Conor Pacific and SECOR Terminate Negotiations.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--June 22, 2000 Conor Pacific Environmental Technologies Inc. ("Conor Pacific") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. .) announced today that its negotiations with SECOR SECOR Sequential Collation of Ranges International Corporation ("SECOR") have been terminated. As previously announced, Conor Pacific and SECOR entered into a letter of intent dated February 29, 2000, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the proposed acquisition by Conor Pacific of all of the issued and outstanding shares of SECOR. This letter of intent was subject to numerous conditions including entering into a definitive agreement. During the course of negotiations on the definitive agreement, concerns arose about the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and cash flow of the combined entity and a mutual decision was made in the interests of both parties not to proceed. Mr. Nowack, Chairman and Chief Executive Officer of Conor Pacific, indicated that, "We are disappointed that the transaction will not proceed. However, this will permit Conor Pacific management to increase its focus on delivering cash flow from its growing revenue stream." |
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