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Technology Stocks : Thermo Tech Technologies (TTRIF)
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To: Tom G who wrote (5545)5/20/1999 12:22:00 AM
From: Tom G  Read Replies (2) of 6467
 
Part II of Conference Call,

Next part of call was about ISM. Rene stated he has been working with a Tim Cook of Swiss Capital. ISM only has a finder fee agreement with TT. They will get $300,000. fees for each plant they get for TT and will also get $1 a ton for waste. That is their only involvement.

Thermo Tech Ventures (TTV)is totally set up as a plant to plant JV partner down the road. TTV has secured financing as long as there is raw material and put and place contracts. TTV gets 50% and TT gets 50%. TTV had wanted to know if they could buy 50% of Hamilton and Richmond at cost, they also wanted to know if they could have control of the two plants. Rene did not have a problem with that seeing they would pay and TT would still get 50% of revenues.

Then Rene said that he has been telling people for a year that he did not want to run the day to day operations. (He did tell me that along time ago). Then a deal was being worked out where TTV would put 100% of debt into the plants and also run TT. The company would remain Thermo Tech Technologies and they would have money to play with. TT would also then get 100% ownership in the plants. The problem according to Rene was he wanted to see the loan contract and make sure how the money could be spent and to see if indeed they could use any money for buying back stock. Rene also wanted to know who would be brought in as new board members. He wanted to know what impact the loan would have on the shareholders. He could not get Kevin to divulge the info. They are still negotiating.

Rene had drafted and sent a letter today to Tim Cook. (Tim also sits on the board of ISM I believe). He should have a response tomorrow as to whether TTV will take over management of TT or remain as a 50-50 JV partner.
Rene stressed the ideal situation would be if TTV remained as a 50-50 JV. If the deal for new management does not happen he has another deal in the works that should be rapped up in 2 weeks. That is when the dilution will end. He said He is still working with Tim Cook and if TTV does not take over they will work on getting a new CEO, CFO and new Board. He said he was open to suggestions from the shareholders for these new people.

All in all I was pleased with the answers and the way the Rene handled himself. Take it as you wish. If all is as they say we should know soon. If these plants work as well as they say and remember I said IF. Then TT really has something big. I would like to thank Ted and Rene for letting me in on the call. Now all we can do is wait and see.

Tom

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