Battery Technologies Agrees To Acquire "Accucell" 3rd Quarter Results In Line With Forecast.Business Editors TORONTO--(BUSINESS WIRE)--Nov. 22, 2000 Battery Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTIOF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information .) today announced that it has entered into a letter of intent to acquire 100% of the business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , assets and trademarks of Accucell(TM) Deutschland, owned by Mr. Ronald Muller Mul·ler , Hermann Joseph 1890-1967. American geneticist. He won a 1946 Nobel Prize for the study of the hereditary effect of x-rays on genes. Mül·ler , Johannes Peter 1801-1858. , of Weiblingen, Germany. Accucell Deutschland (http://www.accucell.de) is a personally owned business focused on the marketing, distribution, charger CHARGER, Scotch law. He in whose favor a decree suspended is pronounced; vet a decree may be suspended before a charge is given on it. Ersk. Pr. L. Scot. 4, 3, 7. and applications development of RAM(TM) batteries for Europe. Accucell has progressively built its sales volume each year and has both retail customers (such as Media Market and Mr. Battery) and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers (such as Krupp, a division of Thyssen Industries) and has established itself as the brand name synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as rechargeable batteries A rechargeable battery, also known as a storage battery, is a group of two or more secondary cells. These batteries can be restored to full charge by the application of electrical energy. in Germany. BTI is acquiring the business for 3,000,000 shares of which 2,300,000 shares are payable upon future performance by the principals and the acquired business. The purchase is subject to signing a final binding agreement which is expected to be completed in December and obtaining all necessary regulatory and other approvals. J. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Pope, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Battery Technologies Inc. said: " This proposed transaction will be a key step for BTI towards completing our strategic mandate of becoming a fully vertically integrated company. We anticipate additional announcements in the future, which when combined with our previously announced public offering through Groome capital.com Inc., and our anticipated debt-free status will put BTI well on the road to establishing BTI and RAM(TM) as significant factors in the rapidly developing portable energy sector of the new wireless economy." He further added: "We believe Accucell(TM) is an excellent business with a great brand name, good distribution, state of the art "smart-charger" technology and strong people. We look forward to integrating all of their employees into a new BTI subsidiary, Accucell Gmbh, and anticipate that with solid marketing investment, funded by BTI, it will grow quickly. Germany is the highest developed rechargeable battery market in the world, and with the emerging market and the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Union's pro-environmental attitude and expected legislation, RAM(TM) batteries will be positioned to flourish." In May, 2000, BTI announced that it had retired the Vengrowth debt of $2.0 million, that it had secured agreement from Merita Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , to convert all outstanding debt to equity conditional on completion of the current public offering and that it had entered into an agreement with Groome Capital.com Inc. to raise additional equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to fund more aggressive business expansion plans. The quarter and year to date results approximated those recorded in 1999 before extraordinary items and in previous quarters this fiscal year. However, overall earnings decreased, largely due to several non-recurring, one-time events amounting to in excess of $900,000 recorded in 1999, distorting the true quarter-to-quarter comparison. The balance sheet is further strengthened this year by increased cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. and a more than $2 million reduction in liabilities, primarily accounts payable and debt. Mr. Pope said: "We were very happy to see volume gains from some licensees; the only disappointment on the revenue line relates to government grants which we expect will be renewed upon completion of our financing, targeted for mid-December. The expense side of the business remains very much under control, as does our cash position, both of which position us well for our new business this year and in 2001."
SUMMARIZED BALANCE SHEET (in 000's CDN dollars)
AS AT SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
2000 1999
---------------------
Current
Cash and short term investments 584 35
Accounts receivable 558 873
Prepaid expenses and deposits -- 11
---------------------
1,142 919
---------------------
Deferred charges 147 30
Capital equipment, net 526 621
RAM Technology - intangible assets 836 1,058
---------------------
Total Assets 2,651 2,628
---------------------
Current Liabilities
Accounts payable and accrued liabilities 817 1,295
Bank loans 8,214 9,431
---------------------
Total liabilities 9,031 10,726
---------------------
Shareholders deficit (6,380) (8,098)
---------------------
Total liabilities and shareholders' deficit 2,651 2,628
---------------------
Note: Certain comparative figures for 1999 and 2000 have been
changed to reflect adjustments made by the company's auditors, KPMG,
following their review at June 30, 2000.
SUMMARIZED STATEMENT OF LOSS (in 000's CDN dollars)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
2000 1999
--------------------
Revenue
Royalties and other income 473 551*
Contract research revenue and government
grants 138 331
License fees --- 303*
--------------------
611 1,185*
--------------------
Expenses
Selling, general and administrative 921 1,025
Research and development 559 558
Depreciation and amortization 400 464
Interest and other expenses 711 922
Gain on termination of Partnership agreement --- (792)*
--------------------
2,591 2177*
--------------------
Loss for the period 1,980 992*
Loss per share $0.03 $0.02*
--------------------
*Contains Extraordinary one time items
Note: Certain comparative figures for 1999 and 2000 have been
changed to reflect adjustments made by the company's auditors, KPMG,
following their review at June 30, 2000.
Further detailed quarterly results will be available in the Report to Shareholders to be distributed within a few days. Battery Technologies Inc. holds 42 patents and is engaged in the worldwide commercialization of the RAM(TM) battery technology and other portable energy products. The Company's RAM(TM) licensees and licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. trademarks include: Rayovac Corporation, RENEWAL(TM); Young Poong Corporation, ALCAVA(TM); Grand Battery Technologies, GRANDCELL, and Pure Energy Battery Corporation, PURE ENERGY(TM). RAM(TM) battery products are available in AA, AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. , C and D sizes. BTI's press releases are available through the Company's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Home Page: http://www.bti.ca. Except for the historical statements contained herein, the matters discussed in this news release, including any revenue, expense and earnings expectations, are forward looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially include but are not limited to: the Company's ability to attract licensees with the financial and other resources to develop markets for RAM(TM) batteries, the Company's ability to attract new capital, variable economic conditions, the Company's reliance upon a single production line equipment supplier, disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of production at any of the Company's licensee's manufacturing facilities, political and other disruptive disruptive /dis·rup·tive/ (-tiv) 1. bursting apart; rending. 2. causing confusion or disorder. developments, foreign currency restrictions and/or fluctuations, technological developments by competitors, a successful challenge to the validity of the Company's patents, or any of the other variables referenced in the Company's 20-F filing with the SEC, dated June 29, 2000. Readers are cautioned not to place undue reliance on forward looking statements. Accucell(TM) is a registered trademark of Accucell Deutschland. RAM(TM) is a registered trademark of Battery Technologies Inc., Richmond Hill, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. , Canada. |
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