Compositech Ltd. Agrees To Settle Debt With Its Largest Trade Creditor by Issuance of Stock At A Premium To Market.Business Editors/High Tech Writers RONKONKOMA, N.Y.--(BUSINESS WIRE)--Feb. 12, 2001 Compositech Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CTEK), a developer of high tech laminates for the printed circuit board industry, today reported that it has entered into an agreement with its largest trade creditor to settle a debt of nearly $400,000 by the issuance of stock at a premium over the current market price. The settlement, which is subject to Compositech obtaining of a license for its technology or the completion of a merger with farmbid.com, Inc., will result in the issuance of approximately 847,000 shares of common stock computed at an agreed price of 45 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Compositech stopped manufacturing its patented superior performing CL200+ laminates in 1999. Since then the Company has been working on a program to license its technology and recently began the initial phase of a program intended to result in granting a license for a prospective 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. to manufacture the CL200+ laminates. "We are pleased that we could effect this arrangement with our largest trade creditor," said Samuel S Samuel, two books of the Bible, originally a single work, called First and Second Samuel in modern Bibles, and First and Second Kingdoms in the Septuagint. They are considered part of "Deuteronomistic history," in which the book of Deuteronomy functions as the . Gross, Compositech's Chief Financial Officer. "We are negotiating fixed conversion of our trade debt and other debt into common stock or reduced payouts. We expect to make more announcements in this respect in the near future," he added. "We are continuing discussions with farmbid.com, Inc., but the process has been slowed due to current market conditions," he concluded. About Compositech Ltd. Compositech Ltd. has developed innovative and superior copper-clad and fiberglass fiberglass, thread made from glass. It is made by forcing molten glass through a kind of sieve, thereby spinning it into threads. Fiberglass is strong, durable, and impervious to many caustics and to extreme temperatures. epoxy epoxy Any of a class of thermosetting polymers, polyethers built up from monomers with an ether group that takes the form of a three-membered epoxide ring. The familiar two-part epoxy adhesives consist of a resin with epoxide rings at the ends of its molecules and a curing laminates used to make printed circuit boards, which are essential components of personal computers, workstations, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , Internet servers and telecommunications equipment. Compositech is currently engaged in locating suitable licensees, joint venture partners or purchasers for its patented technology and equipment design. Compositech(TM) and CL200(TM) are trademarks of Compositech Ltd. Forward Looking Statement The statements made in this press release contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations. In addition to the matters described in this press release, risk factors listed from time to time in the Company's SEC reports and filings, including, but not limited to, its report on Form 10-QSB for the quarter ended September 30, 2000 and its report on Form 10-KSB for the year ended December 31, 1999, may affect the results achieved by the Company. |
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