Chill Tech Appoints President and Terminates Development of Self-Chill Can.Business Editors CARSON CITY Carson City, city (1990 pop. 40,443), state capital, W Nev., in the Eagle valley; inc. 1875. The city is a trade center for a mining and agricultural area. State government is the major employer, and tourism is economically important. , Nev.--(BUSINESS WIRE)--May 3, 2000 Chill Tech Industries Inc. (trading symbol Trading symbol See: Ticker symbol "CHIL CHIL Current Hogging Injection Logic CHIL Consolidated Hazardous Items List ") (the "company") Wednesday announced that the board of directors appointed Gary J. Knapp as president of the company. Knapp replaces Dr. Ian W. Woods, who resigned for personal reasons. The directors thank Woods for his time and efforts on the company's behalf. Based on the results of an independent analysis, the directors determined that any further development of the self-chilling can project (called the "Wonder Can" or "Arctic Can") is not in the company's best interests. The independent test showed that the refrigerant re·frig·er·ant adj. 1. Cooling or freezing; refrigerating. 2. Reducing fever. n. 1. A substance, such as air, ammonia, water, or carbon dioxide, used to provide cooling either as the working substance of for the can had a substantial quantity of an environmentally banned substance banned substance n (SPORT) → sustancia prohibida banned substance n → sostanza al bando (nello sport) . The presence of this substance was never disclosed to the company by Will-bes & Co. Ltd., ("Will-bes") owner and licensor of the can. Will-bes failed to fulfill the terms and conditions of the licensing agreement, including the failure to secure for the can, approval of the U.S. Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and . The company will not pursue any additional activities regarding the development of the self-chill can. Disclosures have been made to appropriate parties. Because of the termination of the self-chilling can project, the consulting (management) contract between Biscay Management & Consulting Ltd. and the company has been terminated by mutual agreement. The company has been actively pursuing other projects and will continue to do so in the future. Statements about the company's future expectations, including future revenues, earnings and transactions, as well as all other statements in this news release other than historical facts are "forward-looking statements" within the meaning of 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 company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results and other corporate developments could differ materially from that which has been anticipated in such statements. |
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