TFCT News.
21st Century Technologies, Inc. Ponders Changing Business Form
Wednesday August 27, 7:31 am ET
Management Considers Advantages of Becoming A Business Development Company
LAS VEGAS--(BUSINESS WIRE)--Aug. 27, 2003--Arland D Dunn, President and CEO of 21st Century Technologies, Inc. (OTCBB:TFCT - News), announced that senior management, including the officers and directors of the Company, are actively considering converting the Company to a Business Development Company ("BDC") under the authority of the Investment Company Act of 1940 (the "Act"). "Our corporate structure is ideally suited to operations as a BDC under the Act," stated Mr. Dunn.
The Act was passed in 1940 to make it simpler for corporations that elect to become BDCs to raise investment funds from the public. "The majority of funds raised by a BDC must be in invested in developing businesses, all according to the Act," said Mr. Dunn. "We are organized as a holding company, with subsidiaries that require additional capital to become more efficient and profitable. Our three operating subsidiaries, Trident Technologies, Inc., Innovative Weaponry, Inc. and the Miniature Machine Corporation, would all benefit from the availability of capital investment funds made possible through a BDC. Significant gains could be accomplished."
Mr. Dunn further said, "If we look back in history at the BDC, we must remember that 1940 was still a depression year. The Congress and the President were looking for ways to encourage capital investment. The things that made the Act attractive in 1940 make it attractive in 2003. We have engaged specialists familiar with the ins and outs of the Act to guide us through the decision-making process. If we decide to proceed, there will be necessary changes made in our organization.
"I believe that our shareholders should realize the increased value to 21st Century which will result from becoming a BDC. We have four inactive wholly-owned subsidiaries which are eligible for merger or spin-off treatment. Converting to the BDC form increases our opportunities to make use of these valuable assets. Our shareholders may enjoy valuable rights offerings as well as equity potential in operating companies. This is better than holding empty, inactive companies. These enhanced rights and opportunities will in my opinion, be enjoyed by all of 21st's shareholders," Mr. Dunn stated.
Trident Technologies, Inc. is the manufacturer of ProMag and SeaPatch, high-technology rare-earth permanent magnet powered leak and rupture-sealing systems designed for rapid deployment in the case of HAZMAT leaks or ruptures, or other applications requiring efficient and powerful leak or rupture sealing. ProMags, designed for land-based applications, have seen repeated successful deployments, as has its marine-designed brother, SeaPatch. Numerous large companies, such as Exxon-Mobil (NYSE:XOM - News), CSX (NYSE:CSX - News) and Dow Chemical (NYSE:DOW - News), have recently purchased Trident's products to give to them the leak and rupture sealing capabilities afforded by ProMag and SeaPatch. The US Navy and Canadian Military Authority are users of Trident's powerful magnets in numerous confidential applications.
Innovative Weaponry manufactures the tritium-powered low-light and no-light gun sights under the trade name P-T Night Sights. Well-known and popular, P-T Night Sights find use by many of the nation's law enforcement organizations, such as officers of the LAPD. Miniature Machine Corporation manufactures the MMC adjustable sight, principally for handgun applications. This product is made to the most exacting standards and is favored by serious hobbyists and enthusiasts.
Safe Harbor Statement
The statements made by 21st Century Technologies, Inc. (the Company) may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of the Company. Actual results could differ materially from those projected due to risks such as changes in interest rates, market competition, our ability to generate orders and various other business factors. |
