Veritas, I not so sure that the "One for ten figure" was ever mentioned in a press release but I am very sure that the IR department had been promoting it to that effect. Note the 1st paragraph does indicate that Thermo Enzymes Products Inc. was in fact a "wholly owned subsidiary" and that TT would be "distributing shares" to "the shareholders of the Company by way of stock dividend". Therefore as Tom wrote you and others may want to seek legal counsel.
I think everyone should take the time to reread this press release in light of the fact-finding mission that has currently been reported on.
Here is the complete press release:
THERMO TECH(TM) TECHNOLOGIES INC. (the ''Company'') announced it will be distributing the shares of a wholly owned subsidiary Thermo Enzymes Products Inc. to the shareholders of the Company by way of stock dividend. The record date for the dividend and the number of shares to be distributed are being finalized by the Company and its advisors in order to maximize the benefit to shareholders and will be published by separate news release.
The Company discovered through its ongoing research and development activities that its patented thermophilic process produces a high value thermophillic enzyme by-product. The Company has granted an exclusive license to Thermo Enzyme Products to continue research and development work and commercially exploit this new technology. Thermo Enzyme Products will reimburse the Company for any costs incurred to date and will also pay a continuing gross revenue royalty.
Thermo Enzyme Products, under the direction of Dr. Dan Cumming, will continue to pursue the commercialization of the enzyme extraction process for the 24 enzymes currently identified. The enzymes produced are currently utilized in the pharmaceutical industry and have market values ranging from $1,000 US to $20,000 US per gram depending on the particular enzyme. Research to date indicates a 40 ton per day dedicated waste stream enzyme extraction plant should produce 1 gram of enzymes for each ton processed. The development of an operating commercial facility is currently expected to be completed in approximately twelve months.
Mr. Rene Branconnier, President of the Company, stated: ''We are excited about the potential of Thermo Enzyme Products in this highly lucrative segment of the pharmaceutical market. After much deliberation the Company has determined this spin off will maximize the benefit to our current shareholders. The Company will remain focused on its core business of rapid expansion of Thermo Master(TM) plants while Thermo Enzymes pursues the related but separate pharmaceutical market. Further, Thermo Enzymes will be financed
independent of the Company thereby avoiding any dilutive effect on our
shareholders. The Company and Thermo Enzymes Products will initially maintain a high level of common management and expertise with further separation to occur over time as the business evolves. Thermo Enzyme Products does not anticipate listing its shares for public trading during the current development stage. We believe the spin off will allow for ease of market valuation of Thermo Enzyme's new technology and at the same time allow our shareholders to share on an equitable basis in a unique opportunity.''
Thermo Tech(TM) Technologies Inc. is a leader in organic waste recycling with offices in Vancouver and Toronto, Canada and Atlanta, Georgia. Thermo Tech's(TM) 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 waste water 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 of1995). 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 practice, 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.
Rene J. Branconnier
President and Director
The terms Thermo Tech(TM) and Thermo Master(TM) are registered trademarksof Thermo Tech(TM) Technologies Inc. The term Thermo Master(TM) is licencedfor use by both Hamilton Bio Conversion Inc. and Brampton Bio Conversion Inc. |
