(Mkt News Pub) Thermo Tech(TM) Technologies Inc. announces letter of intent
Thermo Tech(TM) Technologies Inc. announces letter of intent for sale of 50%
interest in Richmond Bio Conversion
Thermo Tech(TM) Technologies Inc.
Listed NASDAQ Trading Symbol: TTRI.F
THERMO TECH(TM) TECHNOLOGIES INC. (the "Company") announced it has
executed a letter of intent for the sale of a 50% interest in Richmond Bio
Conversion to Royal Canadian Financial Group ("RCFG") for a total purchase
price of $10,000,000 CDN. Payment of the purchase price will be made by an
initial payment of $7,500,000 CDN on closing. The balance of $2,500,000 CDN
will be paid in quarterly installments of principal and interest over a five
year term starting one year after commencement of operations. The transaction
is subject to the negotiation and execution of a definitive purchase and sale
agreement between the Company and RCFG. The closing is currently scheduled for
November 27, 1998.
Richmond Bio Conversion will start receiving and processing waste during
the week of November 23, 1998 as the start up of the Thermo Master Mark II
Plant commences. Processing volumes and revenues are anticipated to ramp up to
full operating capacity over the following 45 day period. The Company
anticipates holding a formal grand opening of Richmond Bio Conversion on
January 22, 1999.
Mr. Rene Branconnier, President and Chief Executive Officer of the
Company, stated, "This sale of a 50% interest in Richmond Bio Conversion and
the completion of the Thermo Master(TM) Mark II Plant are important events for
the Company. There will be no further equity dilution to our shareholders from
the Richmond project and we have demonstrated debt financing is a viable
alternative for the planned future Thermo Master facilities. Our showcase
plant and model for expansion is no longer a concept or a drawing. It is a
reality."
Mr. Nathan Jacobson, President of Royal Canadian Financial Group
commented, "Our group is excited to be a full participant in the first of many
anticipated projects with Thermo Tech(TM)."
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 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: (signed)
______________________
Rene J. Branconnier
President and Director
(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
licenced 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, (604) 534-5085
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