TO ALL: New release dated 06/02/97:
LANGLEY, B.C.--(BUSINESS WIRE)--June 2, 1997--The company announced it has
executed two letters of intent to construct and operate two 300 ton-per-day Thermo Master(TM)
plants in Oshawa and Niagara, Ontario. The letters were executed with Northwood Recycling &
Energy Inc. and Power Grow Inc. Harvey R. Ambrose is the principal of both companies.
Northwood and Power Grow will provide long term leases on properties currently owned by the
companies, third party financing, and put or pay contracts starting at 80 percent of capacity and
escalating to 87.5 percent over a three year period. Northwood and Power Grow are anticipated
to act as operators of the facilities. Formal agreements are expected to be concluded in the next 60
days. The company's president and chief executive officer, Rene Branconnier, stated, "Thermo
Tech(TM) is extremely pleased to be entering into a long term relationship with Harvey Ambrose
and his organization. These are the type of joint venture partners we have been seeking. Mr.
Ambrose brings 30 years experience in the waste management industry, business and financing
credibility, established waste contracts and ideal site locations. The Oshawa facility will service the
eastern side of the Greater Toronto area with the existing Hamilton and Brampton sites serving the
western area. The Niagara plant will pull waste from the southern end of the Toronto Golden
Triangle and also has the necessary permits to accept waste from the United States. Partners like
Harvey Ambrose will allow our expansion plans to become reality in less time and with fewer
growing pains." Certain statements contained herein are "forward looking statements" (as such term
is defined in the Private Securities Litigation Reform Act of 1995). These statements are based
upon the belief of the company's management, as well as assumptions made beyond information
currently available to company's management. Because such "forward looking statements" are
subject to risks and uncertainties, actual results may differ materially from those expressed or
implied. Such forward-looking statements include, but are not limited to, competitive factors,
general economic condition, customer relations, relationships with vendors, government supervision
and regulation, product introductions and acceptance, technological changes, changes in industry
practices and other factors discussed in filings made by the company with the Securities and
Exchange Commission.
(TM) The terms Thermo Tech(TM) and Thermo Master(TM) are registered trademarks of
Thermo Tech(TM) Technologies Inc. The term Thermo Master(TM) is licensed for use by both
Hamilton Bio Conversion Inc. and Brampton Bio Conversion Inc.
CONTACT: Vancouver Corporate Office, Langley
604/534-5085
or
Toronto Corporate Office, Brampton
905/450-8866
or
Atlanta Corporate Office, Atlanta
404/816-9003
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473 |
