EUROTECH, Ltd. Clarifies 20% Acquisition of Kurchatov Research Holdings, Ltd. in $12M Stock Swap
WASHINGTON, DC. EUROTECH Ltd. (OTC: BB:EURO) EUROTECH is pleased to announce its 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 of KRHL to 1 of EURO shares for at total of 4,530,000 new shares of EUROTECH Ltd. 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.
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