Here's the news:
Double Day Inc.'s Subsidiary, Thomson Recovery Receives
Federal Court Approval on $1.3 Million Contract
WARREN, OHIO (April 6) BUSINESS WIRE -April 6, 1999--Double Day Inc.
(OTC BB:DBDY), the parent and trading company of Thomson Recovery,
announced Tuesday that Thomson's contract to sell $1.3 million of coke
inventory to Brunswick Metals Co. has been approved by the Federal
Bankruptcy Court March 30, 1999.
According to Edward Kane, interim president and chief executive
officer: "While this sale only slightly diminishes the high grade
inventory at Thomson's Union Town facility, it provides a needed cash
flow boost and guarantees the company's creditor payment plan and the
ultimate emergence of Thomson from further Bankruptcy court
proceedings." The terms of the sale are part of the public record and
Kane did not elaborate any further on specifics. Kane did add, however,
that the original terms had been enhanced at the last minute by an
actual bidding session during the court proceedings. Further, in
reference to the bidding, Kane said he was encouraged by demand for the
company's product at the proceedings. Kane believes that this has
created a greater opportunity in future coke sales of greater magnitude
and profit.
Double Day Inc. is a resource recycling firm that specializes in the
conversion of non-hazardous industrial wastes and by-products into
usable products, such as ferrous scrap briquettes, met coke pellets,
metal free sand and coal briquettes which are marketed in the steel,
foundry, cement and other energy intensive industries.
Forward looking statements presented in the press release involve a
number of risks and uncertainties, including but not limited to,
product demand, market acceptance, changing economic conditions, risks
in product and technology development, the effect of the company's
accounting policies and other risk factors detailed in the company's
filings. |
