this looks like a good start!!
<<Stratford Acquisition Announces Completion of 60 Day Plan
NEW YORK--(BUSINESS WIRE)--April 2, 1998--Stratford Acquisition Corp.'s (OTC:HARD) board of directors announced Thursday that it had timely completed its 60-Day Plan in February and has since begun production of its NovaCrete Admixture and NovaCrete Multi-Purpose mortar products in its new production facility in Mississauga, Ontario.
Stratford also announced that it has reached a distribution agreement with a major Canadian distributor of construction products and is preparing to ship its first truck load of NovaCrete Multi-Purpose Mortar product to this distributor within the next two weeks. Stratford plans to distribute its products through highly-qualified distributors of construction products.
By completing its 60 Day Plan Stratford has successfully implemented the following initiatives that were presented to its shareholders on Dec. 15, 1997. The company has:
-- Completed the sale of $550,000 (USD) of a debenture and warrant and has used a portion of the proceeds from this financing to purchase new industrial equipment, remodel its offices and hire sales personnel.
-- Purchased and installed a new 75 cubic foot ribbon blending machine and compressed air bagging machine to enable the company to produce its products on a commercial scale and at substantially lower costs.
-- Finalized an agreement with the first distributor of construction products that will sell the NovaCrete line of products and has begun discussions with other large distributors in the United States.
-- Hired a sales manager with 25 years of experience to head the company's sales and marketing operation and hired a second sales person with a cement technology background who will also oversee the company's quality control programs. The company also hired a regional sales manager who will be based in New Jersey and will develop sales of NovaCrete products on the East Coast of the United States.
-- Completed the additional testing of the company's mortar products for salt resistance and setting times and has arranged to have all mortar products tested in accordance with the specification requirements of the New York State Department of Transportation.
-- Opened an office in New York City to serve as the company's Corporate Headquarters and has expanded its board of directors to include Edward J. Malloy, president of the Greater New York Construction Trade Council which oversees over 200,000 laborers in the construction industry.
-- Approved May 29, 1998 as the date for the next annual meeting of shareholders and, with shareholder approval, will change the company's name to NovaCrete Inc.
-- Completed settlement agreements with eight shareholders that have agreed to forfeit 190,000 shares of common stock to settle all claims that were asserted against them in the stock cancellation lawsuit that was filed by the company last fall.
The primary initiatives in the company's 1998 Business Plan are to establish a distribution system for the company's products throughout Canada and on the East Coast of the United States and to increase its menu of finished mortar products to seven products by year end.
The company further announced that its current Acting President, Daniel W. Dowe, has agreed to become its chief executive officer for a three year term and will be charged with spearheading the execution of the company's three year business plan which will be addressed in detail at the next annual meeting of shareholders.
William K. Lavin, Stratford's chairman, stated after the board meeting that, "the board is very pleased with Dan Dowe's accomplishments over the past 90 days. The distribution agreement that the company has reached marks the industry's recognition that Stratford has the technology and personnel that can consistently deliver high-performance cementitious products and provide the necessary marketing and technical support that is essential to competing at the highest level of this industry sector."
Stratford Acquisition Corp. researches, develops and manufactures an additive that enhances the performance of mortars used in new construction and in repair of deteriorating concrete structures. The additive is blended in various proportions with cement and sand to create a wide range of special application mortars.
Stratford strives to be a leading provider of high-performance cementitious products by using state-of-the-art technology and offering marketing and technical support to its distributor partners and end-users of its products.
-- Finalized
CONTACT:
Stratford Acquisition Corp.
Daniel W. Dowe, president, 212/825-9292
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