Announcement -- Metal Recovery Technologies Inc. And Metals Investment Trust Limited.TORONTO--(BUSINESS WIRE)--Aug. 13, 1999-- Further to the announcement dated June 18th 1999, the directors of MRTI MRTI Mission Responsibility Through Investment Committee MRTI Moscow Radio-Technical Institute MRTI Motorola Radio-Telephone Interconnect have sought to clarify the position and commitment of Meyado International Limited ("Meyado") to MITL MITL Man-In-The-Loop MITL Magnetically-Insulated Transmission Line MITL Meet In The Lobby . To date, Meyado has invested US$ 1.4 million in MITL and your directors believe that Meyado has an obligation to invest a further US$ 2.6 million. To date, Meyado has failed to meet this obligation. Accordingly, your directors are now seeking to reassert control over MITL and have today requisitioned MITL to convene a board meeting of MITL shareholders to remove Mr. Gunnar Skoog from the MITL board and to appoint Dr. William Morgan as a director of MITL. Further, your board is informed that certain creditors of MRTI have filed an involuntary bankruptcy petition against MRTI, however, until such time as an order for relief is entered in those proceedings, MRTI is free to operate independently. Metal Recovery Technologies Inc. utilizes a patented process that removes zinc from galvanized gal·va·nize tr.v. gal·va·nized, gal·va·niz·ing, gal·va·niz·es 1. To stimulate or shock with an electric current. 2. steel scrap yielding two end products: 99.8 percent pure zinc, and the high quality reusable "black" scrap steel. The dezincing technology has been developed by Metal Recovery Technologies in partnership with the Argonne National Laboratory Argonne National Laboratory, research center, based in Argonne, Ill., 27 mi (43 km) SW of downtown Chicago, with other facilities at the Idaho National Engineering Laboratory, 50 mi (80 km) W of Idaho Falls, Idaho. Founded in 1946 by the U.S. and the United States Department of Energy The United States Department of Energy (DOE) is a Cabinet-level department of the United States government responsible for energy policy and nuclear safety. Its purview includes the nation's nuclear weapons program, nuclear reactor production for the United States Navy, . A further announcement will follow in due course. |
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