Comptec Industries Ltd. Acquires Austrian Manufacturer.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 10, 1997-- Comptec Industries Ltd. (VSE See DOS/VSE. VSE - Virtual Storage Extended :CIL (Common Intermediate Language) The ECMA version of the Microsoft Intermediate Language (MSIL). See CLI. 1. (project) CIL - Component Integration Laboratories. 2. (language) CIL - Common Intermediate Language. .) ("Comptec") is pleased to announce that it has signed a Letter of Intent to acquire 55 percent of Technoplast Kunststofftechnik GmbH ("Technoplast"), a global leader in the vinyl window machine industry located in Micheldorf, Austria. The transaction is scheduled to close by April 30, 1997. Total consideration for the interest is $11 million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , to be paid as follows: -0- 1. $2,000,000 US in common stock of Comptec issued and valued at closing; 2. $1,000,000 US in common stock of Comptec payable one year from closing at the then current market value; and 3. cash infusions into Technoplast payable in three installments - $3,000,000 US in 90 days from closing; $2,000,000 US within 180 days from closing; and $3,000,000 within one year from closing. -0- Technoplast specializes in the manufacture of machines and tools for the production of vinyl windows. Together with development and building of equipment that manufactures vinyl window profiles, the company installs the equipment in new plants and consults in the start-up of new operations. Technoplast is a private family-owned company that has pioneered the development of high-performance tools for the extrusion industry. The Technoplast plant in Austria has approximately 180 employees and its wholly-owned subsidiary in Slovakia employs an additional 80 people. Together with its manufacturing capabilities, Technoplast has world-wide experience in the planning and construction of complete factories for the manufacture of PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. windows for varying climates and conditions and presently is involved in several joint ventures with foreign partners. Siegfried Politsch, the President and founder of Technoplast, will join the board of Comptec. This acquisition furthers Comptec's strategy for greater involvement in the plastics extrusion Plastics extrusion is a high volume manufacturing process in which raw plastic material is melted and formed into a continuous profile. Extrusion produces items such as pipe/tubing, weather stripping, window frames, plastic sheeting, adhesive tape and wire insulation. business, which Comptec views as having significant growth potential. Comptec is a manufacturer of specialty plastic components for the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , automotive and consumer electronics industry. This transaction is subject to Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). approval. Comptec is listed on the Vancouver Stock Exchange under the symbol CIL. CONTACT: Comptec Industries Ltd. Keith Patey, 604/681-3146 1/888-330-6600 |
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