What does the company do?
ICC Technologies (formerly Engelhard/ICC) has moved from a cool
business into a hot one. After buying privately held Web site
developer Rare Medium in 1998, the company sold 60% of its
Fresh Air Solutions air conditioning subsidiary to its management
in order to concentrate solely on its Internet business (per 10/14/98
- Rare Medium completed its plan to transform itself into a pure
Internet company by closing a transaction in which it sold a majority
interest in its remaining air conditioning business, Fresh Air
Solutions (FAS), to an FAS management group).**
**Under the terms of the agreement, the management group paid Rare
Medium $1.5 million, including cash of $1.125 million and a note for
$375,000, and relieved Rare Medium of all the liabilities of FAS of
approximately $7.0 million. Additionally, Rare Medium retained a 40%
passive interest in FAS, which will permit its shareholders to
participate in any growth which that business may achieve in the
future. Rare Medium will have no future operational or funding
responsibilities for FAS, which reported losses in excess of $3.5
million during the first six months of 1998.
The firm currently does business as Rare Medium, which is responsible for some of the Internet's highly acclaimed Web sites, intranets, extranets, and CD-ROMs. (The company plans to officially change its name.) Rare Medium Customers are typically "FORTUNE" 1000 companies.
Please join us on the new thread emphasizing RRRR new direction and soon to be realized name change.
Subject 24792
Sincerely,
ztect |
