Thermo Tech Sniffs Out Ways To Give Its Shares A Lift
Thermo Tech Technologies Inc TTRIF
Wednesday Aug 29 2001 News Release
Mr. Ismail Radi reports
Thermo Tech Technologies, as reported in Stockwatch on July 30, 2001, appointed Dr. Mohammed A. Alwosabi as chief financial officer.
Prior to that announcement, the company's board of directors had been involved in specific and detailed discussions with respect to Dr. Alwosabi's plans for Thermo Tech's financial future as well as his plans to increase shareholder value.
During those discussions it was very apparent that Dr. Alwosabi was committed to increase shareholder value, and Dr. Alwosabi was pleased to discover that the plans were well received by the new management team.
Those discussions gave full consideration to the impact of all previous share issuances and equity financing commitments which carried on through the transition to new management. The discussions not only laid out Dr. Alwosabi's plans for the future of the company, but were held to ensure that all necessary management and board approvals were in place to allow Dr. Alwosabi to immediately start the implementation of the company's plans.
On Aug. 1, 2001, Dr. Alwosabi accepted his position with Thermo Tech and immediately started the implementation of the plans that will restructure the future financial condition of Thermo Tech and bring substantial value to the company's loyal shareholders.
As of the date of this news release, the management of Thermo Tech will immediately start the implementation of the following strategic plans.
1. The company in the past has needed to use equity to finance the future of the company and ensure that the company remained in front of the world with respect to Thermo Tech's cutting-edge technology. With new management's financial restructuring plan fully in place, further dilution to support the financial needs of the company will no longer be required.
2. With the financial future of the company in place, management has approved a resolution that will allow the company to start reducing the number of outstanding shares in the market by having the company purchase their undervalued shares out of the market. Further, the company has passed a resolution that would allow for the company to use a percentage of the company's future profits to continue the reduction of the number of shares in the market. This method of reducing the number of shares in the market will stay in effect until such time as management determines that the share price has the necessary price support that is in line with the company's expectations. This will be the company's policy on the reduction of shares in the market and as stated in earlier company press releases, the company has no plans for a reverse split of the stock.
3. With the new management in place, including our most recent addition of Dr. Alwosabi, the management team now brings a significant number of groups that now understand the financial future and direction of Thermo Tech. The company feels that it is a strategic part of the future of the company to bring long-term supporters into the stock and management has worked hard and continues the process of getting these long-term supporters into the stock as a significant method of strengthening our undervalued stock price.
Dr. Alwosabi stated, "I am very pleased to be working with a management team that can clearly see the benefits of returning to the fundamentals of financial strength and shareholder values, and these significant corporate directions are only the first of many sweeping changes that management will be implementing in the future."
Mr. Ismail Radi, chairman, stated: "As of the date of this news release, Thermo Tech has truly embarked on a new direction where the company's financial strength and shareholder values are the primary focus of management and management's commitment to these areas will be apparent as the company moves forward from this date. Management considers this announcement to be one of the most significant in the company's history."
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd.
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