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Valley Forge Composite Technologies Chapter 11 Petition Filed

October 9, 2013
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Valley Forge Composite Technologies filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Middle District of Pennsylvania, case number 13-05253. The Company, which produces technology products, is represented by Maurice R. Mitts of Mitts Milavec. According to documents filed with the SEC, on October 14, 2013 Evan Levine was elected as chairman, following the resignation of Larry K. Wilhide from that role - and also following the resignations of Richard Relac, Eugene Breyer, Dr. Victor Alessi and Raul Fernandez. On the same date, Wilhide also resigned as interim president, interim chief executive officer and chief financial officer. Valley Forge Composite Technologies further announced its board’s recent affirmation of the Company’s decision to suspend all efforts related to its photonuclear detection system project, known as “THOR.” The Company explains, “When we review the objections of other nuclear systems for commercial application, we find that this system does not obviously improve upon their faults. Therefore, with the data we currently have, we believe substantial investment is required and the probability of success appears low.”

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