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

To: Upstock who wrote (20647)	8/18/1998 2:36:00 PM
From: Doug R	Respond to of 79284

Thanks Al, Today really sucks for ELGT so far. Do you know what issue(s) the release will address? IMNT is breaking out nicely. Doug R

To: Upstock who wrote (20647)	8/18/1998 4:10:00 PM
From: Doug R	Read Replies (3) \| Respond to of 79284

Al, Here it is. It may be taken as a positive that they dodged a bullet but they better make the next deal they try stick. Electric & Gas Technology Puts AfriTel Acquisition On Hold Due To Congo Conflict DALLAS, Aug. 18 /PRNewswire/ -- Electric & Gas Technology, Inc. (Nasdaq: ELGT) advised today that the present military conflict and upheaval in the Democratic Republic of the Congo ("DRC") plus other extenuating circumstances have made it unadvisable to continue with the previously announced proposed acquisition of AfriTel Telecommunications, Inc. ("AfriTel"). QUALCOMM Incorporated (Nasdaq: QCOM), a major U.S. telcom equipment manufacturer, and ELGT have provided financing for AfriTel to provide CDMA wireless local loop system for the DRC. The equipment is currently warehoused in the DRC and is insured. An August 17, 1998 Wall Street Journal article provides an update of the situation in the DRC. The previously announced acquisition of AfriTel by ELGT has been placed on indefinite hold. No stock has been issued in connection with this transaction. ELGT relied upon certain Generally Accepted Accounting Principles basis financial statement representations as to the financial position and valuation of assets primarily relating to the license which were less that previously disclosed. Accordingly, there are no plans to proceed with proxy solicitation at this time. AfriTel's major assets are the equipment and telecommunication license which was issued by the present government of the DRC. The current strife in the DRC could further materially affect the valuation of the financial position of AfriTel. 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.; AfriTel Telecommunications, Inc. ST: Texas IN: TLS SU: TNM 08/18/98 15:47 EDT prnewswire.com