EUROTECH, Ltd. Acquires 20% of Kurchatov Research Holdings, Ltd. in $12M
Stock Swap
WASHINGTON, Sep 9, 19999 (BUSINESS WIRE) -- EUROTECH Ltd. (OTC
BB:EURO) EUROTECH is pleased to announce it's first acquisition of
Kurchatov Research Holdings (OTC BB:KRHL) common stock in a 6.8 million
share swap with CIS Development Corp, in a 1.5 to 1 of KRHL shares to a
new issue of its own shares.
The deal, valued at approximately $12 million, represents an
acquisition of about 20% of Kurchatov Research Holding's projected
outstanding shares following KRHL's pending acquisitions.
EUROTECH, and KRHL have a joint participation in the
radiation-resistant material EKOR, to be produced by a jointly owned
company. EURO has the worldwide licensing rights to EKOR outside of
Russia, and KRHL shares equally with EURO in net profits.
EKOR was developed to contain the radioactive residue from the 1986
nuclear reactor accident in Chernobyl, Ukraine, and has sparked wide
interest in the nuclear power and nuclear waste industries.
EUROTECH, Ltd. is a diversified technology holding company formed to
capitalize on business opportunities through the acquisition and
commercialization of advanced technologies developed by prominent
research institutes and individual researchers worldwide.
Certain information and statement included in this release constitute
"forward-looking statements" within the meaning of the Federal Privates
Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of the company to be materially different
from any future results, performance, or achievements expressed or
implied in such forward-looking statements.
Copyright (C) 1999 Business Wire. All rights reserved.
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