TENSIODYNE SIGNS LETTER OF INTENT TO ACQUIRE PEGASUS TECHNOLOGIES INC.
LOS ANGELES, Nov. 1 /PRNewswire/ -- Robert M. Bernstein, president of Tensiodyne Corp. (OTC: TSDN), announced that Tensiodyne has entered into a preliminary non-binding letter of intent to acquire all the common stock of Pegasus Technologies Inc., a recently formed development stage entity having commercial worldwide rights to certain advanced non- destructive imaging technology applicable to aircraft. As part of the transaction, the principals of Pegasus would cause $5,000,000 to be invested in development of Tensiodyne's Fatigue Technology, which will be conducted through Tensiodyne's 70 percent owned subsidiary, Tensiodyne Scientific Inc. In exchange for all the shares of Pegasus and the $5,000,000 investment, shares of Tensiodyne would be issued to Pegasus shareholders equaling approximately 95 percent of total Tensiodyne shares outstanding. Bernstein stated that closing of the transaction would be conditioned, among other things, on significant additional mutual due diligence by the parties and negotiation and execution of detailed binding agreements. The Pegasus technology comprises advanced computer-based nuclear inspection and neutron radiography, developed in conjunction with the U.S. Air Force and is currently employed at McClellan Air Force Base, Sacramento, Calif. Pegasus intends to establish non-destructive inspection and maintenance centers at other locations to meet the needs of commercial and military aircraft operations. Tensiodyne is the center of the Fatigue Fuse, a device that measures the remaining useful fatigue life of structural metal parts of aircraft, vehicles, bridges, cranes, etc. and is located at 11835 W. Olympic Blvd., East Tower, Suite 705, West Los Angeles, CA 90064. The telephone number is 310-208-5589. -0- 11/1/93 /CONTACT: Robert M. Bernstein of Tensiodyne, 310-208-5589/ (TSDN)
CO: Tensiodyne Corp.; Pegasus Technologies Inc. ST: California IN: CPR ARO SU: TNM
JL-MF -- LA048 -- 9376 11/01/93 18:01 EST
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|Date:||Nov 1, 1993|
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