SUGR stock is being (LOI) 90% bought by MTLC.
WHY? Up large on very small vol Friday. Started the day .04 x .08 and ended the day .19 x .30 with the last print being .22.
Metalclad Acquires Capital Stock of Surg II
MINNEAPOLIS, March 21 /PRNewswire-FirstCall/ --
Metalclad Corporation (Nasdaq: MTLC) and Surg II, Inc. (OTC Bulletin Board: SUGR.OB), announced today that Metalclad and Surg II have entered into a letter of intent which proposes that Metalclad purchase approximately 120,150,000 shares of the common stock of Surg II for $3,000,000. If completed, the purchase would give Metalclad 90% of the outstanding shares of Surg II. The proposed transaction is subject to the negotiation of a definitive agreement between Metalclad and Surg II. If the transaction is completed, Metalclad will own at least 90% of the outstanding capital stock of Surg II.
In making the announcement, Wayne W. Mills, President of Metalclad, stated that: "Our investment in Surg II provides us with a vehicle in the first step of our strategy to refocus and diversify Metalclad." Theodore A. Johnson, speaking for Surg II as its Chairman of the Board of Directors, commented that "The proposed transaction with Metalclad has the potential of providing the Surg II shareholders with solid value in the future."
Metalclad, with offices in Minneapolis, Minn. and Newport Beach, Calif., is primarily in the insulation and asbestos abatement business through a wholly owned subsidiary. Surg II recently sold all of its assets to Oxboro Medical, Inc., in Minneapolis, Minn.
Statements in this release that are not historical, including the consummation of the proposed transactions between Metalclad and Surg II, the implementation of Metalclad's diversification strategy and the future value of Surg II common stock, are "forward looking statements" which should be viewed as being uncertain and subject to change.
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SOURCE Metalclad Corporation
CO: Metalclad Corporation; Surg II, Inc.
ST: Minnesota, California
IN: ENV
SU: TNM
03/21/2002 17:55 EST prnewswire.com |
