THERMAL INDUSTRIES TO TERMINATE LETTER OF INTENT WITH JELD-WEN, INC.
PITTSBURGH, March 22 /PRNewswire/ -- Thermal Industries (NASDAQ: THMP) announced today that Thermal is exercising its right to terminate the previously announced non-binding letter of intent with Jeld-Wen, Inc., which contemplated the acquisition of all of Thermal's stock by Jeld-Wen. Eric Rascoe, secretary/treasurer and a director, said "Thermal's board of directors decided to terminate the letter of intent after Thermal became uncomfortable with some of the details of the transaction which emerged as the transaction was being put together. The Thermal board of directors decided to exercise Thermal's right to terminate the letter of intent and step back from the transaction." Rascoe noted that under the letter of intent, Thermal is not permitted to solicit or encourage acquisition proposals from other parties until Dec. 31, 1993. -0- 3/22/93 /CONTACT: Eric Rascoe, secretary/treasurer of Thermal Industries, 412-244-6400/ (THMP)
CO: Thermal Industries; Jeld-Wen, Inc. ST: Pennsylvania, Oregon IN: CST SU: TNM
KC-DM -- PG009 -- 8365 03/22/93 16:40 EST
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|Date:||Mar 22, 1993|
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