COMTEX) B: ThermaFreeze Inc. Increases Stake in Major Subsidiary
B: ThermaFreeze Inc. Increases Stake in Major Subsidiary
MOBILE, Ala., Mar 13, 2001 /PRNewswire via COMTEX/ -- ThermaFreeze(TM) Inc.
(OTC Bulletin Board: THFZ) reported today that it has accepted further tenders
of Environmental Reclamation Inc. (ERI). In two separate transactions the
company has increased its ownership of ERI to 71%. The purchase of the
additional shares of ERI were under the same terms and conditions of the initial
purchase of control of ERI reported in a press release of 02/28/01.
"We are very pleased with our purchase of ERI," reports Joseph C. Murray,
President of ThermaFreeze(TM) Inc. "We anticipate increasing our position to
more than 80% in the near future and ultimately plan to acquire up to 100% of
ERI as conditions permit. ERI has an excellent core of technology and management
expertise. Our review of the environmental industry indicates that companies
such as ERI have the potential for strong growth during the next few years. To
foster that growth we intend to make a series of, strategic acquisitions
designed to either expand market access for ERI or to enhance its technological
platform. We anticipate that ERI will quickly become a significant provider of
design-to-build environmental remediation services."
ThermaFreeze(TM) Inc. is an emerging consolidator of environmentally related
businesses. With an emerging plan focused on energy, air, and water, it now owns
sophisticated thermal transfer and temperature sensitive techniques for a wide
range of industrial applications, and Environmental Reclamation, Inc., a
successful remediator of environmental waste and contamination in working mines
and soil. ThermaFreeze(TM) Inc. expects to sustain growth through its aggressive
roll up strategy and internal synergies.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risk and
uncertainties, including without limitation, continued acceptance of the
company's products, increased levels of competition for the company, new
products and technological changes, the company's dependence on third party
suppliers, intellectual property rights, and other risks detailed from time to
time in the company's periodic reports filed with the Securities and Exchange
Commission. This release conforms with the Securities and Exchange Commission
Fair Disclosure Regulation, effective, October 2000.
CONTACT: ThermaFreeze(TM) Inc.
Joseph C. Murray, 334-666-2011
thermafreeze.com
SOURCE ThermaFreeze(TM) Inc.
CONTACT: Joseph C. Murray of ThermaFreeze Inc., 334-666-2011, or Mike
Gales of The Buy Sell or Hold Company, 631-728-4043, for Ther
aFreeze Inc.
URL: thermafreeze.com
prnewswire.com
(C) 2001 PR Newswire. All rights reserved.
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KEYWORD: Alabama
INDUSTRY KEYWORD: CPR
OTC
SUBJECT CODE: OTC
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