Swartz Private Equity Financing of US 10 Million for TTRIF
SaveOurPosition,
What ever happened to this blockbuster for immediate TMP construction? I’m still waiting…
You don’t think Uncle René forgot about it… do you? To quote the famous Mr. Branconnier in Bidding on Bay Street:
The February 21, 1996 announcement of US $10 Million 8% convertible Debentures placed by Swartz Investments, LLC. Of Roswell, Georgia was described by Branconnier as "a monumental event in the life of Thermo Tech and its shareholders…allows the Company to complete its transition from a technology developer to a full fledged operating company."
WOW! That is a hard act to follow but here is another dainty from J. Taylor’s (Gold & Gold Stocks) in 1996.
"I not only recommended purchase of Thermo Tech Technologies at $1.88 in July, but also tabbed it as one of our picks with "BRE-X like" potential."
Well, I can say this for Mr. Taylor, he hit that presumption right on!
Cayman
Swartz Private Equity, LLC is a private equity fund specializing in investments into small-mid capitalization companies with a special focus on biotechnology and medical technology companies.
Thermo Tech Technologies Inc - News Release
US$10 million 8% convertible debentures offering closed
Thermo Tech Technologies Inc TTR
Thursday Feb 22 1996 News Release
Mr Lionel Gosselin reports
The company has closed on an offering of US$10 million of 8% convertible debentures due on February 9 1999.
The debentures are an unsecured obligation of the company and are convertible into shares at US$2.21 per share. The debentures contain redemption and other adjustment provisions. The offering was placed by Swartz Investments, LLC of Roswell, Georgia. Swartz Investments received a placement fee and a warrant to acquire 451,978 shares at $2.21 for five years.
The proceeds from the offering will be used to retrofit improvements and restore operation of the company's Corinth, New York bio waste conversion plant; to pay off construction loans and bank indebtedness, freeing up lines of credit; to allow for the commencement of construction of additional plants; to increase the company's ownership in Hamilton Bio Conversion to 100% and to purchase the Hamilton site.
A portion of the proceeds will be used to establish an office in Atlanta, Georgia to assist in marketing and plant expansion programs in the US.
The company has spent eight years and over $16 million to develop a patented process to turn biodegradable waste into a high protein animal feed supplement and fertilizer concentrate.
The company currently has three Thermo Master plants that should make a significant contribution to the bottom line in fiscal 1996.
The plants are virtually odorless, environmentally positive and reduce the amount of waste going into landfills.
This financing allows the company to complete its transition from a technology developer to a full fledged operating company.
Swartz Investments performed a due diligence in order to achieve a comfort level necessary to invest US$10 million in Thermo Tech.
(c) Copyright 2001 Canjex Publishing Ltd.
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