IPQ.T 1.80 BUYOUT NEWS OUT NOW !! 2.85 !!!!!!!!!!!
Imperial PlasTech Inc.
1/12/01 - Completes Strategic Partnership
IMPERIAL PLASTECH INC ("IPQ-T;IPLPF-L") - Completes Strategic Partnership
- Company Also Announces Additions to its Board of Directors -
Imperial PlasTech Inc. announced that A.G. Petzetakis of Athens, Greece has completed the purchase of 8.96 million common shares from the treasury of Imperial PlasTech at $2.85 per share for net proceeds of approximately $25.5 million. A.G. Petzetakis, listed on the Athens Stock Exchange, is one of the largest manufacturers of plastic pipe systems and flexible hoses in South-Eastern Europe.
As part of the transaction, Imperial acquired for $5.4 million the A.G.Petzetakis Group's sales and marketing subsidiary in Atlanta as well as equipment and know-how to manufacture certain specialized plastic flexible hose products at its recently-expanded Peterborough facility. In addition, Imperial will be responsible for the production, marketing and sales of A.G.Petzetakis Group's Helivyl and Heliflex NT product lines in Canada and the United States.
The Company also announced today that Mr. George Petzetakis will be joining Imperial's Board of Directors. Mr. Petzetakis is the principal shareholder of A.G. Petzetakis. In addition, Mr. Howie Wong of Gowling Lafleur Henderson LLP will join Imperial's Board of Directors. Mr. William Thomson and Mr. Andrew Kyle had resigned their positions as board members.
Established in 1989, Imperial PlasTech Inc. is a rapidly expanding specialty plastics manufacturer supplying high tensile conduit used in the installation of fiber-optic cable networks, specialized flexible hose products and plastic pipe for the residential and industrial construction industries. Currently operating out of modern facilities in Peterborough, Ontario, Edmonton, Alberta, and Atlanta, Georgia, the Company will continue to grow both internally and through the acquisition of additional plastics manufacturing businesses.
Imperial PlasTech Inc. cannot guarantee that any forward-looking statements contained in this news release will materialize. Nor is it possible for the Company to commit itself to updating information about risks and other factors pertaining to its business that might appear in this or any other public disclosure documents. TEL: (416) 932-8674 Victor D'Souza, President and CEO
Imperial PlasTech Inc. email: victor@implas.com
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