Altair Cancels 723,065 Outstanding Shares.CODY, Wyo.--(BUSINESS WIRE)--April 7, 1998--Altair International (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 :ALTIF) (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AIL AIL 1. Angiocentric immunoproliferative lesion 2. Angioimmunoblastic lymphadenopathy .) Altair International Inc. has negotiated an agreement resulting in the cancellation of 723,065 outstanding shares - representing an immediate reduction of about 5 percent in the total outstanding Altair shares. The agreement involves three of the five remaining parties to a stock escrow initially set up in 1996 as part of Altair's purchase of the Centrifugal Jig from TransMar, Inc. The stock escrow would have allowed Altair stock to be released based on a cash flow formula. The two parties still subject to the escrow agreement Escrow Agreement A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. Notes: For example, an investor who writes a call option and can present an escrow agreement is considered covered. own 266,170 Altair shares. The cancellation agreement provides for release of 180,765 Altair shares between April 28 and December 24, 1998 in return for the immediate cancellation of 723,065 shares. Both the released and the canceled shares have been included in all outstanding stock share computations to date. "The escrow parties have accepted the Altair offer due to their advancing age and declining health concerns," said Dr. William Long, president of Altair. "We are very pleased to be able to negotiate a contracted shareholder base." Altair contacted disinterested holders representing more than 50 percent of the remaining outstanding stock. Every shareholder contacted believed the agreement was positive for Altair and approved of the transaction. Altair International is in the development stage of commercializing its state-of-the-art technology, the Centrifugal Jig, which recovers extremely fine, heavy particulate matter particulate matter n. Abbr. PM Material suspended in the air in the form of minute solid particles or liquid droplets, especially when considered as an atmospheric pollutant. Noun 1. using a combination of a mechanical jig and centrifugal force centrifugal force Fictitious force, peculiar to circular motion, that is equal but opposite to the centripetal force that keeps a particle on a circular path (see centripetal acceleration). . Potential applications include gold/mineral recovery, coal cleaning and environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a . Altair is the 100 percent owner of a large titanium/zircon mineral deposit in Tennessee. This press release may be deemed to contain certain forward-looking statements with respect to the Company that are subject to risks and uncertainties that include, but are not limited to, those identified in the Company's press releases or discussed from time to time in the Company's Securities and Exchange Commission filings. Actual results may vary materially. News releases and other information on Altair can be accessed at no charge at Web Site http://www.ctaonline.com/ir/aig.htm on the Internet. -0- The Alberta Stock Exchange neither approves nor disapproves of the information contained herein. CONTACT: Altair International Inc. William P. Long, 307/587-8245 or Carl Thompson Carl Thompson (Born in 1939) is a luthier specializing in the construction of high-quality custom bass guitars, based in Brooklyn, New York. Born in Pitcairn, Pennsylvania to a large musical family, he moved to New York City in 1967 to pursue a career as a jazz guitarist. Associates Carl Thompson, 303/494-5472 or Carl Thompson Associates Sheila Whitman, 303/494-5472 |
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