Press Release:
Thermo Tech(TM) Technologies Inc. Announces Termination Of Eastern European
License Agreement With Trooper Technologies Inc.
PR Newswire - May 26, 1998 11:38
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VANCOUVER, May 26 /CNW-PRN/ - Thermo Tech(TM) Technologies Inc.
Listed NASDAQ
Trading Symbol: TTRI.F
THERMO TECH(TM) TECHNOLOGIES INC. (the ''Company'') announces that it has terminated the Eastern European License Agreement
with Trooper Technologies Inc. (''Trooper''). The Company has commenced an action in the British Columbia Supreme Court to obtain a
declaratory order from the Court that the License Agreement is terminated and an injunction against both Trooper and its Polish subsidiary
prohibiting any further use of the Company's patented technology, trade marks, trade secrets and know-how. The Company is also seeking
judgement against Trooper and International Eco-Waste Systems S.A. (''Eco-Waste'') for damages caused to the Company's business
interests in Poland and an order requiring them to deliver up all specifications, know-how, trade secrets, permits, plans, drawings, Letters of
Intent and any patent applications relating to thermophilic plants. The Company also has brought suit in Poland to enjoin such conduct in
that country.
The termination results from actions taken by Trooper and its unlicensed subsidiary, Eco-Waste, in attempting to establish thermophilic
digestion waste processing plants in Poland. Trooper has purported to enable Eco-Waste to establish plants in Poland without fulfilling the
strict requirements of the License Agreement. In addition, Eco-Waste engaged in negotiations and entered into contracts with parties in
Poland who have not entered into confidentiality agreements with the Company, as required by the License Agreement. The Company
believes that the actions taken by Trooper in Poland have been materially detrimental to the business interests of the Company in Poland.
The Company is also pleased to provide an update on proceedings before the British Columbia Supreme Court in the matter of the contempt
application brought by Trooper. The Company and Trooper appeared before the Court on Thursday, May 21, 1998. The hearing was limited
to the motion against the Company for contempt. The judge ruled that contempt proceedings could go forward against the two corporate
defendants but not personally against Mr. Ren Branconnier, President and CEO of the Company.
The Court heard the testimony of Mr. Ross Lewis of Stothert Engineering who explained his opinion that the Company had delivered the
documentation required under the License Agreement. The Court also heard testimony of Mr. Dan Cumming, a director of the Company,
who testified as to the difference between the Company's current technology, known as the Thermo Master(TM) Mark II Process and
Thermo Master(TM) Mark II Plant, in contrast to the earlier technology licensed to Trooper. Trooper's expert, Mr. Harlan Kelly, P.Eng,
testified under oath that he, and other competent engineers, could build a thermophilic plant from Thermo Tech(TM)'s documentation as
provided to Trooper in 1992 and updated in 1998, by Thermo Tech(TM). Mr. Kelly's sworn testimony supports the Company's position that
it has complied with the requirements of the Eastern European Licence Agreement.
The Court adjourned proceedings to June 12, 1998 at which time the Court will consider a recent affidavit from Mr. Liebowitz, General
Counsel for the Company, and receive further arguments from both the Company and Trooper. The Company maintains its position that it
has complied with the order of the Court and is confident that its position will be upheld.
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 waste water 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:
--------------------
Daniel B. Cumming
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 licensed for use by Hamilton Bio Conversion Inc., Brampton Bio Conversion Inc., Richmond Bio Conversion Inc.,
Oshawa Bio Conversion Inc. and Niagara Bio Conversion Inc.
SOURCE: Thermo Tech(TM) Technologies Inc.
/CONTACT: Daniel B. Cumming, Director, Vancouver Corporate Office
(604) 514-8390; Toronto Corporate Office (905) 450-8866; Atlanta Corporate
Office (404) 816-9003/
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