Old News, but interesting...
REDUX ENERGY CORP
- Proposed Offering Of Convertible Debentures Completion of
DOC Testing and Expiry of Rights Offering Warrants
Market News Publishing, Thursday, September 18, 1997 at 07:55
Blaine Mailer, President & CEO of REDUX ENERGY CORPORATION ("Redux")
announces that the Company has engaged CIBC Wood Gundy Securities Inc. as
an investment advisor and lead agent in connection with a proposed offering
of convertible debentures. The proposed offering is expected to raise
proceeds in excess of $5,000,000, which are to be used by REDUX to finance
the expansion of its Charge Air Cooler manufacturing facility and increase
production capacity. The proposed offering is subject to regulatory
approval.
Redux and its wholly owned subsidiary Thermal Control Technologies Corp.
("TCT") also announce the completion of their portion of extensive testing
of TCT's cooling package by Detroit Diesel Corporation ("DDC") of Detroit
Michigan and Williams Detroit Diesel Allison ("Williams DDA") of Las Vegas,
Nevada.
The Charge Air Cooler (CAC) radiator cooling package was tested for DDC,
Air to Water ("ATW") value and Intake Manifold Temperature Differential
(IMTD) requirements.
DDC's ATW requirement is to be less than or equal to 1000 degrees
Fahrenheit and the TCT radiators test value was 90 degrees Fahrenheit.
DDC's IMTD requirement is to be less than or equal to 37.50 degrees
Fahrenheit and the TCT CAC test value was 22 degrees Fahrenheit.
The test was conducted on behalf of the Citizens Area Transit, Las
Vegas, Nevada on a DDC repowered bus manufactured by New Flyer Bus Company
of Winnipeg, Manitoba Canada. The excellent performance of the TCT cooling
package is a direct result of extensive research, development and testing
conducted over the past 12 months with the cooperation and under the
scrutiny of Williams DDA and DDC.
The repower of Metro-Transit buses and motor coaches is a standard
practice in the industry which includes the complete overhaul of the
vehicle including the installation of a new engine and engine cooling
system.
The TCT CAC/Radiator Cooling package has now met the requirements of DDC
which supplies a majority of the engines to the current North American
Manufacturers of Metro Transit Systems and motor coaches.
Redux/TCT considers this to be a major achievement as well as the most
significant advance in TCT's goal to become the cooling system of choice
not only at the OEM (Original Equipment Manufacturer) level but in the
after market for buses.
REDUX also announces that a total of 797,578 warrants have been
exercised into common shares of Redux, at $1.35 per share, raising
aggregate proceeds of approximately $1,076,730. The warrants, which expired
at the close of business of August 27, 1997, were previously issued in
connection with a rights offering in July of 1996.
REDUX, through its wholly owned subsidiary Thermal Control Technologies
Corp., manufactures a line of Charge Air Coolers for use on diesel engines
on Freightliner, Kenworth, Peterbilt and Navistar Class 8 trucks at its
manufacturing facility in Lincoln, Nebraska.
TEL: 1-800-230-6060 Marianne Kindt
TEL: (800) 955-8401 Bruce Harradence |
