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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Doug R who wrote (20286)	8/6/1998 3:24:00 PM
From: Doug R	Read Replies (1) \| Respond to of 79270

Some ELGT/Pioneer info just released: Electric & Gas Technology, Inc. Clarifies Pioneer Spin-Off Dividend DALLAS, Aug. 6 /PRNewswire/ -- In response to inquiries, Electric & Gas Technology, Inc. (Nasdaq: ELGT) clarifies its previously announced Pioneer Power, Inc. ("Pioneer") spin-off dividend to its shareholders. Pioneer, an electric transformer company, has estimated annual gross sales of approximately $20 million in Canadian dollars. ELGT will file an information statement relating to the issuance of 1,600,000 shares of Pioneer stock as a dividend to ELGT shareholders. The distribution will be based on approximately one (1) share of Pioneer for each five (5) shares of ELGT held. As a result thereof, Pioneer will become a public company and file a Form 10 registration with the SEC. When public, Pioneer would initially trade in the over-the- counter market. The dividend will be valued at the estimated "Fair Market Value" at the date of distribution. ELGT anticipates the spin-off to stockholders will be determined at some future date of record upon completion of the information statement. 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 is being disseminated 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 and details 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. CO: Electric & Gas Technology, Inc.; Pioneer Power, Inc. ST: Texas IN: OIL SU: DIV 08/06/98 15:16 EDT prnewswire.com