To: BobSugar who wrote (10896 ) 4/1/1999 9:56:00 AM From: Shark King Read Replies (2) | Respond to of 15987
"LOCH" NEWS Thursday April 1, 12:36 am Eastern Time Company Press Release SOURCE: Loch Harris, Inc. Private Capital Firm Funds Loch Landmine Prototype RENO, Nev., April 1 /PRNewswire/ -- Coldwater Capital, a Reno, Nevada-based private investment fund, has agreed to invest $1 million in Loch Harris, Inc. (OTC Bulletin Board: LOCH - news), to fund development of a new generation landmine detector, according to fund manager Mark Neuhaus. The investment will be used by Chemical Detection Technology, Inc. (ChemTech), a Loch Harris subsidiary, to produce a working prototype of a powerful, non-intrusive device that the company claims will detect buried landmines from distances as far as 30 meters. The ELF, as it is called, acronym for Eliminate Landmines Forever, is the invention of noted Arizona physicist Dr. Henry Blair, now a ChemTech consultant. Blair will personally direct construction of the prototype and write the software that interprets its readings in real time. Details of the agreement were not announced, but Neuhaus said Coldwater's investment gives them a very satisfactory position in Loch Harris. That would mean an interesting stake in ChemTech, he said, should Loch Harris achieve its previously announced goal to spin off ChemTech as a separate company. Neuhaus said Loch Harris, an Austin, Texas-based technology incubator, has been an object of Coldwater's study for some time. ''We are no strangers to unique and innovative technologies. Our investments have been and always will be focused on innovative corporations that strategically align themselves with products that have multi-industry applications in worldwide markets.'' ''We are not just after market share,'' he said. ''The future demands new and creative products that stretch current thinking and technologies. Loch Harris appears to be moving in this manner on several fronts. This is a long term alliance that should have sweeping implications.'' Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. SOURCE: Loch Harris, Inc. --------------------------------------------------------------------------------