Corniche Group Incorporated Announces Execution of Letter of Intent for Potential Merger Transaction.Business/Technology Editors EULESS, Texas--(BUSINESS WIRE)--Aug. 24, 2001 Corniche cor·niche n. A road that winds along the side of a steep coast or cliff. [Short for French route en corniche : route, road + en, on + corniche, Group Incorporated (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNGI CNGI China Next Generation Internet ) today announced that it had executed a Letter of Intent with StrandTek International, Inc. ("Strandtek") to acquire in a stock for stock merger transaction, all of the issued and outstanding equity interests of StrandTek. StrandTek is a high-tech manufacturer with proprietary technology producing melt-blown polypropylene for acoustical and thermal insulation The term thermal insulation can refer to materials used to reduce the rate of heat transfer, or the methods and processes used to reduce heat transfer. Heat is transferred from one material to another by conduction, convection and/or radiation. applications. The StrandTek product is a replacement for fiberglass and cotton shoddy, at lower cost. It is produced from virgin or recycled polypropylene or a combination of both. The product is currently being used in the automotive and appliance industries by Fortune 500 companies. In addition, StrandTek is actively pursuing other markets for its product including, house building, furniture manufacture, and aircraft manufacture. Negotiations are at an early stage and the transaction is subject to satisfactory 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. by CNGI and StrandTek and a number of other financial, legal and business conditions. There can be no assurance given at this time that all of the conditions can be met or that a transaction can be consummated. No further details are available at this time. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: To the extent that this news release makes statements about the future, such statements are forward looking and subject to a number of risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for the current fiscal year and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. |
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