APPLIED CARBON TECHNOLOGY INC - Acquires Merchant Capital Group Incorporated
 
Toronto, Ontario, Jul. 18, 2000 (Market News Publishing via COMTEX) -- Applied
Carbon Technology, Inc. ("ACT") is pleased to announce it has acquired Merchant
Capital Group Limited, an independent investment bank, merchant bank, and
corporate finance advisory firm. In addition, ACT has changed its name to
Merchant Capital Group Incorporated ("MCGI").
 
The acquisition and name change to Merchant Capital Group Incorporated reflect a
change in the mission of the company to that of a merchant bank. MCGI will
retain its ownership of Applied Carbon Technology (America), Inc., its US based
graphite operations, as well as its manufacturing partnership interest in Airtex
Manufacturing. MCGI is currently in negotiations to acquire various other
assets.
 
Merchant Capital Group Incorporated will acquire and integrate assets where
significant value can be realized by providing professional management available
at the company. In addition, the company will provide corporate finance
transactional advisory services to third party firms in circumstances that are
of strategic relevance to the company.