TAP;
Because you are probably too lazy to look it up, and because you probably did not even know that TIPS was BRIAA was Metallurgical, here is the press release. Remember TAP, the press release is coming from the very same company you represent, so who is the liar?
METALLURGICAL INDUSTRIES, INC. SIGNS STOCK PURCHASE AGREEMENT
9/29/93 18:34
TINTON FALLS, N.J., Sept. 29 /PRNewswire/ -- Metallurgical Industries, Inc. (NASDAQ: MTALA), a New Jersey corporation, announced today that it has signed a stock purchase agreement with Canton Industrial Corporation (Boston: CNI), a Nevada corporation, on Sept. 25, 1993. Under this agreement, Metallurgical will sell five million (5,000,000) restricted shares of its Class A common stock to Canton in a transaction valued at $1,000,000. Metallurgical will receive restricted stock in Logos International, Inc. (NASDAQ-OTC: LOGO) in exchange for its shares.
The transaction is subject to a number of conditions relating to satisfaction of claims of Metallurgical's creditors and to an affirmative shareholder vote. A special meeting of the shareholders will be called as soon as possible, but no later than Dec. 3, 1993, to consider this transaction.
In a related development, Metallurgical Industries has retained several consultants to assist it in developing new lines of business in return for options to purchase Metallurgical Class A common stock. It is anticipated that most of these options will be exercised before the Canton transaction is closed. After giving effect to the exercise of the options, Canton will control approximately 52 percent of Metallurgical's issued and outstanding Class A common stock. Metallurgical filed a Form 8-K with the Securities and Exchange Commission on Friday, Sept. 24, 1993 disclosing the terms and conditions of this transaction. In addition, Metallurgical filed a Form S-8 with the Securities and Exchange Commission on Sept. 15, 1993, registering its 1993 Stock Option Plan covering approximately 2,587,800 shares to be utilized primarily to compensate consultants.
In a further development, Metallurgical Industries opened discussions with Canton Industrial Corporation on Monday, Sept. 27, 1993 on the transfer of some of Canton's tire recycling operations to a facility in the Philadelphia, Pa. are to be operated by a subsidiary of Metallurgical.
Separately, Metallurgical Industries also announced that it has signed an agreement in principle to acquire Lors Machinery, Inc. of Union, N.J., a privately owned distributor of resistance welding equipment and a manufacturer of consumable welding supplies in a transaction valued at approximately $2,000,000. Lors had sales of approximately $3,711,000 in 1992 and $1,997,000 for the first six months of 1993. Lors will receive restricted shares of Metallurgical's Class A common stock. Lors will complement Metallurgical's Plasma Transfer Arc (PTA) welding equipment and supply business. Metallurgical is also looking at possible acquisitions in the precision machining and metal working industry, to complement its own aerospace machining expertise.
Metallurgical is currently engaged in producing tantalum mill products. Tantalum is a refractory metal with unique high temperature and corrosion resistance properties and is used in the electronics, aerospace, chemical, nuclear and medical prosthetics industries. In addition, Metallurgical has a subsidiary in the aerospace components industry. Canton is engaged in the tire recycling industry.
Metallurgical is traded on NASDAQ under the symbol MTALA. Canton is traded on the Boston Stock Exchange under the symbol CNI and Logos is traded on the OTC market under the symbol LOGO.
/CONTACT: Richard Johnson of Metallurgical Industries, 908-542-5800, or Richard Surber of Canton Industrial Corp.,801-575-8311/ (MTALA LOGO) |
