business. Full details of the above-mentioned definitiveagreement shall be disclosed in a Form 8K, to be filed in compliance with therequirements of such Form with the Securities & Exchange Commission.
Commenting on the definitive agreement, Organetix Chief Executive Seth M.Shaw, stated "The signing of this agreement exemplifies the high level ofcommitment on behalf of both companies to complete the proposed transaction.I believe that KidFitness' business model holds great potential growth andprovides Organetix shareholders with significant upside moving forward. Inaddition I am confident that the closing terms, as defined by the definitiveagreement, can be satisfied in a timely manner."
About Organetix Inc.
Organetix Inc. (OTC Bulletin Board: OGTX - News) has defined its short-term strategy as evaluating potential acquisition candidates to both restoreand create shareholder value. On August 13, 2007, the Company entered into abinding definitive agreement to acquire 100% of New York based privately heldKidFitness, Inc. The Company is currently working towards the successfulcompletion of the transaction with KidFitness, although there are noguarantees a final deal will be consummated.
About KidFitness, Inc.
Founded in 2003, KidFitness, Inc. has developed comprehensive media basedprograms to assist young children in improving fitness and health.Specifically the Company's exercise programs target a growing national healthconcern known as Child Obesity. The Company has a multi-year contract withAmerican Public Television, a national program distributor of PBS programming.KidFitness has just completed series 200, which consists of 13 episodesproduced in high definition, and is now available in more than 82 millionAmerican households. In addition in July 2007, the Company announced apartnership with The United Way to provide national public school classroomswith a KidFitness 7 minute fitness break to improve the health of students.Please visit the website at http://www.kidfitnesstv.com .
Disclaimer
This press release may include certain statements that are notdescriptions of historical facts, but are forward-looking statements withinthe meaning of Section 27A of the Securities Act of 1933 and Section 21E ofthe Securities Exchange Act of 1934. These forward-looking statements mayinclude the description of our plans and objectives for future operations,assumptions underlying such plans and objectives, statements regardingbenefits of the proposed acquisition and other forward-looking terminologysuch as "may," "expects," "believes," "anticipates," "intends," "projects" orsimilar terms, variations of such terms or the negative of such terms. Thereare a number of risks and uncertainties that could cause actual results todiffer materially from the forward-looking statements made herein. Suchinformation is based upon vario
