APPLIED CARBON TECHNOLOGY, INC. ANNUAL SHAREHOLDERS
MEETING
SOMERVILLE, N.J., May 21 /CNW/ - The Annual and Special Meeting of
Shareholders of Applied Carbon Technology, Inc. will be held on Monday, June
15, 1998, in Ottawa, Ontario. At that date, Management seeks approval by
shareholders, for the Corporation to acquire all of the issued and outstanding
shares of R.W. Elliott & Sons, Inc., a Pennsylvania based privately owned
company with current operations dedicated to the processing and sales of
synthetic granular and shaped graphite, carbon raiser, and Coke; and, to
acquire The Bissett Creek Corporation, a privately owned Canadian corporation
which controls graphite mineral claims and leases containing 16,448,000 tons
of proven high quality graphite flake. Also at that time, Management will
solicit approvals for special resolutions having the effect of converting
substantially all of the approximate $10.0 million outstanding debt of the
company to preference shares; and, for the consolidation on a 7:1 basis of the
issued and outstanding common shares.
The approvals by shareholders of the special and ordinary resolutions
would eliminate entirely the present shareholder deficit of ($7,123,446) as
reported in its audited financial statements for the period ending 12/31/97,
and would further establish a significant positive net worth.
The corporation has experienced a significant increase in sales for the
period year to date, and as a result of that, Management confidently expects
the corporation to realize its first year of net profitability in 1998. The
reorganization of the corporation's capital structure would facilitate and
support Management's plan for expansion and growth in operations.
-30-
For further information: All Inquiries should be directed to the
Company: Harold T. King, Chief Executive Officer, (908) 707-0807; or,
(416) 930-9963; or by Fax at (908) 707-0806
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It sure would be nice for the company to post their news release on this thread on a timely basis.
I will try to make it to Ottawa for the Annual Meeting. It is about three hour drive from home.
Good Luck and have a very nice day.
Pierre |
