THERMO TECH(TM) TECHNOLOGIES INC. ENTERS INTO MANAGEMENT
change discussions with Thermo Tech(TM)Ventures, Inc.
Listed OTC BB Trading Symbol: TTRI.F
LANGLEY, BC, April 6 /CNW-PRN/ - THERMO TECH(TM) TECHNOLOGIES INC. (the ''Company'') announces today discussions have commenced with Thermo Tech(TM) Ventures, Inc. toward restructuring management in an effort to expedite moving the company forward on several critical initiatives. These discussions stemmed from both current management's desire to implement provisions of the Vision Statement released last fall and changes suggested by Thermo Tech(TM) Ventures, Inc. deemed necessary to comply with the terms of the new debt financing available to Thermo Tech(TM) Ventures, Inc.
Discussions on management change have been focused at both the board of director and senior management levels. Significant changes are being considered at the board of directors to reflect an independent membership with specific industry experience in the area of waste management and related industries. Current discussions revolve around Rene Branconnier, President and CEO, to continue in the role of Chairman and for Kevin Simpson of Thermo Tech(TM) Ventures, Inc. to assume President and CEO of Thermo Tech(TM) Technologies Inc. with responsibilities of implementing the vision of Thermo Tech(TM) Technologies Inc. and managing day to day operations. These changes are in accordance with Thermo Tech(TM) Ventures, Inc. financiers requirements and in keeping with the Vision Statement released last fall.
With this restructuring we would implement the following changes to return Thermo Tech(TM) Technologies Inc. to NASDAQ Small Cap and then ultimately to National Market:
1. Implement all available cost reductions to maximize revenues
and net profits;
2. Increase earnings per share by reducing number of outstanding shares
through a stock repurchase program;
3. Expedite the completion of the Hamilton expansion and getting
utilization to full capacity at both Hamilton and Richmond
facilities; and
4. Aggressively expand market share by closing on-going and new Thermo
Master(TM) Mark II plants which demonstrate strong economics.
Rene Branconnier, President and CEO commented, ''These discussions mark a significant change in pace and direction for Thermo Tech(TM) Technologies Inc. This will be no surprise for those who read our Vision Statement released last fall. Management knew changes were required, however it was a matter of finding the proper group to bring it about. We firmly believe Kevin Simpson and the added strength that he brings with Thermo Tech(TM) Ventures, Inc. can help us move to the next level. With the strong experienced management that Thermo Tech(TM) Ventures, Inc. brings, coupled with their access to debt financing, will hasten the changes required to bring Thermo Tech(TM) Technologies Inc. back to NASDAQ Small Cap and ultimately to NASDAQ National Market. I believe these discussions reflect our shareholders' best interest. Management is aggressively pursuing these discussions and will communicate the details of the outcome to our shareholders as soon as they are concluded.''
Thermo Tech(TM) Technologies Inc. is a leader in organic waste recycling with offices in Vancouver and Toronto, Canada. Thermo Tech(TM)'s patented thermophilic process is utilized in compact and environmentally friendly Thermo Master(TM) plants to convert biodegradable food waste into high protein animal feed and wastewater treatment sludges into fertilizer concentrate.
Certain statements contained herein are ''forward looking statements'' (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management. Because such ''forward looking statements'' are subject to risks and uncertainties, actual results may differ materially from those expressed or implied. Such ''forward looking statements'' include but are not limited to, competitive factors, general economic condition, customer relations, relationships with vendors, government supervision and regulation, product introductions and acceptance, technological changes in industry practices, and other factors discussed in filings made by the Company with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD OF DIRECTORS OF
THERMO TECH(TM) TECHNOLOGIES INC.
Per: (signed)
Rene J. Branconnier
President and CEO
(TM) The terms Thermo Tech(TM) and Thermo Master(TM) are registered trademarks of Thermo Tech(TM) Technologies Inc. The term Thermo Master(TM) is licensed for use by Hamilton Bio Conversion Inc., Brampton Bio Conversion Inc., Richmond Bio Conversion Inc., Oshawa Bio Conversion Inc. and Niagara Bio Conversion Inc. SOURCE Thermo Tech(TM) Technologies Inc.
-0- 4/6/99 /CONTACT: Vancouver Corporate Office, 20436 Fraser Highway, Langley, B.C. V3A 4G2, Tel: (604) 514-8390; Langley Investor Relations Office, 101-20436 Fraser Highway, Langley, B.C. V3A 4G2, Tel: (604) 534-5085; Toronto Corporate Office, 204-195 County Court Blvd., Brampton, Ontario L6W 4P7, Tel: (905) 450-8866/
(TTRIF)
CO: Thermo Tech(TM) Technologies Inc. ST: British Columbia IN: ENV
SU:
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