BOCA RATON, FL, June 27, 2013 (eTeligis via ACCESSWIRE) -- CTX Virtual Technologies, Inc. (OTC Pink: CTXV) a technology company that manufactures and distributes mobile telecommunication, virtual imaging, touch screen, tablet and mobile data input accessories today announced that it has successfully delivered the first rapid prototype of its proprietary laser based user interface heads up display unit to a global auto parts manufacturer in accordance with the terms of the purchase order received in April 2013. The company has been given the approval to start the next phase of demo vehicle installation of the CTX device.
In line with the company's efforts to expand its proprietary automotive applications, CTX announces the appointment of Dr. Jason Koo as its Chief Operating Officer for the automotive projects in Korea. Dr. Koo is a seasoned veteran with over 25 years of experience in the electronics industry. Dr. Koo received his Ph.D from Korea Aerospace University and has held senior research and executive operational positions with various companies including AdMOS Semi-conductors based in San Jose, California. Clifford Rhee, CEO, stated "CTX has significant opportunities with two key global auto manufacturers and the appointment of Dr. Koo along with other key engineering staff will ensure our success and timely implementation of all the projects."
Forward-Looking Statements -- The statements made in this release may contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to the results of our 2012 audit, our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights. In addition, there can be no assurance that the activities to be performed under the Statement of Work with the global auto parts manufacturer mentioned above will prove successful or that a meaningful transaction with such party will result therefrom.
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