Compositech Ltd. Announces Termination of Merger Negotiations With Netdirect International Corporation.Business Editors HAUPPAUGE, N.Y.--(BUSINESS WIRE)--March 6, 2000 Will Continue to Pursue Licensing Program and Resume Other Merger Discussions Compositech Ltd. (Nasdaq:CTEK), a developer of high tech laminates for the printed circuit board industry, announced today that merger negotiations with Netdirect International Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :VTC VTC - video teleconferencing ) have terminated. "The timetable for the merger was delayed because of Netdirect's pending acquisition of HardwareStreet.com," said Compositech Chairman 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. Jonas Medney. "This caused Netdirect to revise their business plan to emphasize strategic partnerships directly in their line of business." Greg Appelhof, President and CEO of Netdirect stated: "Compositech's technology, while very exciting, would require us to divert our focus from the new business strategy." "This releases us from our stand-still obligations," Medney added. "We are now free to pursue other merger and acquisition discussions and financing sources to sustain our reduced level of operations while we proceed with our previously announced licensing and development programs. We believe these steps will enable us to maximize the potential of our technology and, in turn, our shareholder value." Compositech recently announced the engagement of International Licensing Network - a world-renowned firm specializing in technology, licensing and acquisitions - to direct licensing programs and negotiations with several major laminate laminate, n a thin slice of porcelain or plastic fabricated in a dental lab, which is cemented to the front of the teeth to cover gaps, whiten stained teeth, or reshape chipped or broken teeth. manufacturers. 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(TM) and CL200+(TM) are trademarks of Compositech Ltd. Note: 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. There is no assurance that the Company will be successful in its merger or acquisition efforts, the obtaining of financing or the sale of licenses. 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 reports on Form 10-QSB for the quarter ended September 30, 1999, its registration statement on Form S-3 declared effective by the Securities and Exchange Commission on June 15, 1999 and its report on Form 10-KSB for the year ended December 31, 1998, may affect the results achieved by the Company. |
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