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Thursday May 13, 3:55 pm Eastern Time
Company Press Release
Thermaltec Announces Dividend Date For Panama Industries
WEST BABYLON, N.Y.--(BUSINESS WIRE)--May 13, 1999--Thermaltec International Corp. (OTC-BB:THRM - news; TTI) announced today that, as part of TTI's corporate restructuring, shareholders of record at the close of business on May 28, 1999 will be entitled to receive a dividend of stock of Panama Industries, Ltd. (PI), a Delaware Corporation, which is a wholly-owned subsidiary of TTI.
The PI shares will be distributed on a one for one basis with the TTI shareholders also retaining their shares in TTI. The dividend will be paid immediately prior to the completion of the merger with Solar Communication Group, Inc. (SCG). SCG and TTI anticipate the execution of a definitive merger agreement shortly. Upon the completion of the merger, TTI will consist only of the business operations of SCG, and will continue to trade under the symbol (THRM). TTI is now in the process of transferring substantially all of its assets in its metallurgical business to PI.
Panama Industries intends to expand its metallurgical activities in Latin America, and intends to continue acquiring existing technologies and/or companies in the metallurgical coatings business in North America. The work that TTI has been doing with the New York State Department of Transportation and the New York State Energy Research and Development Authority, respectively, to introduce an alternative to traditional painting and epoxies on highway bridges, and an alternative to the hard chrome plating process will also be transferred to PI. TTI's wholly owned subsidiary in Costa Rica will be transferred to PI, and continue to service approximately 300 industrial customers in Central and South America.
Solar Communications was formed in 1966 to provide quality communications alternatives to the business community. The company, which is privately owned, has developed an Internet access solution, known as PCRoomLink, for the hospitality industry. PCRoom Link's computer-equipped rooms permit a hotel patron, with or without a laptop computer, to obtain high-speed Internet access in the privacy of his/her hotel room.
Contact:
Thermaltec International Corp., West Babylon
Andrew Mazzone, President
516-643-2285
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