3.8 million shares outstanding (after merger); 2.9 million restricted. Here's the press release with details: NuElectric Corporation Issues Shares In Merger
TARPON SPRINGS, Fla., Aug. 4 /PRNewswire/ -- NuElectric Corporation (OTC Bulletin Board: NRGE - news) a company dedicated to conserving energy and protecting the environment, today announced the issuance of common shares in connection with their recent acquisition of UTEK's Clean Water Technologies, Inc. (CWT) subsidiary. Terms of the merger required NRGE to issue 893,000 shares of common stock to the owners of privately held CWT (who include UTEK, University of South Florida Research Foundation and two private parties).
As a result of the merger, NuElectric has acquired the worldwide exclusive license to an exciting new technology capable of removing arsenic from water. Dr. Dagmar Bonnin developed this technology while she was an Assistant Professor at the University of South Florida, College of Engineering.
Now that arsenic has been labeled a human carcinogen, the EPA has proposed publishing more protective standards for the allowable concentration of arsenic in the US water supply. To learn more about the EPA's proposed guidelines regarding arsenic in water please visit their site at epa.gov
The total number of NRGE shares outstanding is now 3.8 million, with 2.9 million of those shares restricted as of June 30, 1999.
NuElectric is a source for new technologies for conserving energy and protecting the environment. The company acquires, develops and markets emerging technologies that conserve energy and protect and enhance our natural resources. To learn more about NuElectric, please visit our Web Site at www.nrge.com
UTEK is a leading technology merchant that acquires and finances university-based intellectual capital for public technology firms. To learn more about UTEK please visit their Web Site www.utekcorp.com
Except for any historical information contained herein, the statements made in this press release contain forward-looking statements that involve a number of risks and uncertainties, such as statements of the company's plans, objectives, expectations, intentions, the efficacy of any new technologies and anticipated changes in EPA standards. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from expected results.
SOURCE: NuElectric Corporation
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