Advanced Refrigeration Technologies -ART- Announces 21st Century Energy Acquisition.Business Editors ORANGE, Calif.--(BUSINESS WIRE)--Nov. 7, 2001 Advanced Refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARGT ARGT annual ryegrass toxicity. ), manufacturer of energy efficiency products for commercial refrigeration, today announced that it has acquired 21st Century Energy Inc. "The combination of 21st Century Energy Inc. and Advanced Refrigeration Technologies Inc. allows ART to dramatically increase sales and customer service," said Rick R. McEwan, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Advanced Refrigeration Technologies. "ART's products are starting to take off; with this acquisition ART will have added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Under the terms of the transaction Advanced Refrigeration Technologies will acquire all of the assets and liabilities of 21st Century Energy in consideration for the issuance of 200,000 shares of ARGT stock and 200,000 warrants exercisable at $0.50 per share to the principals of 21st Century Energy. As part of the transaction, the principals of 21st Century energy agreed to participate in a private placement offering in Advanced Refrigeration Technologies. About Advanced Refrigeration Technologies Advanced Refrigeration Technologies is a developer and manufacturer of energy efficiency products for walk-in refrigeration. The ART products' ability to save energy and cut electrical costs have been proven in tests performed by the U.S. Department of Energy. Further testing and validation was conducted by Lawrence Berkeley National Laboratory Lawrence Berkeley National Laboratory and Lawrence Livermore National Laboratory, scientific research centers run by the Univ. of California, located in Berkeley, Calif., and Livermore, Calif., respectively. , with positive results. Additionally, the products have been evaluated by the Federal Energy Management Program (FEMP FEMP Federal Energy Management Program FEMP Fernald Environmental Management Project (DOE site near Cincinnati, OH) ), and have received a positive recommendation and been approved for installation in federal facilities. About 21st Century Energy 21st Century Energy is a distributor of Advanced Refrigeration Technologies products. They have an established customer and installation base for ART products, along with an in-place sales staff. For further information contact Advanced Refrigeration Technologies, Rick R. McEwan, at 714/997-0397 or rmcewan@artcontrollers.com. This news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially from the statements contained herein. Such risks are disclosed from time to time in the company's regulatory reports and filings. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion