Press Release -
Thermaltec International Makes Announcement
WEST BABYLON, N.Y.--(BUSINESS WIRE)--April 16, 1999--Thermaltec International Corp.
(OTC-BB:THRM) (TTI) announced today that it was taking certain steps to restructure its business
operations and corporate structure. These steps are being taken in preparation for the anticipated merger
of TTI with Solar Communications Group, Inc. (SCG) of Millville, NJ, as announced by TTI on December
11, 1998.
As part of the proposed restructuring TTI will transfer substantially all of its assets and liabilities, including
its U.S. operations and the stock of the corporation conducting its Latin American operations, to a
wholly-owned Delaware subsidiary, Panama Industries, Ltd. (PI). Immediately prior to its merger with
SCG, TTI intends to distribute as a dividend, all of the issued and outstanding shares of PI to TTI's
shareholders of record on the record date established for the dividend. The PI's shares will be distributed
on a one for one basis to TTI shareholders. Further details as to the proposed distribution, including the
record date for the dividend, once it is determined, will be announced.
SCG, which is privately owned, was formed in 1996 to provide quality communications alternatives to the
business community. TTI is a metallurgical engineering company specializing in the development of new
solutions for the prevention of surface wear on industrial equipment.
CONTACT: Thermaltec International Corp., West Babylon
Andrew Mazzone, President
516-643-2285 |
