(Mkt News Pub) Thermo Tech(TM) Technologies Inc. and Thermo Tech(TM) Ventur
Thermo Tech(TM) Technologies Inc. and Thermo Tech(TM) Ventures Inc. reach
agreement on management changes
THERMO TECH(TM) TECHNOLOGIES INC. (the "Company") announced agreements have
been reached with Thermo Tech(TM) Ventures Inc. in regard to the management
restructuring disclosed in the April 6, 1999 press release. Effective May 1,
1999 Mr. Kevin Simpson will be appointed to the Board of Directors and assume
the roles of President and CEO. Mr. Rene Branconnier will remain actively
involved as a consultant to the Company and on the Board of Directors. Mr.
Wayne Hansen CFO, will also be appointed to the Board. Prior to May 15, 1999
the balance of the existing Board will resign and be replaced by two additional
Thermo Tech(TM) Venture Inc. appointees from the pool of candidates now being
considered. The basis for selection will be industry related experience and
expected contribution to the growth of the Company. The position of Chairman
will remain vacant and will be reviewed once the new board of directors is in
place.
Kevin Simpson in his new roles, will assume immediate responsibility for
implementing the strategic plan of the Company and control of day to day
operations. As previously disclosed he will initially focus on:
1. Implementing all available cost reductions to maximize net profits;
2. Increasing per share earnings and share value through a stock
repurchase program;
3. Consolidating debt on existing facilities and expansion projects and
maximizing plant capacity; and
4. Aggressively pursuing new plant projects of merit.
Mr. Branconnier stated: "We clearly indicated to our shareholders in our
Vision Statement that management recognized certain changes were needed and we
committed to make sure they would occur. We have achieved our goal of proving
our technology and ensuring our plants are environmentally friendly and
commercially viable as a long term organic waste solution. The time has now
come to allow a new team to finance and manage the rapid proliferation of our
technology. Current management will supply the new group, lead by Kevin
Simpson, with whatever support is needed to ensure the maximum level of return
to our shareholders."
Mr. Simpson commented "We are looking forward to the challenges awaiting
us at Thermo Tech(TM). There should be no doubt a clear and decisive change is
occurring, however we are pleased we have been able to retain the expertise and
experience of key members of current management necessary to seamlessly and
aggressively move ahead with our plans. Thermo Tech(TM) has a great technology
and we will bring new management approaches and financing to bear to fully
maximize on our technology potential."
Thermo Tech(TM) Technologies Inc. is a leader in organic waste recycling
with offices in Vancouver and Toronto, Canada and Atlanta, Georgia. Thermo
Tech(TM)'s 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 wastewater 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 of 1995).
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 practices, 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.
Per:
MR. RENE J. BRANCONNIER
PRESIDENT AND C.E.O.
(TM) The terms Thermo Tech(TM) and Thermo Master(TM) are registered
trademarks of Thermo Tech(TM) Technologies Inc. The term Thermo Master(TM) is
licensed for use by Hamilton Bio Conversion Inc., Brampton Bio Conversion Inc.,
Richmond Bio Conversion Inc., Oshawa Bio Conversion Inc. and Niagara Bio
Conversion Inc.
Investor Relations, Thermo Tech(TM)Technologies Inc., (604) 534-5085
____________________________________________________________
(c)1999 Market News Publishing Inc. All rights reserved.
Toronto:(416)366-8881 Vancouver:(604)689-1101 Fax:(604)689-1106
Rapid Fax - News As It Happens - (800)667-1617
*** end of story ***
|
