News Release ---
Company Press Release
Energy Optics Merges With Subsidiary
Announces Name Change, Stock Buyback
TAVARES, Fla.--(BUSINESS WIRE)--July 7, 1998--Energy Optics, Inc. (NASDAQ OTC: EOPT - news) announced
today that it has merged with American Millennium Corporation, the subsidiary in which the company owned a nearly 80%
interest. At a special meeting of the shareholders of Energy Optics held on May 27, 1998, the stockholders voted to amend
the company's Articles of Incorporation that, among other actions, contained a provision to change the company's name to
American Millennium Corporation, Inc.
State domicile acceptance of the merger and name change is now complete along with the notification to the U.S. Securities
and Exchange Commission and the National Association of Securities Dealers. A new stock ticker symbol, AMCI, has been
issued to American Millennium Corporation, Inc.
Stephen F. Watwood, president and CEO of American Millennium Corporation prior to the merger, was named chief
executive officer and chairman of the board of American Millennium Corporation, Inc. (AMCI). James C. Statham, who
resigned as CEO, has remained as president and will serve as chief operations officer.
Watwood noted that ''AMCI will continue its role as a provider of hardware and software solutions in digital wireless and
wireline communications.'' The company is currently a value-added reseller for Dallas, Texas based Pagemart and Dulles,
Virginia based ORBCOMM USA, L.P., a low earth orbit satellite company with 12 satellites currently in orbit, according to
Watwood. ''Information on the company is accessible on the Internet at www.amc-wireless.com,'' Watwood added in
noting that the company has the capability to monitor high value assets from remote locations and can post that information
directly to a secure site on the Internet.
In other business, AMCI plans to buy back approximately two million shares of the company's common stock by rescinding
its contract to purchase real estate and by exchanging shares held in Microgravity Aviation Corporation. According to
AMCI President James Statham, details of the stock repurchases are being finalized. He further noted that the process of
liquidating the company's interest in Lean Protein Foods as a discontinued operation should be complete later this month.
The company's most recent financial statements as reported in a filing with the Securities and Exchange Commission dated
June 19, 1998, showed the real estate and improvements valued at $1.7 million while current losses from discontinued
operations totaled just over $2.5 million.
As the result of the stock repurchase and the sale of the Lean Protein Foods stock and assets, Statham noted that debt
totaling approximately $1 million would be eliminated from the company's books, pending completion of final agreements
and approval of the company's auditor.
''We believe that AMCI repurchasing some two million shares of stock and eliminating roughly one million dollars in debt is
appropriate and necessary as AMCI focuses on its telecommunications business,'' Watwood said.
This press release contains forward-looking statements that involve risk and uncertainties that could cause the Company's
actual results and experience to differ materially from anticipated results and expectations expressed in these
forward-looking statements. In particular, Energy Optics' plans may be revised, and its actual results may differ materially
from that indicated by its current plans, in each case as a result of a variety of factors, including: (i) the availability of
financing and regulatory approvals; (ii) the number of potential customers in a target market; (iii) the existence of strategic
alliances or relationships; (iv) technological, regulatory or other developments in the Company's business; (v) changes in the
competitive climate in which the Company operates; and (vi) the emergence of future opportunities.
Contact:
American Millennium Corporation, Tavares
James C. Statham, 352/742-5010
More Quotes and News:
AMER MILLENNIUM (OTC BB:AMCI - news)
Related News Categories: oil/energy
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