American Fire Retardant and American Safety Products Announce Letter of Intent to sell GLOVEBOX to Their Master Distributor.SANTEE, Calif. -- American Fire Retardant fire retardant Public health A chemical used to resist combustion, which may contain polybrominated biphenyls and antimony oxide Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AFRT AFRT American Financial Realty Trust AFRT Association Française pour la Recherche Thérapeutique AFRT Armed Forces Relief Trust AFRT Association Française pour la Recherche sur la Trisomie 21 AFRT Archivio Fotografico della Regione Toscana ), through its American Safety Products division, announced today that they have an agreement in place with PTS PTS put to sleep; a common euphemism for euthanasia, but also used to describe general anesthesia. , Inc (OTCBB:PTSO PTSO Parent-Teacher-Student Organization PTSO Personnel Transaction Summary By Originator ) to sell GLOVEBOX(R) Inc., for a substantial profit. PTS, Inc, who has a number of major clients, has received substantial interest in GLOVEBOX(R) over the past year and has signed distribution agreements throughout Asia. They expressed interest in the purchase of GLOVEBOX, Inc. earlier this year and have now entered into an agreement to purchase 100% of the company from American Safety Products and American Fire Retardant. The terms and conditions of the sale will be disclosed and closed in a definitive agreement within the next 90 days. Mr. Chin, President of PTSO said, "I am excited that we have come to an agreement with American Safety Products, American Fire Retardant and GLOVEBOX, Inc. This is a product that is needed in all hospital and healthcare facilities and we at PTS have worked hard to pioneer the Asian market for this product." Mr. James Wheeler, Vice President of Sales and Marketing of American Fire Retardant Corp., said, "This transaction will benefit the company and shareholders of American Fire Retardant, not only from the profit derived from the sale but by allowing us to stay focused on our core competencies and the growth mandate initiated by Mr. Stephen F. Owens." He added, "We have made tremendous progress this year in areas of debt reduction and have made strides towards overall profitability." About American Fire Retardant Corporation American Fire Retardant Corp. (OTCBB:AFRT), www.americanfireretardant.com, is in the business of developing, manufacturing and marketing a line of "Life Safety" products including interior and exterior fire retardants. American Fire Retardant Corp. and their American Safety Products Company also designs new technology for the Life Safety marketplace and the fire resistive resistive /re·sis·tive/ (re-zis´tiv) pertaining to or characterized by resistance. applications that are being mandated by local, state and governmental agencies. Additionally, the company is active in the construction industry as sub-contractors for fire stop and fire film installations. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for 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. : Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. |
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