21st Century Technologies Acquires Stock in DLC General Contractors, Inc.
August 11, 2004 08:00:00 (ET)
LAS VEGAS, Aug 11, 2004 (BUSINESS WIRE) -- 21st Century Technologies, Inc. (OTC:BB TFCT.OB) announced a formal agreement with Nevada-based DLC General Contractors, Inc. today.
In exchange for interest and an equity kicker of 24% of DLC's common stock, 21st Century has extended the company a $500,000 line of credit. 21st Century originally signed a letter of intent to acquire DLC; however, after in-depth analysis, both parties agreed the best course of action would be to extend a line of credit in exchange for interest and equity.
Established in 1991 and licensed in California and Nevada, DLC primarily contracts for public works projects such as airports and public buildings. Major clients include the City of Las Vegas, Clark County, the State of Nevada, the Nevada Parks Department, and the City of Henderson.
Danny Cates, president of DLC, said "We do work for government entities because we never have to chase our money. We always get paid because the funding is always available."
DLC plans to use funds from the agreement to help facilitate expansion, primarily by hiring personnel and adding office facilities. Cates said he hopes for a substantial increase in growth through DLC's affiliation with 21st Century.
In addition to earning interest on funds afforded to DLC, 21st Century has already received 24% of the company's common stock.
Kevin Romney, president of 21st Century, said "This opportunity allows us to benefit from one of our investment company's profitability, as well as the interest from the debt it incurs while growing."
21st Century Technologies is a Business Development Company, operated pursuant to the Investment Companies Act of 1940. It holds various enterprises as investments and seeks to grow companies in which it has an interest.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.
SOURCE: 21st Century Technologies, Inc.
21st Century Technologies, Inc.
Troy Lovick, 702-248-1588
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