ConMat Technologies Inc. Announces Share Exchange Agreement With the Eastwind Group, Inc.PHILADELPHIA--(BUSINESS WIRE)--Dec. 9, 1998--ConMat Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :EPLL) ("ConMat") and The Eastwind Group Inc. (OTC:EWND) ("Eastwind") announced that they have entered into a Share Exchange Agreement in which ConMat acquired all of the capital stock of Eastwind's subsidiary, Polychem Corporation in exchange for 1.0 million shares of ConMat's common stock and 1.333 million shares of ConMat's series A convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , plus the assumption by ConMat of $785,000 of Eastwind's corporate debt. Eastwind and its shareholders now beneficially own over 60% of ConMat's outstanding shares. Separately, Eastwind's Board of Directors approved a distribution of the 1.0 million shares of ConMat common stock to its shareholders pending registration with the Securities and Exchange Commission. The record date and distribution date will be five days after the date such registration statement is declared effective. ConMat intents to proceed with registration in the near future, but no filing date has been determined. Concurrent with closing, Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. A. DeJuliis resigned as 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. of Eastwind and was appointed Chairman and CEO of ConMat. Polychem engineers and produces an extensive line of plastic molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. products that are used in a broad array of industrial markets, including water and wastewater treatment operations, automotive, agricultural and mining industries. This release contains 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. which involve known and unknown risks, uncertainties or other factors not under ConMat's control which may cause actual results, performance or achievements of ConMat to be materially different from the results, performance, or other expectations implied by these forward-looking statements. |
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