Afternoon,
FYI:
BW1457 APR 06,1999 12:05 PACIFIC 15:05 EASTERN
( BW)(MD-TVI)(TVIN) TVI Corporation Completes Litigation, Increases
Ownership In Internet Service Provider
Business Editors
GLENN DALE, Md.--(BUSINESS WIRE)--April 6, 1999--TVI Corporation
announced Tuesday that it had successfully concluded the last two of its
lawsuits, increasing its interest in an Internet Service Provider to
about 25%.
TVI had filed a total of five suits in recent years seeking to
obtain ownership of assets purchased with funds embezzled from it by its
former president. Three lawsuits had previously been compromised to the
company=s satisfaction.
In the settlement of one suit, TVI obtained an additional 160,000
common shares of USA Access, Inc., an Internet Service Provider in Las
Vegas, Nevada. USA Access operates under the name Access Nevada with its
Home Page at www.accessnv.com. This brings TVI=s ownership to 460,000
shares, or about 25% of the outstanding shares of USA Access. Since
there is no market for the shares, TVI will carry them at no value and
will recognize no gain from the settlement.
In the second suit, TVI obtained ownership of $75,000 in promissory
notes issued by USA Access. The notes bear interest at 9% and mature in
September 1999. The company will record an extraordinary gain of about
$103,000 from this settlement, and will accrue monthly interest income.
TVI is seeking a buyer for its interests in USA Access.
Additionally, TVI announced that it has recently received an order
valued at about $194,000 for thermal targets from a large Army armor
range. It has also received small orders from several other ranges.
First quarter bookings for thermal targets have been at more normal
levels after being down last year.
TVI also noted that it had delivered a Portable Clean Room to NASA
Goddard Space Flight Center. The enclosure is being used to house the
Microwave Anistrophy Probe Spacecraft scheduled for launch in the year
2000. The Class 10,000 clean room had been evaluated and was purchased
by ManTech Environmental. TVI has also developed an exterior clean room
and contamination enclosure and will seek marketing arrangements for the
products.
TVI's common stock trades on the OTC Bulletin Board under the symbol
TVIN. Product and corporate information may be viewed at its Home Page
at www.tvicorp.com.
--30--cl/ph*
CONTACT: TVI Corporation
Allen Bender, Chairman, 301/352-8800, Fax: 301/352-8818
KEYWORD: MARYLAND
INDUSTRY KEYWORD: GOVERNMENT COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MUTLIMEDIA/INTERNET
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