Top Source expands on-site oil analyzer markets.NEW YORK--(BUSINESS WIRE)--Oct. 18, 1995--Stuart Landow, chairman and chief executive officer of Top Source Technologies Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :TPS (1) (Transactions Per Second) The number of transactions processed within one second. TPS is a better rating for the performance of hardware and software than the common MHz and GHz rating of the computer. ) announced that Truck Stops of America (TSA TSA See tax-sheltered annuity (TSA). ), a world class establishment servicing truckers through an affiliation of 350 truck stops nationally, has just installed its first On-Site Oil Analyzer (OSA 1. OSA - Open Scripting Architecture. 2. OSA - Open System Architecture. ) at a large facility in the South. "This facility can now provide customers on-the-spot and vital information detailing engine and transmission wear and operating condition analysis. For truckers whose livelihood depends on problem-free transport, this service is not only cost-effective but also essential. This installation at TSA marks the beginning of independent truckers' access to `instant' oil analysis. Servicing this extensive market has always been an OSA goal. The TSA connection is yet another link in our endeavor to provide a nationwide network to satisfy the need for real-time oil analysis," Landow said. A major multinational oil refiner has reported very favorable results from its long-term durability test of the OSA. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. an oil company official, widespread implementation of OSAs used as process control instruments would prevent costly reprocessing Reprocessing may refer to:
Thermo Jarrell Ash, a division of Thermo Instrument Systems, and Top Source's joint partner as a supplier of the OSA, has received approval on another patent relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the operation of the OSA. This patent is in addition to the OSA patent issued earlier this year to Top Source. Other OSA patents protecting the proprietary instrument are pending. Landow also stated that Top Source recently closed a $3 million convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. with a strike price of $10 per share through Ganz Capital Management Inc. and Probitas Advisors. Ganz Capital is Top Source's largest shareholder with approximately 17% ownership. "These funds," Landow said, "along with a $6 million line of credit from the First Union National Bank, improving operating results from our other divisions and proceeds from the exercise of stock options will be used to finance OSA rollout." Top Source's market position is significantly more secure than implied by David Eidelman, a St. Louis money manager who shorted Top Source and whose negative remarks were televised last Monday. Landow asserted, "The Eidelman assessment of the demand for the OSA, its competition and technical reliability is antithetical an·ti·thet·i·cal also an·ti·thet·ic adj. 1. Of, relating to, or marked by antithesis. 2. Being in diametrical opposition. See Synonyms at opposite. to what ongoing research shows. The generalities he offers as absolutes are unsupported by hard fact." Landow continued: "Major sophisticated industrial customers with operations in petroleum process control and equipment maintenance are now investing financial and human resources in support of our patented oil analysis technology. Lease agreements will be long-term and will provide Top Source with superior profit margins and result in cost savings for our customers." The On-Site Oil Analyzer, including Top Source's proprietary advanced analytical software, is a major innovation for the oil analysis industry. This technology is the result of significant R&D expenditures by both Top Source and Thermo Instrument Systems. While on-line instrumentation exists for obtaining specific readings on items such as sulfur and octane, the OSA is unique because it alone contains two spectroscopes -- molecular and elemental -- in one freestanding unit. The OSA provides a wide range of results. Some of the OSA capabilities include wear and trace metals, fuel, soot, viscosity, oxidation, flashpoint, color, and research octane number. That analysis can be performed by a non-technician is further benefit of this instrument. The TSA installation is yet another foothold in an estimated annual $2 billion oil analysis industry. According to Landow, "At no point in the company's history has our earnings visibility seemed more promising." CONTACT: Top Source Technologies Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bill Roll, Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. 212/644-1300 |
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