Company Press Release
Cetek Technologies Completes $1 Million Financing
POUGHKEEPSIE, N.Y.--(BUSINESS WIRE)--April 7, 1999--Cetek Technologies Inc. (OTC BB:CTKT) manufacturer of advanced structural and electronic ceramics, announced today that they have now completed a $1 million Regulation D private financing.
President and CEO Fayiz Hilal, stated: ''We are very pleased as this funding will allow Cetek greater flexibility in evaluating and negotiating with acquisition candidates.''
The company also announced that its audit for fiscal year 1998 is nearing completion and expected within 30 days. Upon completion of the audit, Cetek intends to file Form 10 with the S.E.C. so as to become a fully reporting company. It remains the company's intention to achieve eligibility for a Nasdaq Small Cap listing this calendar year.
In other developments, Cetek has cancelled negotiations with Microtel International for the purchase of its subsidiary HYCOMP. Cetek's management cited discrepancies in financial information discovered during Cetek's due diligence process.
Nevertheless, Cetek Technologies will press forth in its previously stated objective to expand by both internal means, as well as external means, via the acquisition vehicle. Several other acquisition candidates are identified and are in current review with management. The company intends to keep shareholders informed of further developments as warranted.
Cetek produces and markets industrial ceramics for structural and electronic applications including aerospace, bioceramics, insulators and integrated circuit packages. Cetek has been aggressively exploring expansion options and has several acquisition targets identified.
In 1996, the Department of Commerce recognized Cetek's exclusive process, which eliminates much of the costly machining, when Cetek was awarded a contract to develop the material for the back plane of the FPD (flat panel display) video technology. In a recent publication of the Industrial Physicist it was viewed that FPDs could be the next semiconductor industry breakthrough.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products; delays in testing and evaluation of products; and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
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Contact:
Cetek Technologies Inc., Poughkeepsie
Fayiz Hilal, 914/452-3510
fayiz@cetektechnologies.com
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