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Technology Stocks : EUO - Eurotech, Ltd. -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (479)	3/3/1998 1:02:00 PM
From: Heidi Hirst	Read Replies (1) \| Respond to of 565

EUROTECH ANNOUNCES CLOSING OF $3 MILLION FINANCING, REPAYMENT OF BRIDGE LOANS, APPOINTMENT OF NEW PRESIDENT AND RELOCATION OF PRINCIPAL OFFICES FOR IMMEDIATE RELEASE March 3, 1998 Washington, D.C. Admiral James D. Watkins, recently appointed Chairman of the Board of Eurotech, Ltd. (NASD EBB: EURO) and former Secretary of Energy under President George Bush, announced that on February 26, 1998, Eurotech successfully completed an offering of $3 million of its 8% Convertible Debentures due February 2001. Proceeds from the offering have been used to repay holders of certain bridge loans an aggregate of approximately $2 million of principal and interest, and the balance will be used for working capital. In addition, Eurotech's recently appointed Board of Directors, which includes Admiral Watkins, Ambassador Maxwell Rabb, the US Ambassador to Italy during the administration of President Reagan, and Lawrence McQuade, an expert in investments in Russia, has designated Peter Gulko to serve as the Company's President. Mr. Gulko is responsible for securing the rights for Eurotech to various technologies emanating from the Former Soviet Union and Israel, including the EKOR material, and for interfacing in Eurotech's behalf with the governments and scientific communities in those countries. Mr. Gulko has been affiliated with the Company since its inception and has built the Company's overseas operations. Concurrent with Mr. Gulko's appointment, the Company relocated its principal offices to Washington, D.C. which will better position the Company to bid for government contracts for safe storage of radioactive waste using the Company's EKOR compound. Currently, the Board of Directors and the President are working to evalute the Company's activities with emphasis on the marketing and sales of commercially viable technologies. Results of their evaluation will the subject of future announcements. Eurotech is a diversified technology holding and management company formed to capitalize on business opportunities through the licensing and commercialization of technologies developed by prominent research institutes and individual researchers worldwide.