here we go guys...THE LONG AWAITED NEWS
Thermaltec Announces Signing of Merger Agreement With Solar Communications Group, Inc.
WEST BABYLON, N.Y.--(BUSINESS WIRE)--June 17, 1999--Thermaltec International, Corp. (OTC-BB:THRM) (TTI) announced today that it has executed a merger agreement with Solar Communications Group, Inc. (SCG) of Millville, New Jersey.
Pursuant to the merger, SCG will be merged into TTI with the shareholders of SCG receiving over 95% of the issued and outstanding shares of TTI common stock. In preparation for the merger, TTI has transferred substantially all of its assets and liabilities into a wholly-owned subsidiary, Panama Industries, Ltd. (PI). Shares of PI will be distributed, on a pro rata basis, to TTI shareholders of record as of May 28, 1999, immediately prior to the closing date of the merger. TTI's current shareholders will also retain their shares in TTI.
Completion of the merger is contingent upon the receipt by SCG of certain regulatory approvals, approval of the merger by the shareholders of TTI and SCG, and satisfaction of certain other customary closing conditions. An announcement of the closing date will be made as soon as it has been fixed.
PI intends to expand its metallurgical activities in Latin America, and intends to continue acquiring existing technologies and/or companies in the metallurgical coatings business in North America. The work that TTI has been doing with the New York State Department of Transportation and the New York State Energy Research and Development Authority, respectively, to introduce an alternative to traditional painting and epoxies on highway bridges, and an alternative to the hard chrome plating process, will also be transferred to PI. TTI's wholly-owned subsidiary in Costa Rica has been transferred to PI, and will continue to service approximately 300 industrial customers in Central and South America.
SCG was formed in 1996 to provide quality communications alternatives to the business community. The company, which is privately owned, has developed an internet access solution, known as PCRoomLink, for the hospitality industry. PCRoomLink's computer-equipped rooms permit a hotel patron, with or without a laptop computer, to obtain high-speed Internet access in the privacy of his/her hotel room.
CONTACT:
Thermaltec International Corp., West Babylon
Andrew Mazzone, President
(516) 643-2285
KEYWORD: NEW YORK
BW1233 JUN 17,1999
8:26 PACIFIC
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