"The Company has continued its progress in its Puerto Rico housing project. It is now looking forward to expansion through the acquisition and development of acreage adjacent to the original site on which to build on its success in providing affordable, hurricane resistant, energy efficient housing in Puerto Rico."
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PRESS RELEASE
for immediate release
Integrated Masonry Systems International, Inc.
7305 Thompson Road
Cincinnati, Ohio
Tel.: (513) 385-3317
July 10, 2002
Integrated Masonry Systems International, Inc., a construction products company with headquarters in Cincinnati, Ohio, recently terminated its relationship with former licensee Eagle Building Technologies in Puerto Rico. Puerto Rico was the last remaining license territory in which Eagle retained rights to use IMSI's patented products. IMSI had previously terminated Eagle's license rights in all other territories due to Eagle's failure to use those products in any of its territories and due to Eagle's failure to pay minimum royalties.
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Eagle Building Completes Audit, Restates Results And Discusses Future Plans
BOCA RATON, Fla.--(BUSINESS WIRE)--Aug. 12, 2002--Eagle Building Technologies (OTC:EGBT) today announced that it has completed its internal audit, as prescribed in its previously announced settlement with the Securities and Exchange Commission, and will shortly return to the status of a "fully reporting" entity. This will become effective with the immediate filing of revisions and restatement of the Company's 2000 Form 10K and all of the subsequent Form 10Q's as necessary. The 2001 Form10K and the Form 10Q's will be filed in the next several days.
The Company has continued its progress in its Puerto Rico housing project. It is now looking forward to expansion through the acquisition and development of acreage adjacent to the original site on which to build on its success in providing affordable, hurricane resistant, energy efficient housing in Puerto Rico.
Meyer Berman, acting Chairman of the Board of Directors and a Director added, "I now look forward to the scheduling of an annual meeting, with new proxy materials and an open conference call to discuss the continuing outlook for the Company."
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations and financial performance and condition. For this purpose, statements of historical fact may be deemed to be forward-looking statements.
CONTACT:
Eagle Building Technologies, Boston
Charles A. Moskowitz, 781/982-1271
SOURCE: Eagle Building Technologies
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08/12/2002 16:11 EASTERN |
