Tru Dynamics International Inc. Announces Sale of Tru Dynamics Inc. and Restructuring of Parent Company.Business Editors SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Aug. 1, 2001 Wednesday, the board of directors of Tru Dynamics International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: TRDI TRDI Technical Research and Development Institute ) announced a major restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the company to allow it to focus almost entirely on its wellness business. Specifically, the company has reached a definitive agreement to sell Tru Dynamics Inc., its travel and conference subsidiary to Jim and Mary Piccolo piccolo, small transverse flute pitched an octave higher than the standard flute. Its tone is bright and shrill, and it can produce the highest notes in the orchestral range. The piccolo is used in orchestras and especially in military bands. See fife. in exchange for cash, all of their shares of common stock in TDII, as well as the assumption of all liabilities related to this travel subsidiary. The transaction was approved by a majority of the TDII shareholders through a majority consent resolution. The shares of TDII stock tendered by the Piccolos will become non-voting treasury stock of the company. Jim and Mary Piccolo have tendered their resignations with TDII and will focus on managing the new privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . The TDII board of directors has appointed Wayne Holbrook as president and chief executive officer to run its Wellness subsidiaries. "The sale of the travel and conference subsidiary marks another step forward in the transformation that we are undertaking to realize the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic vision of an international nutritional and wellness company. "Exiting the travel and conference business will provide us with the opportunity to focus management and deploy capital in promising new areas of the world which should contribute to revenue growth and increased returns for our shareholders," stated Board Director Tom Vergith. The effect of this sale transaction on Tru Dynamics International Inc. will be to eliminate approximately $3.1 million in liabilities and approximately $300,000 in assets. The TDII balance sheet after the transaction will be considerably strengthened. Until the company achieves a sustained level of profitability, it must be considered a start-up entity. Management considers the growth of revenues and reduction of losses to be positive and expects to achieve profitability in its 2001 fiscal year. However, the company remains dependent on continuing cash flows to meet certain operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and no assurance of financial success or the economic survival of the enterprise can be provided during this start-up period. Presently, TDII is in negotiations to sell its remaining non-wellness subsidiary, Columbus Travel Co., to its original owners. The results of these negotiations will be made public when and if they are concluded. Tru Dynamics International Inc., through its wholly owned subsidiaries 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. , Tru Wellness Korea and Tru Wellness USA, is an international nutritional and wellness product marketing company utilizing global electronic commerce. Its products and materials are designed to educate and support individuals in their development of income sources from home-based businesses within the wellness industry. Tru Dynamics International Inc. has headquarters at 4150 N. Drinkwater Blvd., Fifth Floor, Scottsdale, AZ 85251. The Website is www.TruWellnessUSA.com. Investor Relations Investor relations The process by which the corporation communicates with its investors. contact is Clare Holbrook at Equity@TruDynamics.com or call 480/949-9500. The foregoing contains 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. . These forward-looking statements are based largely on the company's expectations and subject to a number of risks and uncertainties, all of which are beyond the company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors, including prevailing economic conditions as they effect the travel services industry in general. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate. |
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