CXI-Commodore Environmental Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : CXI-Commodore Environmental

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: DLJMT who wrote (1562)	3/25/1999 1:26:00 PM
From: NicktheGreek	Read Replies (1) of 1755

NEWS by: rugula_98 2873 of 2874 -- Commodore Applied/Global Energy-2: Stk Swap For Remaining 50% -- NEW YORK (Dow Jones)--Commodore Applied Technologies Inc. (CXI) signed a letter of intent to acquire 50% of Global Energy Investors LLC now and to acquire the rest of Global later. Commodore will acquire a 50% stake for $5 million in convertible preferred shares and $2.5 million cash. The convertible preferred shares will have a conversion price of 50 cents a share, with no dividend. Global would be obligated to convert the preferred shares into common shares at March 31 or when Commodore's shares trade above 50 cents a share for 20 days, whichever comes first. Commodore also would be obligated to acquire the remaining 50% of Global for 12.5 million Commodore common shares when Commodore's common shares trades for at least $2 per share for 20 days. In a press release Thursday, Commodore Applied Technologies said the combined companies will expand Global's existing business for the development of independent power generation projects. They would also expand Commodore's Commodore Advanced Sciences Inc. unit. Commodore's acquisition of Global requires definitive agreements, due diligence and the raising of $10 million in new working capital for Commodore and Global. The two companies expect to sign definitive agreements within the next few weeks. Upon Commodore's acquisition of Global, Commodore plans to name Robert McFarlane chairman and Robert Traylor and Paul Hannesson vice chairmen. McFarlane and Traylor are principal officers and shareholders of Global Energy. McFarlane was the national security adviser to former President Ronald Reagan. Commodore's shares closed Wednesday up 1/16, at 3/8. Commodore provides nuclear waste decontamination services. (END) DOW JONES NEWS 03-25-99 07:33 AM- - 07 33 AM EST 03-25-99 Symbols: US;CXI Source DJ - Dow Jones Categories: I/POL I/SVC SUB/DJN SUB/DJWI SUB/TNM SUB/CAC SUB/ETDR SUB/MNA M/IDU GEO/NME GEO/NY GEO/US GEO/USE -------------------------------------------------------------------------------- Posted: Mar 25 1999 7:52AM EST as a reply to: Msg 2872

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next