UniDyn and CET Terminate Possible Merger Plans; UniDyn Will Continue To Explore Production Of Fuel Cells And Equipment Through Avalon.Business Editors PHOENIX--(BUSINESS WIRE)--May 5, 2000 UniDyn, Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : UNDY Undy (Welsh: Gwndy) is a village in Monmouthshire, Wales. It is located just east of Magor and together they form the community (parish) of "Magor with Undy". ) announced today that its memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Clean Energy Technologies, Inc. ("CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr ") announced on May 2 has been terminated by mutual agreement. Ira Gentry, UniDyn's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "I want to assure our shareholders that our intentions, at all times, are to increase shareholder value. Although we are no longer pursuing this transaction, we will continue to consider ancillary technologies and opportunities that build on our Company's product lines, including the wide range of strategies that are emerging in the fuel cell arena." A spokesperson for CET noted, "Our discussions with UniDyn have given us an opportunity to understand its manufacturing and engineering talents and we hope to continue to work with them through contractual and other non-equity structures." For more information on UniDyn, please visit the company's Website at http://www.unidyn.com or call The Investor Relations Group, Inc., in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. at 212.736.2650. About UniDyn, Corp. UniDyn is a leading manufacturer of specially engineered production equipment and of testing equipment, principally for the electronics industry and the quality assurance testing market. The Company has three production facilities: the Phoenix, Arizona Avalon plant to produce the Sterling products; the Southern California plant to produce the Derritron and NorthStar products; and the Orem, Utah facility to produce the MorningStar products. The Company also maintains a research and development facility in Orem, Utah Safe Harbor 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: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission. |
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