AccessKey IP, Announces Plans to Spin-Off Retail Sales Subsidiary TeknoCreations

AccessKey IP, Inc. has announced that its Board of Directors has unanimously agreed to spin-off its wholly owned subsidiary, TeknoCreations, into an independent, publicly traded company. It is expected that this new entity will be trading sometime in early 2008. TeknoCreations was founded to participate in the explosive growth of consumer electronics and business security needs. TeknoCreations designs high-quality products with attractive pricing to enhance the consumer's favorite electronics products and the expanding security needs of corporate America. They have developed a wireless remote control for iPods as well as inductive charging units for both Nintendo's Wii and Microsoft's XBox 360. The focus of the company will be to sell products wholesale; through Distributors and direct to Retailers, Etailers and DMRs (Direct Market Retailers).

According to George Stevens, CEO of AccessKey IP, "The independence of TeknoCreations will achieve three main objectives: 1) a greater focus of existing resources within AccessKey IP to design and develop products, 2) a dedicated sales organization in TeknoCreations that will focus exclusively on promoting consumer electronics and security products in the retail market, while at the same time purchasing both finished product and technologies from AccessKey IP, and 3) the ability to raise capital in the investment community for both companies to properly promote their respective business plans. We are giving particular attention to the capital structure of the new entity in order to ensure that AccessKey IP shareholders receive appropriate value in TeknoCreations. We are very excited about this opportunity and we will provide more information as this transaction progresses."

SOURCE