ELGT news:
Thursday July 1, 8:49 am Eastern Time
Company Press Release
SOURCE: Electric & Gas Technology, Inc.
ELGT Acquires Equity Ownership in a High Tech INTERNET
Company 3-DX.COM
DALLAS, July 1 /PRNewswire/ -- Electric & Gas Technology, Inc. (Nasdaq: ELGT - news) announced today execution of a
definitive agreement to acquire an equity purchase and convertible debenture in 3-DX.COM, a private corporation with unique
software and hardware that deliver 3-D IMAGES thru the INTERNET for service and use and hard-copy for e-commerce
applications.
After several years of R&D, 3-DX has signed an agreement to apply their technology to the INTERNET. On June 29th at the
streaming Media conference in New York, Dave Gardy, Chairman of the innovative INTERNET Company TV ON THE WEB,
announced the formation of a joint venture between his company and 3-DX.COM. This alliance marks a new chapter in the
exploding INTERNET industry. By combining 3-DX.COM's proprietary software and hardware with TVW's INTERNET SKILLS, the
result will be a new delivery system for 3-DX and TVW who are on the threshold of bringing 3D images to a new media, an
accomplishment that has thus far eluded the television and motion picture industries and does not require special eye glasses
or viewers.
The companies that will succeed on the INTERNET are the companies that can adapt new technologies with successful service
and commercial applications. The merging of 3-DX technology into the INTERNET has the potential of establishing a new
marketplace and an application of a limitless medium. This merging occurred when TV ON THE WEB started with existing visual
information in their library, then applied the 3-DX formulas.
This information was electronically communicated between TV ON THE WEB and 3-DX, enabling 3-DX to produce the ensuing
hard-copy.
3-DX was organized by Jerry Nims, a holder of MANY 3-DX PATENTS from the 1970's and 80's. One of the principal patents was
the control of the parallax and resultant 3D depth of field, which laid the groundwork for amateur and commercial 3D photography.
3-DX'S INTERNET SITE IS WWW.3-DX.COM.
3-DX.COM has confirmed to ELGT that over $50 million in research and development funds have been previously invested and
expended in bringing the present 3D Imaging to the point where such images can be mass produced to medical stands of
clarity and other professional photographic requirements, all of which can be used for high quality INTERNET transmissions to
produce hard copy. It is anticipated that the depreciated assets and intellectual property could be valued at $4,000,000, subject
to final audit adjustments.
3-DX.COM has the right to acquire a minority interest in 3-DX EURO, which is being established to manufacture some of the key
components that 3-DX.COM will use thru the INTERNET. 3-DX.COM has received substantial financial commitments from the
Flanders, Belgium government to manufacture and export.
The transaction is based on an acquisition of 4,500,000 shares of 3-DX.COM common stock and 2.5 million 3-DX.COM warrants
for future purchase of 2.5 million shares at $4.00 per share. Dr. Nims and associates through Nimstec will own 10,000,000 shares
of class ''B'' common which votes 51% of 3-DX.COM. ELGT, including warrants would own 23% of the class ''A'' common stock.
The Board of Directors of ELGT has approved a distribution of 3,000,000 shares of its 4,500,000 shares of 3-DX.COM, plus
2,000,000 of its 2,500,000 warrants to 100% of its shareholders, which will cause 3-DX.COM to become a PUBLICLY TRADED
CORPORATION. Such distribution of 3-DX.COM stock to the ELGT SHAREHOLDERS will require the filing of Form 10 and Form
SB-2 registration statements to be filed with the SEC such that following the effective date of such filing the distribution will be
completed.
The closing is anticipating during July, 1999.
After analysis of the INTERNET and several companies, ELGT has chosen an investment in 3-DX.COM AS A WAY TO
PARTICIPATE IN THE INTERNET INDUSTRIAL REVOLUTION.
SOURCE: Electric & Gas Technology, Inc.
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