Looks like its time for Comptec to make a run:
Company Press Release
Comptec Industries: Agreement to Acquire Technoplast Formalized
VANCOUVER, BRITISH COLUMBIA--Comptec Industries Ltd. (VSE-CIL) (the ''Company'') is pleased to announce that the agreement to acquire the remaining 45 percent of Technoplast, its extrusion machinery and tooling subsidiary in Austria, has now been formalized by the Politsch family. The agreement is subject to the injection of US$2 million to further fund Technoplast by March 30th, 1999, and to the approval of the Vancouver Stock Exchange. The consideration for the remaining shares will be approximately US$5,550,000 to be paid by the issuance of 4,367,647 common shares, which are to be issued at a deemed price of $1.70.
Mr. Werner Kamplischler of Linz, Austria has now been appointed Managing Director of Technoplast in order to facilitate the coordination between Technoplast and Actual and to assist in the restructuring of Actual. Mr. Siegfried Politsch, who is already a director of Comptec, has been invited by the company to serve as Vice Chairman, with responsibility for sales, subject to shareholder and Board Approval.
Comptec's business is both in plastic injection molding and PVC extrusion and window fabrication equipment and tooling. Its injection molding facilities specialize in the design and manufacture of decorative plastic components for the telecommunications, automotive and consumer electronics industries. Its extrusion and window fabrication equipment and tool manufacturing plants operate out of Austria, Slovakia and the USA, with sales offices located in Russia, the United Kingdom and the United States. |
