IRT Industries Announces Termination of Thinkbid Acquisition
FORT LAUDERDALE, FLA. (April 23) BUSINESS WIRE -April 23, 1999--IRT
Industries Inc. -- the company which trades on OTC Bulletin Board owned
by the Nasdaq Stock Market (OTC BB:IRTG), has announced that the
company and Thinkbid have agreed not to continue forward to complete
the acquisition of Thinkbid.
While the parties were awaiting the audited financial statements of
IRT, Thinkbid determined that it would terminate the proposed
transaction in order to pursue other opportunities. The parties had
been awaiting the completion of work by the accountants for IRT. IRT
decided, with a change of its management in recent past, that a new
direction was necessary and had selected Internet related businesses as
the key focus. In this regard, the company hoped to complete the
Thinkbid acquisition as its first major step into the Internet arena.
IRT had hoped to complete its accounting sooner, but it must rely upon
its accountants to do the work and await their completion. The company
is in the process of reviewing existing Internet businesses for
acquisition, which may prove easier to complete since the company is
close to completing the accounting. The company is involved in the
pursuit of Internet business opportunities and acquisitions and related
ventures.
NOTE: Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking statements
that are subject to risk and uncertainties, including, but not limited
to, the impact of competition, continued acceptance of the company's
products and services, fluctuations in stock price and liquidity,
fluctuating operating results and other risks detailed from time to
time in the company filings with the Securities and Exchange
Commission.
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CONTACT: IRT Industries Inc., Fort Lauderdale
Arnold Wrobel, 954/351-0270
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
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