Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: STEAMROLLER who wrote (138)	7/14/1998 9:24:00 AM
From: Upstock	Read Replies (1) \| Respond to of 119973

ELGT news Tuesday July 14, 7:59 am Eastern Time Company Press Release SOURCE: Electric & Gas Technology, Inc. Electric & Gas Technology, Inc. Executes Letter of Intent For 20% Interest in Pioneer DALLAS, July 14 /PRNewswire/ -- ELECTRIC & GAS TECHNOLOGY, INC. (Nasdaq: ELGT - news) today announced execution of a Letter of Intent with Provident Pioneer Partners L.P. of New York, owner of Pioneer Transformer Ltd. (''Pioneer''). ELGT has agreed to exchange a $1,250,000 Note Receivable which had been previously reserved, into a 20% interest in Pioneer. For the year ended December 31, 1997, Pioneer, a Canadian company, reported revenues of approximately, $16,000,000 and an EBITDA of approximately $515,000 in Canadian dollars. For the first five months of 1998, Pioneer reported approximately $8,000,000 in revenue with an EBITDA of approximately $496,000 in Canadian dollars. ELGT intends to spin off 1,600,000 shares of Pioneer as a dividend to its shareholders with an anticipated record date of July 31, 1998. This will result in approximately one share of Pioneer for every five shares of ELGT held. As previously announced, ELGT continues to pursue its AfriTel acquisition and financing pursuant to a definitive agreement and anticipated filing of a proxy requiring stockholders' approval. To date, ELGT has financed $2,500,000 for a wireless loop telephone system in Kinshasa, Democratic Republic of Congo. Additional vendor financing is supplied by QUALCOMM Incorporated, a major telecom equipment supplier. World Technology Systems LLP paid ELGT $300,000 in cash and a note for $200,000 plus interest and fees due in equal payments commencing August 1, 1998. This repayment was in lieu of ELGT converting said note into equity. Electric Gas & Technology, Inc. was formed in 1985 to serve as a holding company for operating subsidiary corporations. These subsidiaries operate in three distinct business segments: water products, natural gas equipment and electrical equipment/meter enclosures. The company is dedicated to internal growth related to its atmospheric water technology in addition to growth through acquisition. This material was prepared by The Hawke Group, Inc. (''Hawke'') for the Company discussed herein, based upon Company supplied information or other sources believed to be reliable. The information is not guaranteed by Hawke for accuracy or to be all inclusive. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. This news release contains forward-looking statements that are subject to risks and uncertainties, including timely product development and commercial implementation of products, as well as the other risks detailed from time to time in SEC reports. This material is information only and is not an offer or solicitation to buy or sell the securities. Hawke, its affiliates, and/or its officers, directors and employees may from time to time have a position in these securities. SOURCE: Electric & Gas Technology, Inc. More Quotes and News: Electric & Gas Technology Inc (Nasdaq:ELGT - news) Related News Categories: oil/energy