July 26, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Safetek International, Inc. (OTC: SFIN) said that it 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 said it looks to introduce a new non-toxic and non-PVC food film packaging without known harmful trace elements, and other packaging products. 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 as a whole.

Under the acquisition deal, the president of Safetek International, Shmuel Shneibalg, will join the board of Newave Packaging as president, secretary and treasurer. Stefan Gudmundsson will continue as CEO of Newave Packaging.

New York-based Safetek International’s business plan of Safetek International, Inc. includes identifying, developing and managing business projects that it believes show significant growth potential, including new green technologies and other ECO-Friendly sectors.

The company is undergoing a restructuring and refinancing in 2010 to foster the innovation and application of its 'green' initiatives.

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