Cetek Technologies Completes $1 Million Financing.POUGHKEEPSIE, N.Y.--(BUSINESS WIRE)--April 7, 1999--Cetek Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CTKT) manufacturer of advanced structural and electronic ceramics, announced today that they have now completed a $1 million Regulation D private financing. 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. Fayiz Hilal, stated: "We are very pleased as this funding will allow Cetek greater flexibility in evaluating and negotiating with acquisition candidates." The company also announced that its audit for fiscal year 1998 is nearing completion and expected within 30 days. Upon completion of the audit, Cetek intends to file Form 10 with the S.E.C. so as to become a fully reporting company. It remains the company's intention to achieve eligibility for a Nasdaq Small Cap listing this calendar year. In other developments, Cetek has cancelled negotiations with Microtel International for the purchase of its subsidiary HYCOMP. Cetek's management cited discrepancies in financial information discovered during Cetek's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process. Nevertheless, Cetek Technologies will press forth in its previously stated objective to expand by both internal means, as well as external means, via the acquisition vehicle. Several other acquisition candidates are identified and are in current review with management. The company intends to keep shareholders informed of further developments as warranted. Cetek produces and markets industrial ceramics for structural and electronic applications including aerospace, bioceramics, insulators and integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for packages. Cetek has been aggressively exploring expansion options and has several acquisition targets identified. In 1996, the Department of Commerce recognized Cetek's exclusive process, which eliminates much of the costly machining, when Cetek was awarded a contract to develop the material for the back plane of the FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. (flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time ) video technology. In a recent publication of the Industrial Physicist it was viewed that FPDs could be the next semiconductor industry breakthrough. 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. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products; delays in testing and evaluation of products; and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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