David, PYOC Hit $3.00 closed at $2 1/8, was 1/32 on 3/14/97...News Release just found...
>>>
Monday August 18 8:27 AM EDT
Company Press Release
Source: PYROCAP INTERNATIONAL
Pyrocap Receives Financing; Plans to Restructure Board of Directors
WOODBRIDGE, Va., Aug. 18 /PRNewswire/ -- PYROCAP INTERNATIONAL (OTC Bulletin Board: PYOC) announced
today that it has signed a Letter of Intent with First Capital Investment Corporation BVI (FCIC), which provides for
immediate bridge financing, the reduction in size of the Pyrocap board to seven, and the appointment of three new directors.
Under the letter of intent with FCIC, Pyrocap received a $500,000 convertible bridge loan today as part of a larger financing
plan which, if completed, would provide approximately $3,000,000 of new capital before the year's end. The money will be
used in part to prepare Pyrocap's FY 1996 10- KSB and subsequent financial reports, test the product at Underwriters
Laboratories, and market new products containing Pyrocap's patented fire- suppressant, PYROCAP B-136TM, and related
odor suppression technologies.
The letter of intent also provides for the board of directors to be reduced to seven members, with three chosen by FCIC.
William G. Ferguson will be appointed chairman of the board, replacing Theodore A. Adams Jr., who will remain a board
member. In addition, A. Frans Heideman and G.W. Norman Wareham will be nominated as board members. Theodore A.
Adams III will remain Chief Executive Officer and a board member.
Mr. Ferguson has 37 years of business and investment experience in the chemical, mining, railroad, and aerospace industries.
He worked for nine successful start-up companies, and served as president of Ashland Chemical Company, a division of
Ashland, Inc.; as vice president and general manager of PPG Industries, Industrial Chemical Division; as chairman and CEO
of General Exploration (an oil, gas, and coal production company); as chairman of the Ohio Energy & Resource
Development Commission (predecessor to the Ohio Department of Energy); as co-founder, a director, chairman and CEO of
TTI Systems, Inc. (a coal-related rail and water transportation company which was sold to CSX); and as a director of
Crestview Aerospace Corporation, Crestview, Florida. Currently, Mr. Ferguson is executive vice president and a director of
Snow Aviation International, Inc.; a director of Food Lion, Inc., one of the nations largest retail food supermarket chains; and
a director of the Washington D.C.-based The Jamestown Foundation.
Mr. Heideman has extensive experience in international investment banking, trade, and management. He was an executive
director and partner of Peers & Co., a merchant bank formed with the Long Term Credit Bank of Japan and the Kemper
Financial Company. He has also served on the boards of numerous companies in the United States, Europe and the Middle
East. Mr. Heideman is currently president and managing director of New Dominion Capital Group.
Mr. Wareham has a comprehensive background in implementing information systems for public and private companies, with
particular expertise in financial management and tax planning. He was president of Global Financial Corporation in the
British West Indies and has been a public accountant for 20 years, owning two accounting firms. Mr. Wareham is currently
on the board of directors and is chief financial officer for several public companies, including the ZMAX Corporation,
Geoasia Enterprises, and Intercap Resource Management. He is also president of Wareham Management Ltd., a private
company engaged in management consulting for public and private companies.
Pyrocap further announced that it has retained Investor Communications Company of Rockville, Maryland to provide its
investor relations services.
Pyrocap International Corporation manufactures specialty products related to fire suppression and odor control. Pyrocap
products are effective, environmentally friendly, and non-toxic to humans, wildlife, and plants. Pyrocap markets PYROCAP
B-136TM, FIRECAPTM, and ODOR-GOTM worldwide.
SOURCE: PYROCAP INTERNATIONAL
>>>>
Later...Gator |
