Friday June 25, 1:53 pm Eastern Time
Company Press Release
Kurchatov Research Holdings, Ltd. Acquires Interests in Two Israeli Incubator Companies
BERLIN--(BUSINESS WIRE)--June 25, 1999--Kurchatov Research Holdings, Ltd. (OTC BB:KRHL - news) announced that it has acquired a twenty percent interest in each of Flexitech, Ltd. and Pirocat, Ltd., Israeli incubator companies staffed by Russian emigre scientists, and an option to purchase an additional 51% to 56% of the common equity interest in each of such entities for a sum to be determined in the future. In consideration of the purchase of the equity in each entity, the company will pay an aggregate of U.S. $60,000 to each such corporation, which sum is payable in four tranches of $15,000 each, the first tranche of which has been paid. The company has entered into agreements with the inventors of each technology to vote their stock in all corporate matters, giving it a present right to control each incubator company.
Flexitech, Ltd. has developed a technology which allows for the application or ''printing'' of a proprietary polymer thick film onto a polymer, ceramic or metal surface which, when charged with an energy source, emits heat. This technology has applications in, among other areas, the home appliance industry for items such as stoves, grill plates, water heaters, clothes dryers and irons, commercial and home heating applications for boilers and water heaters; and in connection with industrial machinery and products such as copy machines and sealers. The surface to which the film is applied becomes a heating element, thereby allowing for the application of heat directly to the surface to be heated. The proprietary film which forms the basis of printed heating elements (''PHEs'') can be printed onto malleable ceramic or metallic substrates which permit the PHE to be intimately applied onto multidimensional surfaces.
Flexitech's technology is more advanced than existing heat sources because it permits a more flexible design of heating elements, results in higher heat dissipation from the unit on the surface to be heated and the creation of shapes which were not possible using existing technology. In addition, PHEs are durable, add very low thermal mass, add very little size to the substrate to be heated, and are highly price competitive with technologies which perform similar functions.
Pirocat, Ltd. has developed a process for the conversion of the hydrocarbons present in plastics into fuel. The process produces liquid fuel base products which are used to make market grade gasoline, diesel fuel and fuel oils. The technology has significant advantages over existing technologies and offers better environmental characteristics. The quality of the product (fuel base) is higher than that achieved by the other processes. The design of the devices used in the process is simpler than that used in existing technologies and allows for relatively low operating costs and increased output.
Kurchatov Research Holdings is a diversified technology holding company, organized to identify, assess, acquire and commercialize technologies developed by scientists with the Kurchatov Institute for General and Applied Physics, and scientists and engineers affiliated with the Euro-Asian Physical Society.
This release may include ''forward looking statements'' within the meaning of various provisions of federal and state securities laws and judicial interpretation of such laws. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Such uncertainties include, among others, the following: (i) market acceptance of the technologies developed by the Israeli Incubator Companies; (ii) the impact of technologies competitive with those developed by the Israeli Incubator Companies; (iii) the ability of the Company to market the products successfully; and (iv) other factors not now known to the company. Whether actual results will conform to the company's expectations and predictions is subject to the risks and uncertainties described above that may cause actual results to differ materially. Any forward-looking statement speaks only as of the date on which such statement is made, and the company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
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Contact:
Kurchatov Research Holdings
Hans Joachim Schuerholz
011 49 171 630 6100
or
International Media Solutions, Inc.
Yolanda Velazquez
407/786-0990 |
