Mkt News Pub) Thermo Tech(TM) Technologies Inc. enters into management cha
Thermo Tech(TM) Technologies Inc. enters into management change discussions
with Thermo Tech(TM)Ventures, Inc.
THERMO TECH(TM) TECHNOLOGIES INC. (the "Company") announces today discussions
have commenced with Thermo Tech(TM) Ventures, Inc. toward restructuring
management in an effort to expedite moving the company forward on several
critical initiatives. These discussions stemmed from both current management's
desire to implement provisions of the Vision Statement released last fall and
changes suggested by Thermo Tech(TM) Ventures, Inc. deemed necessary to comply
with the terms of the new debt financing available to Thermo Tech(TM) Ventures,
Inc.
Discussions on management change have been focused at both the board of
director and senior management levels. Significant changes are being considered
at the board of directors to reflect an independent membership with specific
industry experience in the area of waste management and related industries.
Current discussions revolve around Rene Branconnier, President and CEO, to
continue in the role of Chairman and for Kevin Simpson of Thermo Tech(TM)
Ventures, Inc. to assume President and CEO of Thermo Tech(TM) Technologies Inc.
with responsibilities of implementing the vision of Thermo Tech(TM)
Technologies Inc. and managing day to day operations. These changes are in
accordance with Thermo Tech(TM) Ventures, Inc. financiers requirements and in
keeping with the Vision Statement released last fall.
With this restructuring we would implement the following changes to return
Thermo Tech(TM) Technologies Inc. to NASDAQ Small Cap and then ultimately to
National Market:
1. Implement all available cost reductions to maximize revenues
and net profits;
2. Increase earnings per share by reducing number of outstanding shares
through a stock repurchase program;
3. Expedite the completion of the Hamilton expansion and getting
utilization to full capacity at both Hamilton and Richmond
facilities; and
4. Aggressively expand market share by closing on-going and new Thermo
Master(TM) Mark II plants which demonstrate strong economics.
Rene Branconnier, President and CEO commented, "These discussions mark a
significant change in pace and direction for Thermo Tech(TM) Technologies Inc.
This will be no surprise for those who read our Vision Statement released last
fall. Management knew changes were required, however it was a matter of finding
the proper group to bring it about. We firmly believe Kevin Simpson and the
added strength that he brings with Thermo Tech(TM) Ventures, Inc. can help us
move to the next level. With the strong experienced management that Thermo
Tech(TM) Ventures, Inc. brings, coupled with their access to debt financing,
will hasten the changes required to bring Thermo Tech(TM) Technologies Inc.
back to NASDAQ Small Cap and ultimately to NASDAQ National Market. I believe
these discussions reflect our shareholders' best interest. Management is
aggressively pursuing these discussions and will communicate the details of the
outcome to our shareholders as soon as they are concluded."
Thermo Tech(TM) Technologies Inc. is a leader in organic waste recycling
with offices in Vancouver and Toronto, Canada. Thermo Tech(TM)'s patented
thermophilic process is utilized in compact and environmentally friendly Thermo
Master(TM) plants to convert biodegradable food waste into high protein animal
feed and wastewater treatment sludges into fertilizer concentrate.
Certain statements contained herein are "forward looking statements" (as
such term is defined in the Private Securities Litigation Reform Act of 1995).
These statements are based upon the belief of the Company's management, as well
as assumptions made beyond information currently available to the Company's
management. Because such "forward looking statements" are subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied. Such "forward looking statements" include but are not limited to,
competitive factors, general economic condition, customer relations,
relationships with vendors, government supervision and regulation, product
introductions and acceptance, technological changes in industry practices, and
other factors discussed in filings made by the Company with the Securities and
Exchange Commission.
ON BEHALF OF THE BOARD OF DIRECTORS OF
THERMO TECH(TM) TECHNOLOGIES INC.
Per: (signed)
Rene J. Branconnier
President and CEO
(TM) The terms Thermo Tech(TM) and Thermo Master(TM) are registered
trademarks of Thermo Tech(TM) Technologies Inc. The term Thermo Master(TM) is
licensed for use by Hamilton Bio Conversion Inc., Brampton Bio Conversion Inc.,
Richmond Bio Conversion Inc., Oshawa Bio Conversion Inc. and Niagara Bio
Conversion Inc.
Vancouver Corporate Office, 20436 FraserHighway, Langley, B.C. V3A 4G2, Tel:
(604) 514-8390; Langley Investor
Relations Office, 101-20436 Fraser Highway, Langley, B.C. V3A 4G2, Tel:
(604) 534-5085; Toronto Corporate Office, 204-195 County Court Blvd.,
Brampton, Ontario L6W 4P7, Tel: (905) 450-8866
____________________________________________________________
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