Applied Carbon to close Ontario mine; Stratmin acquires 49.5% interest in Applied Carbon.MONTREAL--(BUSINESS WIRE)--Nov. 29, 1994--Applied Carbon Technology Inc. ("Applied Carbon") and Stratmin Inc. ("Stratmin") announced today that Stratmin purchased 18,125,000 Common Shares in the capital of Applied Carbon representing approximately 49.5% of the total issued and outstanding Common Shares from affiliates of The Hillman Hillman was a famous British automobile marque, manufactured by the Rootes Group. It was based in Ryton-on-Dunsmore, near Coventry, England, from 1907 to 1976. Before 1907 the company had built bicycles. Company. The total consideration paid by Stratmin consisted of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. which are convertible into 1,607,143 Common Shares of Stratmin. In connection with the change of control in Applied Carbon, a new board of directors has been appointed and a new management team will be put in place shortly. In the course of the next few months, Applied Carbon intends to: -keep the graphite graphite (grăf`īt), an allotropic form of carbon, known also as plumbago and black lead. It is dark gray or black, crystalline (often in the form of slippery scales), greasy, and soft, with a metallic luster. ore processing plant located in Kearney, Ontario Kearney is a town in the Parry Sound District of Ontario, Canada. At one time Kearney was a Hamlet in the township of Perry, from which the it separated in 1908, when it incorporated as a town. The original parcel of land included 600 acres (2.4 km²). closed until the graphite market regains its strength; -carry out studies in order to find ways to increase the economic viability of the Kearney plant; and -increase the annual milling capacity of the blending unit located in Brocton, New York Brocton is a village in Chautauqua County, New York, United States. The population was 1,547 at the 2000 census. The name was derived by combining parts of the names "Brockway" and "Minton" (two locally prominent families). , to 7,000 metric tonnes in 1995 and to 9,000 metric tonnes in 1996. Furthermore, Applied Carbon intends to undertake a rights offering, subject to receipt of all requisite regulatory approvals, within the next few weeks in order to raise approximately $2,000,000 to meet its continuing financial obligations. Prior to the sale, the board of directors of Applied Carbon concluded that its idled Ontario graphite mine should be closed. Accordingly, an estimate of the realizable value of mining assets and the costs of the closure, together with the financial effect of the closure on the continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , has been made. A write- down of $42,624,723 has been recorded in the quarter ending September 30, 1994 to reflect the estimated impact of these determinations. Stratmin has no present intention to increase or decrease its holdings in Applied Carbon, although it may increase its holdings if additional Common Shares of Applied Carbon become available at prices attractive to Stratmin. -0- NO REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities HAS APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE. CONTACT: Applied Carbon Technology, Montreal Alain Taillefer or Rick Guerin, 514/866-6001 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion