Safetek Intl. acquires Newave Packaging Inc.
July 26, 2010
by Bryan Salvage
NEW YORK – Safetek International Inc. has acquired a controlling interest in Newave Packaging Inc., a Delaware corporation, and is attempting to secure working capital finance to develop and expand Newave Packaging's business.
Safetek plans to introduce a new non-toxic and non-PVC food film packaging without known harmful trace elements, as well as other packaging products, according to a news release. Safetek International hopes to capture a share of the food-packaging industry and aspires to set new standards for 'green' products used within the industry.
Pursuant to the acquisition, Shmuel Shneibalg, president of Safetek International, Inc., will join the board of Newave Packaging Inc. as president, secretary and treasurer. End Stefan Gudmundsson will continue as c.e.o. of Newave Packaging Inc.
"This acquisition marks the start of our new business strategy, and we are extremely excited by the potential that Newave Packaging will bring to Safetek International's growth plans," Shneibalg said.