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Bluetorch Inc. Changes Name to Pacific Crest Investments
LOS ANGELES, April 20 /PRNewswire-FirstCall/ -- Bluetorch Inc. (OTC:BLTO)
(BULLETIN BOARD: BLTO) announced today that its articles of incorporation have
been amended to change the Company name from Bluetorch Inc. to Pacific Crest
Investments.
The Company stated that it has applied for a new symbol to reflect the new
corporate name of Pacific Crest Investments. The Company intends to announce
the new symbol on Friday April 22, 2005 and begin trading under its new name
and symbol on Monday April 25, 2005. The Company previously announced that it
would be changing its name to fulfill contractual obligations whereby it would
give up the "Bluetorch" name as part of its Mutual Settlement and Release
Agreement with its former licensor for Bluetorch apparel.
Bruce MacGregor, President and CEO, stated, "The name change reflects the final
step towards becoming a true investment company. As stated earlier, we will be
looking at all consumer products and services as viable opportunities, so long
as they meet our criteria of being profitable and having positive cash flow.
We have already identified a few companies that are worth considering, although
we have not yet signed any letter-of-intent. Now that we are poised towards
this new direction, we have also initiated conversations with various possible
equity partners that potentially would work with us on the acquisition front."
About Pacific Crest Investments:
As an investment company that has elected to be treated as a "business
development company" (BDC) under the Investment Company Act of 1940, Bluetorch
Inc. is looking to invest in companies that can demonstrate a history of
positive cash flow and economic fundamental values prior to the acquisition.
These entities will have the prospect for expansion from their existing
profitable base as a result of access to additional capital and/or additional
management acumen.
As part of this strategic process, the Company will look for acquisition
opportunities in all consumer product categories that have the potential for a
positive return on investment, both in terms of current income and capital
appreciation.
Investor Contact Information:
Marge Rohr at (909) 861-3244 or , and Geoffrey Eiten, OTC Financial Network,
(781) 444-6100 x613 or .
Safe Harbor:
This release may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The risks and uncertainties
that may affect the operations, performance development and results of the
Company's business include but are not limited to fluctuations in financial
results, availability and customer acceptance of our products and services, the
impact of competitive products, services and pricing, general market trends and
conditions, and other risks detailed in the Company's SEC reports.
DATASOURCE: Bluetorch Inc.; Pacific Crest Investments
CONTACT: Marge Rohr of Bluetorch Inc., +1-909-861-3244,
; or Geoffrey Eiten of OTC Financial Network,
+1-781-444-6100, ext. 613, , for Bluetorch Inc.