Monday December 21, 3:22 pm Eastern Time
Company Press Release
SOURCE: Toups Technology Licensing, Inc.
Toups Technology Acquires InterSource Health Care & Reports Profit
TTL Recasts 3rd Quarter '98 Sales to $4,139,142 and Net Income to $451,611, or $0.0244 Per Share
LARGO, Fla., Dec. 21 /PRNewswire/ -- Toups Technology Licensing, Inc. (OTC Bulletin Board: TOUP - news; ''TTL'') today announced it has acquired InterSource Health Care, Inc., a Florida-based medical equipment management company.
TTL acquires technologies through licensing primarily in the energy, environment and natural resource market segments. The Company also makes acquisitions of existing companies that compliment TTL's technology mix.
InterSource provides sales and service of medical equipment and medical facility design and development to hospitals, doctors, medical clinics and other medical health care facilities. InterSource sells direct and through its web site at intersourcenet.com .
For the 11 months ended November 20, 1998, InterSource's reported sales of $2,438,158 and net income of $1,214,061 (unaudited). As a result of the acquisition, TTL recasts its Statements of Operations for the nine-month period ended September 30, 1998 (unaudited) to equal sales of $4,139,142 and net income of $451,611 -- or $0.0244 per share.
''This acquisition benefits TTL in a number of ways,'' said CEO Leon Toups. ''InterSource is well positioned to expand its performance throughout 1999. It also brings valuable machining and testing equipment that are useful to other units of TTL, including Precision Micro-Welding and Brounley Engineering. Certain locations where TTL currently does business are also prime sales targets for InterSource.''
TTL commercializes late-stage technologies primarily in the energy environment and natural resource market segments. The Company's technologies include AquaFuel™, an alternative fuel that produces no harmful emissions; Balanced Oil Recovery Lift device which increase marginal oil field production; Multi-Purpose Generators which provide electric power co- generation that automatically parallels with the local utility power grid; Electrmagnetic Tire Recycling that converts scrap tires into marketable products without emissions.
TTL's two wholly owned subsidiaries include Advanced Micro Welding/Metal Fabrication and Brounley Engineering & Associates which provide radio frequency power generators for lasers, plasma etching and other applications. For further information, visit the company's web site at toupstech.com .
Company contacts: Mark Clancy, executive vice president of TLL, (727) 548-0918, fax (727) 549-8138. James Dryer, public/investor relations, (561) 655-7575, fax (561) 655-2171.
This press release may contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Although such statements are based on reliable information and past experience, operating results are affected by a wide variety of factors, many of which are beyond the control of the Company. The factors include the levels of order which are received and can be shipped in a quarter; whether and when order options are exercised; customer order patterns and seasonability; contract mix and shifting production and delivery schedules; manufacturing capacity and yield; cost of labor, raw materials, supplies and equipment; technological changes; competition and competitive pressures on pricing; economic conditions in the United States and worldwide, as well as other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Toups Technology Licensing, Inc.
Results for the nine-months ended September 30, 1998
(Unaudited)
(Based on InterSource for the 11 months ended November 30, 1998)
Sales $4,139,142
Net Income $ 451,611
Weighted Avg. Number of Shares Outstanding 18,504,263
Net income per Share $ 0.0244
SOURCE: Toups Technology Licensing, Inc.
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