Thermacell Signs Letter of Intent with Texas Pharmaceuticals
DAYTONA BEACH, Fla., Dec. 13 /PRNewswire/ -- Thermacell Technologies, Inc. (Nasdaq: VCLL VCLLW) announced today the signing of a Letter of Intent with Texas Pharmaceuticals, Inc. of Texarkana, Texas. Thermacell Technologies, Inc. will sell its preferred stock for One Million Dollars ($1,000,000) cash.
John Pidorenko, CEO of Thermacell Technologies, Inc., said: ''The purchase of our stock comes at a most opportune time. We plan to use these funds to complete the expansion of our facility as well as integrate Texas Pharmaceuticals' requirements. With our current obligations to Keystone Industries as well as ongoing development for Bath and Body Works, our plate is full for 2000. We look forward to working with our new friends at Texas Pharmaceuticals.''
Dr. James Naples, CEO and President of Texas Pharmaceuticals, explained that, ''Texas Pharmaceuticals was formed to commercialize its patented medical devices. The company has been issued three patents and has three additional patents pending covering innovative medical injection devices. We believe that by incorporating Thermacell's proprietary technologies, Texas Pharmaceuticals will be capable of manufacturing its devices with increased functionality by improving performance, increasing longevity, and reducing cost.''
This transaction is scheduled to be finalized within the next three weeks.
Thermacell Technologies, Inc. is a technology-enhanced company engaged in the manufacture of microshells (Vaxcells) that are currently used in coatings, aromatherapy, building materials, cosmetics and various other products to enhance their performance.
Company contact: Tony Quinones @ 800-363-9928
E-mail: jquin48895@aol.com
Forward looking Statement: This news release contains certain ''forward- looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a new ''safe harbor'' for these statements. To the extent statements in
this news release involve, without limitation, product development and introduction plans, the company's expectations for growth, estimates of future revenues, expenses, profit, cash flow, balance sheet items, sell-through or backlog, forecasts of demand or market trends for the company's product categories and for the industries in which the company operates, or any other guidance on future periods, these statements are forward-looking statements. The company assumes no obligation to update forward-looking statements. |
