FiberChem and Intrex Extend Arrangement Agreement
LAS VEGAS--(BUSINESS WIRE)--March 30, 2000--FiberChem Inc. (OTCBB:FOCS) announced that the company has agreed to an extension to the Arrangement Agreement at the request of Intrex Data Communication Corp. as a result of procedural delays in its filing with the Supreme Court of British Columbia.
Geoff Hewitt, chairman and chief executive officer of FiberChem, said: "Even though there has been a delay in these filings, the two companies are now operating in concert on multiple projects. Intrex's engineering department and FiberChem's research and development division are working together as a product development group. We are very excited about our combined technologies, which we are calling 'SensorFusion(SM).'"
David Peachey, CEO of Intrex Data Communication Corp., said: "Intrex is committed to the conclusion of the merger with FiberChem as expeditiously as possible. We are particularly pleased with the progress of integration on a corporate and technology level. We anticipate the merger being finalized within the next 45 days at which time all Canadian regulatory approvals should be in place."
Intrex is a private company that provides proprietary Internet and communications technology for communicating data to or from remote or mobile assets on a real-time basis using wireless, satellite and cellular data systems.
Data is routed through Intrex's global network, which acts as a data gateway and applications service provider allowing customers to monitor and control remote or mobile assets such as gas wells, pipelines, compressors, storage tanks, offshore platforms or service vehicles directly from a desktop PC.
Intrex is a licensed reseller of the Orbcomm Global LP low earth orbit or LEO satellite data and messaging communications services. Orbcomm is a partnership owned by Orbital Sciences Corp. and Teleglobe Inc. of Canada. Intrex also has communications agreements that provide satellite services through Norcom Inc., as well as digital cellular services.
FiberChem develops, manufactures, markets and licenses fiber optic chemical sensors that produce continuous, real-time information of environmental pollutants in the air, water and soil. These technologies are currently used in applications such as pipeline leak detection, aboveground storage tank monitoring, oil production, water quality monitoring and industrial wastewater compliance monitoring and control. |
