EUROTECH, Ltd. Advancing its Timetable for Commercialization of Technologies with $20 Million Infusion
For Immediate Release:
November 8, 1999
WASHINGTON, DC. EUROTECH Ltd. (OTC: BB:EURO) announced today that Horizon Capital of America, Ltd. agreed to provide $20 million in exchange for an equity position in the Company.
These newly issued restricted shares will enable EUROTECH to restructure previous financing by Encore Capital Management, L.L.C. and further improve EUROTECH's financial position. The funds will be divided between commercialization of existing technologies, including the radiation resistant EKOR, and emerging technologies from Israeli incubators. Other portions of the new funds will be used to acquire additional, developing technologies for commercialization in accordance with EUROTECH's strategic plan.
EUROTECH has been aggressively marketing several of its ready technologies in the United States and Europe. The Company is in a joint project with the Chernobyl (Shelter) presently planning the application of EKOR by the end of this year at the site of the 1986 nuclear accident in the Ukraine.
These new assets will support the increased staffing needed for additional marketing, expanded facilities, material and equipment necessary to meet the expected demand for products that have created significant excitement in nuclear waste containment, industrial applications, and technology markets.
EUROTECH will soon announce a new Chief Financial Officer and additions to its management team, to expedite these new products to market.
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.
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