Empyrean Communications Inc. Reports Acquisition of Basalt Specialty Products, Inc. near Finalization.HOUSTON -- Empyrean Communications Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EPYR) announces that talks to acquire all of the shares of Basalt Specialty Products, Inc. (BSP BSP Bromsulphalein, a dye used in the study of liver function. See also sulfobromophthalein clearance test. ), a NC corporation, through a stock swap, have been completed. The definitive terms for this acquisition that will make BSP a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. have been finalized and the acquisition agreement will be signed within the next 3 to 4 weeks. BSP has leased a factory and offices, totaling 22,750 sq. feet located at 600 E. Main Street, Elkin, NC 28621 and holds $180,000 of raw materials in inventory. Note: "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: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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