Subj: FiberChem and Intrex Announce Intrex Shareholder Approval
Date: 6/19/00 6:17:02 AM Pacific Daylight Time
FiberChem and Intrex Announce Intrex Shareholder Approval
LAS VEGAS--(BUSINESS WIRE)--June 19, 2000--FiberChem Inc. (OTCBB:FOCS) announced that Intrex Data Communications Corp. received approval from its shareholders for the combination of its business with that of FiberChem's. The Intrex shareholders voted unanimously at an annual and extraordinary general meeting held in Vancouver, B.C. on June 15, 2000.
Intrex will make application to the Supreme Court of British Columbia for approval of the Arrangement Agreement with FiberChem on Monday, June 19th. As there were no votes cast against the Arrangement and no shareholder dissented, it is expected that the Arrangement Agreement will be approved within a few days.
During the discussion period that followed, and after thanking the Intrex shareholders for their support, Geoff Hewitt, Chairman and CEO of FiberChem, addressed the rumors in the marketplace regarding the Company's plans for a reverse split. He said, "FiberChem has had shareholder approval for a reverse split for the last three years and has chosen not to use it. There are no plans at this time to use that authority." David Peachey, CEO of Intrex Data Communications Corp., said that he was in complete agreement with that statement and that Intrex was not proposing a reverse split.
Once the British Columbia Supreme Court gives its approval, the Board of FiberChem will meet to ratify the agreement. Final consummation of the combination is subject to the successful completion of the financing process and other usual closing conditions. Once these are complete, certain actions require FiberChem shareholder approval, including the change to the DecisionLink name and the approval of an increase in FiberChem's authorized shares. A shareholder meeting will be held to address these issues.
This release includes forward-looking statements relating to the Company's operations that are based on Management's and third parties' current expectations, estimates and projections. These statements are not guarantees of future performances and actual results could differ materially. The statements in this release regarding FCI's proposed business combination with Intrex, the combined entity's delivery of services over the Internet and the size of the market for the combined company's services, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include: Intrex's ability to obtain final B.C. Court approval, FCI's ability to complete the combination, the Company's ability to obtain the required financing to complete the combination, the combined entity's ability to market its services using the two companies' technologies, the timely development and acceptance of new products, final promulgation and enforcement of regulations, the impact of competitive products and pricing, the timely funding of customer's projects, customer payments to the Company and other risks detailed from time to time in the Company's SEC reports.
Intrex is a private company that provides proprietary Internet and communications technology for communicating data to or from remote or mobile assets on a real-time basis using wireless, satellite and cellular data systems. Data is routed through Intrex's global network which acts as a data gateway and applications service provider allowing customers to monitor and control remote or mobile assets such as gas wells, pipelines, compressors, storage tanks, offshore platforms, or service vehicles directly from a desktop PC.
Intrex is a licensed reseller of the Orbcomm Global LP low earth orbit or LEO satellite data and messaging communications services. Orbcomm is a partnership owned by Orbital Sciences Corporation and Teleglobe, Inc. of Canada. Intrex also has communications agreements that provide satellite services through Norcom, Inc. as well as digital cellular services.
FiberChem, Inc. develops, manufactures, markets and licenses fiber optic chemical sensors that produce continuous, real-time information of environmental pollutants in the air, water and soil. These technologies are currently used in applications such as pipeline leak detection, aboveground storage tank monitoring, oil production, water quality monitoring and industrial wastewater compliance monitoring and control.
CONTACT:
Continental Capital & Equity Corporation
Scott A-B Gibson, 407/862-5151
scott@insidewallstreet.com
www.insidewallstreet.com
or
Quest Capital group
Scott A-B Gibson, 407/862-5151
scott@questcapital.cc
www.questcapital.cc
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