A.D. TECH buys back 297,610 common shares; 'Special Exercise Period' for warrants conversion has expired.TAUNTON, Mass.--(BUSINESS WIRE)--July 11, 1996--A.D. TECH Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADTC ADTC Armament Development Test Center ADTC Advanced Data Tools Corporation ADTC Apparel Training and Design Centre (India) ADTC Advance Data Transfer Cartridge ADTC Advanced Data Transfer Cartridge ) announced today that, with proceeds from its new bank credit facility, the company has bought back 297,610 shares of its common stock from Printpack Inc. at a discount to market price. This stock buy back, which reduces the number of outstanding shares by about 7 percent, was part of an agreement reached at the end of 1995, and disclosed in the company's 1995 10K, to terminate an exclusive licensing agreement with Printpack. A.D. TECH continues to supply materials to Printpack for microwave food packaging and considers Printpack to be a key customer going forward. However, Printpack no longer has exclusive rights to A.D.TECH's patented technology. As previously announced, the company's "Special Exercise Period" for its warrants conversion was concluded successfully at 5 p.m. EST (Eastern Standard Time) yesterday, July 10. "We are extremely pleased with the results," said Glenn J. Walters, A.D. TECH's president/CEO. "Proceeds from the warrant conversion program will allow us to continue our product and technology development efforts as well as assist in capacity expansion and enable the execution of our acquisitions strategy." A.D. TECH develops and manufactures high-resolution, patterned, vacuum-metallized coatings for a variety of energy-management applications -- including microwave food packaging, authentication holograms, electronic article surveillance See EAS. tags, electrostatic discharge (hardware, testing) Electrostatic Discharge - (ESD) One kind of test that hardware usually has to pass to prove it is suitable for sale and use. The hardware must still work after is has been subjected to some level of electrostatic discharge. materials, electronics, and retroreflective films -- using the company's proprietary metallization Met`al`li`za´tion n. 1. The act or process of metallizing. process, Pattern Metallization Printing ("PMP See point-to-multipoint and portable media player. PMP - Portable Media Player "). CONTACT: A.D. TECH Inc. Glenn Walters, 508/823-0707 or Ronald Trahan Associates Inc. Ronald Trahan, 508/651-1180 |
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