August 18, 1998
THERMAL CONTROL TECHNOLOGIES CORP ("TCT-Y;TCTCF-L")
- Receives Discretionary Award of US$5,000,000
Thermal Control Technologies Corp. is pleased to announce that it has been awarded US$5,000,000 by the Arizona Department of Commerce for the tax exempt Industrial Development Bonds announced June 1, 1998. This allocation was awarded from the Director's discretionary allotment of approximately US$22,000,000. TCT was competing with Arizona based utilities, housing developments, industrial and manufacturing projects. The award to TCT was based on the quality of TCT's project and the economic advancement it is bringing to the Prescott area.
Piper Jaffray Inc. has been engaged by TCT as its Investment Banker for the placement of the Industrial Development Bonds. Minneapolis based Piper Jaffray offers Investment Banking and Capital market activities through its 91 offices employing 1100 Brokers. Piper Jaffray is ranked in the top ten for IDA Bond transactions and is a leader in the placement and underwriting of Federal and State tax exempt Bond issues. The Federal and Arizona tax exempt Bonds will be placed with U.S. based sophisticated investors and U.S. based institutional clients of Piper Jaffray.
TCT has also received a US$621,600 Work Force Recruitment and Job Training grant. The Grant is in effect from July 8, 1998 to June 30, 2001. Industry Network Corporation (INC) and Yavapai County College have been contracted by TCT to conduct the recruiting and training. TCT's Prescott, Arizona Plant is almost completed. The manufacturing area of the facility is essentially finished with the final inspections and installations being scheduled for completion in the next few days. At that time a Temporary Occupancy Permit will be applied for. The corporate offices are being painted and the estimated completion date including fixtures is August 31.
TCT has already begun relocating the Lincoln, Nebraska, plant, equipment and inventory to Prescott.
TCT is a manufacturer of advanced heat exchange equipment for sale and distribution into the automotive, heavy duty truck and industrial equipment, agricultural and marine engine aftermarkets.
TCT's major product is a line of revolutionary charge air coolers for aftermarket installation on heavy-duty trucks, buses, agricultural and industrial applications. TCT is also an OEM supplier of complete cooling systems to heavy-duty trucking and industrial manufacturers.
TEL: (403) 543-1300 Blaine Maller, President & CEO FAX: (403) 543-1313 TOLL FREE:
(800) 230-6061 Cameron D. Schuler, CIM FCSI
Director of Corporate Communications E-MAIL: info@tct.ca INTERNET: tct.ca |
