Compositech Ltd. and farmbid.com, Inc. Sign Letter of Intent to Merge; Technology Licensing Program to Continue as Separate Operation.Business Editors/High-Tech Writers RONKONKOMA, N.Y.--(BUSINESS WIRE)--Oct. 23, 2000 Compositech Ltd. (Nasdaq:CTEK), a developer of high tech laminates for the printed circuit board industry, announced today that it has signed a letter of intent to acquire farmbid.com, Inc. in a merger exchange. farmbid.com, a privately owned e-commerce company, is one of the largest Internet sites devoted to the needs of the agricultural community. farmbid was recently named one of the 200 most promising B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business companies in Forbes magazine's Best of the Web feature, which stated: "Could see it leading the pack." The Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. E-Commerce/Internet B2B Report forecasted that the U.S. farming and agriculture market will be worth $1 trillion by 2004, with 12% of agricultural business conducted via the Web. In connection with the merger, farmbid.com stockholders will receive shares of Compositech common stock equal to 85% of the total common stock outstanding after the merger. The current 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. technology will be placed into a new subsidiary. Current debt holders or stockholders who choose to participate will receive preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . "This is an important step in our plan for a corporate merger to assist in continuing our program of licensing our technology," said Compositech Chief Financial Officer 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. "Although we feel we are making progress in our licensing talks, more time is required to effect a deal," he added. "farmbid.com represents one of the hottest sectors in the B2B economy today. As one of the largest agricultural portals in the market, farmbid is an exciting entry into the Internet with a fast growing business aimed at an important part of our economy. They will bring strength to our corporation and diversification to our many patient stockholders," Gross continued. "The information concerning the proposed merger was presented at the NASDAQ Qualifications Hearing on October 19, 2000 concerning the continued listing of the Company's stock; however, we may not hear the results of the hearing for several weeks," Gross concluded. "The partnership opportunity between farmbid.com and Compositech Ltd. positions both companies to gain leverage within the marketplace," said farmbid.com 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. and founder Ted Farnsworth. "The merger offers the investment community an attractive position by which to reap the benefits and share in the company's growth potential." After the merger, the new company's name will be farmbid.com and management will apply for a change of its NASDAQ symbol. Ted Farnsworth, CEO and founder of farmbid.com, will be elected chairman and CEO of the combined company. Jonas Medney, Compositech co-founder and co-inventor of Compositech's CL200+ laminate, will continue as a key member of the company's technical team. The merger is subject to completion of 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. reviews by each company, negotiation and execution of a definitive merger agreement, SEC review of Compositech's merger/proxy statement, approval of the Company's continued NASDAQ listing, satisfactory settlements with Compositech's creditors, and approvals of the respective boards of directors and shareholders of each company. The parties have agreed to negotiate the continuance of the merger if the Company's NASDAQ listing is terminated. About farmbid.com, Inc. A privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. , farmbid.com gave farmers their first online marketplace for buying and selling equipment, crops, supplies, pharmaceuticals and more, plus offering critical information. With the acquisition of AllAg.com, it is believed to be the largest online marketplace for everyday agricultural supplies with the availability of more than 35,000 specially priced items. The site also features a special section for FFA FFA free fatty acids. members, research tools and employment opportunities. Farmbid.com was recently selected by Forbes magazine as one of the top 200 B2B companies. For more information, visit www.farmbid.com. About Compositech Ltd. Compositech Ltd. has developed innovative and superior copper-clad and fiberglass 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. 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 June 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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