To all, FYI....I came across this release from July concerning ONTRO:
Friday July 18 12:57 PM EDT
Company Press Release
Ag ARMENO Mines and Minerals - Letter of Intent with Ontro
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 18, 1997-- Ag ARMENO Mines & Mi (VSE:AGM, OTC Bulletin Board:AROYF)) The
Company is pleased to announce that it has entered into a binding letter of intent with Ontro, Inc. of California, U.S.A. (``Ontro'') to acquire, for $740,290
(U.S.), 329,018 common shares of Ontro and a warrant to purchase up to 958,466 additional common shares of Ontro at varying prices. If all the shares are
acquired, then the Company will become the largest shareholder of Ontro. This acquisition by the Company is for investment purposes and is subject to
Canadian regulatory approval.
Ontro is a U.S. based private company and is engaged in the research and development of interactive thermal containers. Ontro has produced working
prototypes of a disposable self-heating beverage container in a similar size and shape as typical beverage cans. Ontro's self-heating beverage containers
are being designed to heat such items as coffee, tea, other beverages, soups and baby formula. Ontro's self-heating containers are heated by pressing a
button on the bottom of the container. Activating the button causes the contents of the container to be heated to a pre-determined range of temperatures
within a specified range of time periods. The current design of Ontro's self-heating containers heat the contents inside the container through a patented
and patent pending process developed by Ontro.
Ontro currently has a semi-automated production facility designed to manufacture and assemble self-heating beverage containers. The current production
facility and assembly line is intended to demonstrate the commercial viability of the manufacturing process for Ontro's self-heating containers. Ontro
intends to use a portion of the proceeds received from the Company to relocate and expand the production capacity of the existing assembly line and to
improve certain components thereof.
Ontro's primary strategy is to be a leading provider of interactive thermal container and related technology to food, beverage and other manufacturers. The
principal elements of Ontro's business plans and strategies include licensing interactive thermal container technologies to major manufacturers who will
produce, market, and distribute interactive thermal containers utilizing Ontro's designs and technologies; developing new technology for additional markets
such as containers for medical and industrial products; maintaining leadership in these developing markets through continuous research, development and
marketing efforts; and developing or co-developing with customers or distributors, potential products designed for a focused market segment which utilize
interactive thermal containers and may not interfere with existing licenses or licenses which may potentially be granted by Ontro to major producers.
Ontro has entered into an evaluation agreement (the ``Evaluation Agreement'') with a U.S. Division of a major international beverage corporation (``the
U.S. Division''). The U.S. Division and its parent companies are the first major food and beverage manufacturer to evaluate the potential of entering into a
license of Ontro's technologies. The Evaluation Agreement allows the U.S. Division an exclusive period to review Ontro's designs and technology in order
to determine the U.S. Division's interest, in acquiring rights for the commercial use of Ontro's self-heating food and beverage container. The Evaluation
Agreement requires the U.S. Division to cooperate with Ontro in evaluating the commercial uses and market for Ontro's technology, and includes an
obligation to pay for one- half the cost of certain market research studies.
Furthermore, Ontro is presently conducting discussions with several other major household consumer food and beverage corporations in respect to Ontro's
interactive thermal containers. On behalf of the Board,
per: Jacob H. Kalpakian, vice president
Note: The information contained herein has neither been approved nor disapproved by any stock exchange on which the Company's shares are listed.
Contact:
Ag ARMENO Mines & Minerals Inc.
Jacob H. Kalpakian, 604/681-1519
Fax: 604/ 681-9428
1-800-665-3119 (U.S.) |
