Altair International Gold Inc. -- acquisition of Trans Mar Inc.CODY, Wyo.--(BUSINESS WIRE)--Feb. 3, 1995--Altair International (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) The purpose of this news release is to clarify the release issued February 2, 1995, by the company. Altair International Gold, Inc., through its wholly owned U.S. subsidiary, Mineral Recovery Systems Inc. (MRS MRS - Modifiable Representation System. An integration of logic programming into Lisp. ["A Modifiable Representation System", M. Genesereth et al, HPP 80-22, CS Dept Stanford U 1980]. ), executed an arms length Definitive Option Agreement to acquire all of the outstanding stock of Trans Mar, Inc. (TMI TMI Too Much Information TMI Three Mile Island TMI TRMM Microwave Imager TMI Transactions on Medical Imaging TMI Texas Military Institute TMI Teen Missions International TMI Tauber Manufacturing Institute ). MRS must exercise the option prior to April 1, 1996. TMI holds patents in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and several other countries on the Campbell Centrifugal Jig (CCJ See citizen journalism. ). The U.S. patent for the CCJ was issued in July 1981. A U.S. patent on the pulsing system was issued in March 1991. The CCJ is a machine designed to continuously separate fine sized mineral particles based on differences in specific gravity specific gravity, ratio of the weight of a given volume of a substance to the weight of an equal volume of some reference substance, or, equivalently, the ratio of the masses of equal volumes of the two substances. . If testing of the two prototype CCJs is successful, Altair's management believes the machine could find wide use in the minerals industry. If the option is exercised, MRS will pay the TMI shareholders $20,000,000 U.S., commencing no later than April 1, 1996. Seven million dollars is to be paid in cash and/or stock of Altair over a four year period. Any payment in Altair shares is solely at the discretion of Altair. The price per share will be determined at the time of issue. The issuance of shares will require the approval of the Alberta Stock Exchange and may require the approval of Altair shareholders. The remaining $13,000,000 will be paid from 2.5 percent of the combined gross revenues of MRS and TMI generated by the CCJ. Should no revenues be generated, no payment will be made. During the option period MRS must take two equal payments of $25,000 U.S. to the TMI Shareholders. In addition, MRS must pay TMI $15,000 U.S. per month. The monthly payment is a credit towards the $600,000 research and development expenditure required during the option period. The company is in the process of attempting to raise $200,000 by way of a private placement of 1,000,000 shares at 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. to an arms length party. The private placement also includes warrants for 1,000,000 shares at an exercise price of 20 cents a share. The proceeds in part will be used to satisfy the initial obligations under the option agreement. Altair International Gold shares are listed on The Alberta Stock Exchange (symbol AIG). -0- Note to Editors: The Alberta Stock Exchange neither approves nor disapproves of the information contained herein. CONTACT: Altair Inc. Dr. William Long, 307/587-8245 |
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