Monday April 30, 2001 10:01 am Eastern Time
Press Release
SOURCE: Thermo Tech(TM) Technologies Inc.
Chairman speaks directly to shareholders
Listed OTC BB Trading Symbol: TTRIF
PETALING JAYA, MALAYSIA, April 30 /PRNewswire/ - Thermo Tech(TM) Technologies Inc. (the ``Company'') and the Chairman, Mr. Ismail Radi are providing the following update for shareholders.
Mr. Radi stated, today, ``I am very aware of the concerns and frustrations of some of our shareholders as they watch the number of shares grow and the price per share fall. I want to say in the strongest way that we have an amazing business to do here in Malaysia and my team and I are concentrating our efforts on making this happen. We are expending great energies and we have made much progress. In the next days and weeks, we will be able to provide more details so that everyone can understand. Today, I want to address the main issue of the number of shares we have in the market.''
Mr. Radi continued, ``When our new team took over management at the end of January, we also took on responsibility to do what was needed to prepare our Company and our business to move forward, especially to capture the market in Asia. Since assuming our responsibilities, we have authorized and issued just one debenture to fund the comprehensive service package for our North American operations. Other than that, the other finance instruments were all previously committed, and these have naturally come into the market according to the terms of the agreements. In each case there has been a reason for the issuance of shares through debenture and the Company has gained a specific benefit. Such was the case with the acquisition of Firmaplus. Such is the case with settling our situation in North America so we can concentrate on establishing new plants and strong revenues from our business in Malaysia.''
``I am telling shareholders today, that the debenture to the Confida Fund for support of the service contract to Planet Earth Operating Services Inc. (PEOSI) is the only debenture we have issued. This agreement is for a very large number of services and financial responsibilities to be assumed within the agreement and very importantly to bring both our Hamilton plant and North American operations to a profit position by April 1, 2002. I have taken the step of getting all conversions completed as soon as possible. As of today, out of all of the Company's equity based financing instruments, only a part of one debenture with an unconverted value of US$1,000,000 remains to be converted. This conversion will result in some further dilution in the short term. This is something we will have to accept. But, once it is complete we will be in stable conditions. The agreement with PEOSI looks after North America. Asian administrative operations and related overheads are fully supported by Firmaplus Sdn Bhd. As a result, I am personally very comfortable with our position to move forward and very excited about the scale of the opportunity. I am not happy about what it has taken to get here, but the only thing I can do now to correct this is to concentrate on the future and making sure everything happens as we see. I cannot change what has gone before. I can have impact on what happens from here onward.''
Mr. Radi added, ``With these arrangements complete for day to day operations, we are actively working on creating financing instruments and securing the funds to build the initial plants that are needed to launch our rollout of Thermo Master(TM) Mark III Plants Malaysia.''
Mr. Radi concluded, ``I hope that this message will give shareholders confidence to continue with us as we move forward and the patience to wait just a little longer until we can fully reveal what we have already accomplished in Malaysia and the goals we are pursuing. I can only say that my team and I are totally committed and we are working every day, as hard and quickly as we are able, to make our business here. As I have mentioned in previous news releases, we are constructing new office space to house the staff, including public relations, that will be needed and to conduct our business. I still expect that this will be completed around the beginning of June. After that time, with our local public relations group in place, we will be able to welcome shareholder contacts by telephone or other normal means. In the meantime, it is our policy not to try to respond to the contacts we are receiving. We believe and hope the shareholders would agree that your President, Charles Miller, our core staff and I should concentrate on creating business. Of course, as we are able, we will make news releases to describe the progress that is being made on specific objectives. As always, I thank our loyal shareholders for their patience.''
Thermo Tech(TM) Technologies Inc. is a leader in organic waste recycling. Thermo Tech(TM)'s patented thermophilic process is utilized in compact and environmentally friendly Thermo Master(TM) plants to convert biodegradable food waste into high protein animal feed and wastewater treatment sludges into fertilizer concentrate.
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 the 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 in industry practices, and other factors discussed in filings made by the Company with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD OF DIRECTORS OF:
THERMO TECH(TM) TECHNOLOGIES INC.
"Ismail Radi"
Per:
Ismail Radi
Chairman
(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 Hamilton Bio Conversion Inc., and Richmond Bio Conversion Inc.
SOURCE: Thermo Tech(TM) Technologies Inc.
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