VitriSeal Finalizes the Aquisition of Liquitek and Thermoflow
DRAPER, Utah--(BUSINESS WIRE)--May 30, 2000--VitriSeal Inc. (OTCBB: VTSL) Tuesday announced that it has completed the acquisitions of Thermoflow Corp., a Nevada corporation with offices in Las Vegas ("Thermoflow"), and Liquitek Corp., a Nevada corporation with offices in Knoxville, Tenn. ("Liquitek"), through a tax-free, stock-for-stock reorganizations.
VitriSeal issued 9,661,500 shares of its common stock for all of the shares of Thermoflow and 5 million shares for all of the shares of Liquitek. In addition, VitriSeal issued 398,500 common stock purchase warrants in replacement of outstanding Thermoflow warrants.
Thermoflow owns and operates a proprietary, 3 million gallon per year capacity antifreeze recycling facility in Las Vegas. The unique Thermoflow technology receives waste antifreeze and produces fully reformulated antifreeze indistinguishable from antifreeze made from virgin materials.
The Thermoflow technology is capable of economically treating/recycling many other contaminated liquids, including wastewater. Thermoflow has licensed the technology to Liquitek under an exclusive license agreement.
Liquitek refined the Thermoflow technology and has licensed and leased an oily wastewater treatment system to Hawaii's largest recycling company. Liquitek, in conjunction with Thermoflow, developed a proprietary system for recycling car wash wastewater and installed its first system in Hiroshima, Japan.
VitriSeal's business plan for the two acquired subsidiaries includes designing and manufacturing advanced wastewater treatment systems for the global water treatment market, as well as systems for profitably recycling other contaminated liquids, such as antifreeze, for domestic and international customers.
Pursuant to the terms of the reorganization agreements with Thermoflow, VitriSeal contributed approximately $1.5 million to Thermoflow and $650,000 to Liquitek for their immediate working capital requirements.
VitriSeal Inc. owns the rights for a series of patented processes and proprietary know-how called VitriSeal(TM). The process is based on inorganic silicate chemistry that makes superior, hard, bright, clear, corrosion-protective coatings on metal surfaces at a fraction of the cost of other clear coatings.
In addition, as a waterborne coating, VitriSeal has little to no organic vapor emissions and creates minimal waste during the normal process operation. VitriSeal views existing products in the market as inferior in terms of performance, cost, and environmental impacts, giving VitriSeal a significant competitive advantage.
Statements in this release that are not strictly historical are "forward-looking" statements which should be considered subject to the many uncertainties that exist in the company's operations and business environment. These uncertainties, which include economic and currency conditions, market demand and pricing, competitive and cost factors, and the like, are included in this release.Back to News List