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Rubber Technology International (fka RTEK) RSS Feed

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My hope for this board WAS to exchange ideas on the tire recycling industry as a whole and on RTI in particular. My hope was to compile many URL links to sites of interest and of an educational nature as well as inform the public of the investment opportunity afforded by RTEK (OTCBB) in California. That changed when RTI announced they have leased their core business in Los Angeles to Recovery Technologies Group, Inc. effective 2-28-02. Their "core" business is no longer the processing and recycling of tires but rather from their current 10Q; The Company's principal line of business is the leasing of its Los Angeles tire recycling and crumb rubber facility. The leasing of the facility provides RTI with revenues and eliminates overhead resulting from the operation. Additionally, the company continues to maintain its mining rights through its 51 % ownership in Grant Claims, Inc. and plans to focus on initiating operation at the site. However, there can be no assurance that the Company's management resources or information systems will be sufficient to manage any future growth in the Company's business, and the failure to do so could have a material adverse effect on the Company's business, results of operations and financial condition. The next 10Q is is expected 07-15-02 for the 2nd Qtr. (and year ending filing 10K) ending 11-30-01 can be found at; http://www.secinfo.com/d1ZXuj.338.htm 2nd Qtr 10Q ending 05-31-02 can be found at; http://www.secinfo.com/d1ZXuj.34m.htm Current shares outstanding WERE posted as of 5/08/02: 82,426,442 from 1-10Q 02-28-02 (5-13-02) but NOTICE the latest from the 5-31-02 filing; On March 6, 2002, the Company issued an aggregate of 4,128,287 shares of common stock to three of the investors upon conversion of an aggregate of $60,000 of the Debenture at the rate of $0.0152 per share. The issuance of the Debentures and the shares underlying them was a private transaction without general solicitation or advertisement to accredited investors pursuant to Rule 506 of Regulation D of the Securities Act of 1933. Current (NOW as of 5-31-02) shares outstanding as of 5/31/02: 86,554,729 from 2-10Q 05-31-02 (8-15-02) Information on RTG (the leasee) is found at http://www.rtginc.com They list for the Western Region, Regional Managers: Mr. Trevor Webb and Mr. Thomas Reichman CEO and COO of RTI now employed by RTG RTI showed in the latest 10Q as well as in the February 28, 2002 filing, that the Company had 2 full time employees. I only assume that is *also* Mr. Trevor Webb and Mr. Thomas Reichman. In the 2nd Qtr filing they are showing; Accrued Salaries to officers $378,860(2002) $187,834(2001) ====== Recovery Technologies Group, Inc. Signs Agreement With Rubber Technology International Recovery Technologies Group, Inc., (RTG) a Delaware Corporation announced today, that the company has reached an agreement with Rubber Technology International, Inc. (RTI) for the lease of RTI's Los Angeles facility and the equipment in that facility. RTG will use the Los Angeles facility as the springboard for its Western Region. Trevor Webb and Thomas Reichman will lead the team to develop the Western Market for RTG. RTG expects to upgrade the Los Angeles facility and increase its capacity to over 40 million pounds of crumb rubber per year. The facility will service the rubberized asphalt, sports surfaces and rubber molded product markets. --------- DISCLAIMER - Nothing in the contents on this board should be construed as an investment advisory, nor should it be used soley to make your investment decisions. There is no express or implied solicitation to buy or sell any securities. The author(s) may have positions in the stocks or financial relationships with the company or companies discussed and may trade in the stocks mentioned. Readers are advised to conduct their own due diligence prior to considering buying or selling any stock. All information should be considered for information purposes only. No stock exchange has approved or disapproved of the information contained herein.
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