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The news we've been waiting for:
GOLDEN, Colo., Aug. 21 /PRNewswire/ -- ACX Technologies, Inc., through its
subsidiary Golden Technologies Company, Inc., signed a stock purchase
agreement with New World Power Corporation (Nasdaq: NWPC) to acquire its
46 percent interest in Photocomm, Inc. (Nasdaq: PCOM), the nation's largest
publicly-owned manufacturer and marketer of wireless solar electric power
systems and products. In a separate transaction, Golden Technologies has
reached an agreement in principle to purchase an additional 2,000,000 shares
of new issue stock from Photocomm, providing ACX Technologies a 51 percent
majority interest in the solar electric systems company. Photocomm,
headquartered in Scottsdale, Arizona, had sales revenues of $20.5 million and
net income of $904,000 in fiscal year 1995. The agreement with New World is
subject to customary regulatory requirements and the agreement with Photocomm
is subject to various conditions including signing a definitive agreement.
Jeff Coors, Office of the President of ACX Technologies, stated
"Photocomm, with its leadership position in solar electric systems and strong
management team led by Robert Kauffman, President and CEO, will greatly
enhance Golden Technologies' presence in the global renewable energy market.
As a profitable manufacturer of solar electric systems, Photocomm has
thousands of successful installations worldwide."
Under additional terms of the New World agreement, ACX Technologies will
also acquire New World's 51 percent interest in privately-held Solartec, S.A.,
headquartered in Buenos Aires, Argentina. Solartec is the largest
manufacturer and distributor of solar electric systems and products in
Argentina. Solartec had sales revenue of $6.0 million and net operating
income of $321,000 in 1995.
The total cost of these acquisitions is approximately $18.5 million.
Golden Technologies through its subsidiary, Golden Photon, Inc., currently
markets components and systems for solar-powered electrification and remote
water pumping for worldwide markets. Golden Photon's mission is to excel in
the global energy market by providing affordable energy systems that deliver
value through "Sunlight to Service(TM)."
Dr. John Coors, President of Golden Photon, stated, "The collective
activities of Golden Photon, Photocomm, and Solartec will represent a very
significant factor in the global solar electric power industry with
anticipated 1996 net sales in excess of $30 million."
ACX Technologies applies innovative technology to manufacture value-added
industrial products. Its core businesses include Coors Ceramics Company, a
manufacturer of advanced technical ceramic products, and Graphic Packaging
Corporation, a manufacturer of high performance consumer and industrial
packaging. These businesses have developed a prestigious customer base
through adherence to quality manufacturing principles and a partnership
approach. In addition to these core businesses, the company is developing
promising new technologies with the potential for profitable commercial
application through Golden Technologies Company, Inc.
ACX Technologies' goal is to achieve double digit growth in earnings per
share over the long term. ACX Technologies is traded on the New York Stock
Exchange under the symbol ACX. ACX Technologies' annual report, press
releases and filings with the Securities and Exchange Commission can be found
on its World Wide Web home page located at "http://www.acxt.com."
SOURCE ACX Technologies, Inc.
CO: ACX Technologies, Inc.; Photocomm, Inc.; Solartec, S.A.; Golden
Technologies Company, Inc.; New World Power Corp.
ST: Colorado, Arizona
IN: CPR
SU: TNM
08/21/96 15:39 EDT prnewswire.com
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