ComTec International makes announcement.DENVER--(BUSINESS WIRE)--Dec. 21, 1995--Donald G. Mack, president of ComTec International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:NTEM) announced today that the company, along with its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Key Communications Group Inc., (KCG KCG Knowledge Capital Group KCG Chignik, AK, USA - Fisheries (Airport Code) ) is presently in default of several acquisition agreements. Based on promises of capital from the brokerage community and certain investors, a number of acquisitions were targeted for ComTec (formerly known as Nattem USA Inc.) and actively negotiated with non-refundable earnest money A sum of money paid by a buyer at the time of entering a contract to indicate the intention and ability of the buyer to carry out the contract. Normally such earnest money is applied against the purchase price. . These agreements are currently in default and the company intends to attempt to renegotiate them, however, there can be no assurance of success. The company continues to seek and negotiate both debt and 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. and feels that there are some very positive discussions currently taking place that could potentially cure some of the current financial strain. Both Mobile One Communications and Omni Range Communications, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control had significant deposits applied by Key Communications Group Inc., as it felt additional capital would soon be at its disposal. Presently KCG is in default on these acquisitions. Should additional capital be obtained by ComTec or KCG, KCG would fully expect to again pursue completion of the acquisitions. PCC PCC prothrombin complex concentrate. Management has been under an acquisition agreement since August 1995. Although the KCG's intent has been to try to close this transaction, it has been unable to complete its due diligence process largely as a result of the lack of response from Ike Moore. After numerous phone calls and letters from KCG to Moore, KCG has received no response at all. Absolutely none of the company's financial due diligence has been addressed by Moore to this point. It is the company's position that KCG has not rescinded its contract or forfeited any rights to the assets of PCC Management, but instead KCG hopes to complete its due diligence process and eventually close this acquisition. Additionally, John Sandy Productions Inc. (JSP (JavaServer Page) An extension to the Java servlet technology from Sun that allows HTML to be combined with Java on the same page. The Java provides the processing, and the HTML provides the layout on the Web page. ), another acquisition, is presently in default as ComTec attempts to renegotiate its contract. Again, deposits have been made and ComTec hopes to be able to finalize this acquisition soon. The company has been very diligent recently in its attempt to bring the company's financial statements current and hopes to have both the 10-KSB (June 30) and first quarter 10Q filings completed by the end of the year. ComTec's management knows the abovementioned a·bove·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. does not sound very positive but felt its shareholders and the public in general needed to be appraised. Management at ComTec asks you to keep the faith as the company is extremely hopeful that some of its negotiations will come to fruition. Although management is very confident financing for these acquisitions will be available, there can be no guarantee that such financing or acquisitions will come to fruition. ComTec International Inc. is traded on the Electronic Bulletin Board under the symbol NTEM. CONTACT: FinMark Harvey Levin, 800/659-6053 or ComTec International Inc. 303/743-7983 |
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