A.D. Tech board votes to modify previously announced warrants conversion program.TAUNTON, Mass.--(BUSINESS WIRE)--April 15, 1996--The Board of Directors of A.D. TECH Inc. (Nasdaq: 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 ) has voted to allow a modification of a warrant conversion program announced on April 8, 1996, which offered a 30-day "window" during which time holders of the company's 1,150,000 Outstanding Redeemable Warrants could purchase one share of Common Stock for each warrant. Originally, two warrants enable the holder to purchase one share of Common Stock with a strike price of $5, a call price of $7, and an expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of March 8, 1997. A.D. TECH's board has added a "B" Warrant to the conversion program, such that one Warrant will entitle the holder to purchase one share of Common Stock for an exercise price of $5, and to receive at no additional charge one Class B redeemable Common Stock Purchase Warrant. The Class B Warrants will enable to holder to purchase one share of Common Stock at $5 per share, will expire two years following the date the "window" begins and will be callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. by the company if the company's Common Stock trades at or above $7 per share for ten consecutive days. The Class B Warrants will become exercisable after the company has increased its number of authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. of Common Stock. "The Board of Directors and management are pleased to proceed with this Warrant-conversion program, which is consistent with advice from our investment bankers. We believe it will provide value to the company, its stockholders and warrant holders, given A.D. Tech's acquisition goals for 1996," said Glenn J. Walters, president and chief executive officer. The 30-day window will commence upon the effectiveness of a registration statement filed by the company with the Securities and Exchange Commission (SEC) to register the stock and Class B Warrants underlying the Warrants. The company will file an application to have the Class B Warrants quoted on the Nasdaq Small Cap Market. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the shares of Common Stock underlying the warrants has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 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 materials, microwave sterilization sterilization Any surgical procedure intended to end fertility permanently (see contraception). Such operations remove or interrupt the anatomical pathways through which the cells involved in fertilization travel (see reproductive system). devices and retroreflective films -- using the company's proprietary metallization Met`al`li`za´tion n. 1. The act or process of metallizing. process including a new Pattern Metallization Printing ("PMP See point-to-multipoint and portable media player. PMP - Portable Media Player ") process. CONTACT: A.D. TECH Glenn Walters, 508/823-0707 or Ronald Trahan Associates Inc. Ronald Trahan, 508/651-1180 |
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