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Microcap & Penny Stocks : VLVT (was CSMA) -- Ignore unavailable to you. Want to Upgrade?

To: RealTime who wrote (9979)	10/21/1998 1:15:00 PM
From: KZAP	Read Replies (1) \| Respond to of 11708

Is there a thread on EVTS? Maybe we can do a merger? <<<Company Press Release SOURCE: Environmental Technologies Corporation Environmental Technologies Corporation Announces Discontinuation of Envirotech Systems Inc. LAKEWOOD, N.J., Aug. 19 /PRNewswire/ -- Environmental Technologies Corporation (Nasdaq: EVTC - news) which earlier announced their third quarter results, continues by stating that they will discontinue the operations of Envirotech Systems Inc. [OTC BB:EVTS - news], a subsidiary of Environmental Technologies. Envirotech Systems is a designer, manufacturer and marketer of refrigerant recovery and recycling equipment used by automotive and HVAC technicians. The subsidiary contributed continued significant losses to the company's operations; in fact in the third quarter of 1998 Envirotech Systems contributed a net loss of $253,530, and for the nine months ended June 30, 1998 a net loss of $795,875. With these continued significant losses and the poor market environment in the refrigerant recovery and recycling equipment industry, the Company can no longer continue to invest capital and resources to this segment of its business. The Company has retained an outside investment banking firm to assist in locating a buyer for this subsidiary. The plan to dispose of Envirotech Systems will be finalized and completed within 6 months. Environmental Technologies will refocus on their refrigerant and ballast & lamp recycling core businesses, while discontinuing a non-profitable operation. Jim Burns, President of Environmental Technologies, remarks, ''As previously stated, the company is in the middle of a corporate restructure and it is our strategic plan to focus on our refrigerant and ballast & lamp recycling businesses. The equipment segment of our business contributed steady and continuous losses that we felt would continue into the future. Therefore, it is our plan to focus on the industries that will bring us back to profitability. By expanding our current market share in the refrigerant and recycling businesses combined with several acquisition and joint ventures we currently have on the table, we can quickly return to profitability.'' Environmental Technologies states it will take an approximate $4.8 to $5 million charge in its Fourth quarter related to the discontinuance of its equipment subsidiary. ''With this operation finally behind us,'' explains Chairman and CEO George Cannan, ''we can focus all of our time and attention on the markets segments which have been the most rewarding.'' The company feels that with its restructuring, specifically the combination of the two refrigerant operations into one centralized entity and the addition of independent sales representatives to its consolidated existing sales force, the exclusive agreement signed with a refrigerant patten holder, its potential acquisitions and the planned joint venture it has turned the corner and the prospects for the future look extremely promising. >>> Happy investing! KZAP