| SAN FRANCISCO,
CA and NANJING, CHINA--(MARKET WIRE)--Jul 9, 2008 -- Environmental
engine technology firm Rotoblock Corp. (OTC BB:ROTB.OB - News)
announced today that it has initiated talks with a number of
third parties, including Chinese banking and financial institutions,
to purchase controlling interest in Hikom Gottell for US$25
Million ($25,000,000).
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In May, Rotoblock announced it had signed a term sheet to
acquire 51 percent majority interest in Hikom Gottell Corporation,
a manufacturing company based in Nanjing City of the Jiangsu
Province in Mainland China. The US-China venture intends to
develop and manufacture small engines, air-conditioning systems
and other consumer and industrial equipment for world markets.
"There are several institutions interested in getting
involved in this venture, due to the environmental applications
and the ties to China," said Rotoblock CEO Mr. Chien
Chih Liu. "I just returned from China following these
meetings and my goal is to find the best strategic financial
partner who shares my vision of Rotoblock's future."
Hikom Gottell employs about 250 workers primarily involved
in designing and manufacturing of commercial air-conditioning
systems for automotive, building, and environmental applications.
These products are distributed throughout China.
Rotoblock's offer of US$25 Million would be in cash and stock
options. The final purchase price is subject to an independent
audit, which will be carried out during the acquisition proceedings.
Rotoblock has agreed to purchase the hard assets of Hikom
Gottell's manufacturing facilities in Nanjing as well as the
name Hikom Gottell and its distribution network. The acquisition
would include Hikom Gottell's 10-acre manufacturing complex,
land, factories, manufacturing equipment, testing facilities,
and delivery trucks.
About Hikom Gottell -- Hikom Gottell has a philosophy of
advancing technologies that save energy and help the environment.
Learn more at http://www.airhikom.com/en/index.asp.
About Rotoblock Corporation -- Rotoblock is focused on the
development and manufacturing of small engines and other energy-efficient
and environmental equipment in China for distribution worldwide.
The Company was incorporated in Nevada and is headquartered
in Santa Rosa, California. Rotoblock has full rights to the
patents of the Oscillating Piston Engine and believes the
OPE technology has useful applications in an endless number
of areas where its powerful, lightweight, efficient design
are in ever-increasing demand. Visit Rotoblock's corporate
website for details about the company, technology, and regulatory
filings. For more info visit: http://www.rotoblock.com.
Safe Harbour For Forward-Looking Statements -- Except for
statements of historical fact, the information presented herein
constitutes forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual
results, performance or achievements of the company to be
materially different from any future results, performance
or achievements expressed or implied by such forward-looking
statements. Such factors include general economic and business
conditions, the ability to acquire and develop specific projects,
the ability to fund operations and changes in consumer and
business consumption habits and other factors over which Rotoblock
Corporation has little or no control.
Contact:
Rotoblock Corporation
Tony R. Collins
877-511-0110 (Toll Free)
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