***NEWS****
Thursday April 29, 9:05 am Eastern Time
Company Press Release
SOURCE: Magnesium Technologies, Inc.
Magnesium Technologies, Inc. Completes Merger and Schedules
Annual Meeting
LAS VEGAS, April 29 /PRNewswire/ -- Magnesium Technologies, Inc. (OTC Bulletin Board: MGTK - news), in a transaction now valued at $7,266,000, announced the completion of the Company's merger with Carefree Products Corporation, the United States holding company for Litech Ltd., a manufacturer of super-light weight Magnesium Alloy products.
The merger, which could involve the exchange of up to 9,900,000 shares of Carefree Products Corporation for Magnesium Technologies shares, will leave Magnesium Technologies with 9,991,250 shares outstanding. Estimated float: 800,000 shares. Per share book value: $.73.
Magnesium Technologies will now market a complete line of super light, super strong Magnesium Bicycle frames for both the racing and mountain bike enthusiasts. Frames will be available in a wide variety of price ranges from a low end model priced at less than $100 to custom made frames costing in excess of $2,000.
In early May the Company will begin actively soliciting Distributors and Sales Agents for its products. ''With a production capability in excess of 2000 units per month and inventory of approximately 5000 frames, delivery times should be kept to a minimum,'' a Company spokesman said.
A line of extremely light and durable Magnesium Wheelchairs, now undergoing testing, will be introduced at the Company's first annual meeting, to be held at the Ilikai Hotel in Waikiki Honolulu on Saturday, May 22, 1999, at 12:00 noon. Only Shareholders of record on May 19, 1999, will be eligible to vote.
The Wheelchairs will become available for delivery in the United States in late fall, 1999. A line of Magnesium artificial joints is currently undergoing certification testing in Eastern Europe.
Magnesium Technologies, Inc. trades on the Bulletin Board under the symbol MGTK.
SOURCE: Magnesium Technologies, Inc.
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