thoughts?
(BSNS WIRE) American Fire Retardant Corp. Announces Completion of Sale of Glo
eBox
American Fire Retardant Corp. Announces Completion of Sale of GloveBox
Business Editors
SAN DIEGO--(BUSINESS WIRE)--Nov. 10, 2004--
American Fire Retardant Corp. (OTCBB:AFRD) announced
today that they have entered into a stock exchange agreement with PTS,
Inc., a Nevada corporation, to sell to PTS 7,500,000 common shares of
GloveBox, Inc., a Nevada corporation.
The total consideration paid by PTS to the American Fire Retardant
Corp. in connection with the Stock Exchange consisted of 7,500,000
shares of the PTS convertible redeemable Series C Preferred Stock,
valued at approximately $750,000.00. The amount of consideration for
the 7,500,000 common shares of GloveBox pursuant to the stock
exchange agreement was determined following negotiations between AFRC
and PTS.
The Registrant's board of directors determined that the terms of
the Stock Exchange are reasonable. The Registrant's board did not seek
a third party fairness opinion or any valuation or appraisal of the
terms of the transaction. Thus, the Registrant's stockholders will not
have the benefit of a third party opinion that the terms of the Stock
Exchange were fair from a financial point of view.
American Fire Retardant Corp. also announced it has canceled its
plans to purchase all of the issued and outstanding shares of
Alchemco, Inc., a California corporation and rescinded the stock
purchase agreement with Alfred M. Bayer and Darlene Bayer, which was
previously reported on the Registrant's Form 8-K, filed with the
Commission on October 26, 2004. The Registrant and Mr. and Mrs. Bayer
were unable to agree on mutually beneficial terms, and the planned
Acquisition of Alchemco by the Registrant was rescinded by means of an
agreement between the parties. Alfred M. Bayer and Darlene Bayer
retained the $250,000 nonrefundable deposit.
About American Fire Retardant Corp.
American Fire Retardant Corp. (OTCBB:AFRD),
www.americanfireretardant.com, is in the business of developing,
manufacturing and marketing a line of interior and exterior fire
retardant products. American Fire Retardant Corp. also designs new
technology for future fire resistive applications that are being
mandated by local, state and governmental agencies. Additionally, the
company is active in the construction industry as sub-contractors for
fire stop and fire film installations.
Safe Harbor for Forward-Looking Statements: Except for historical
information contained herein, the statements in this news release are
forward-looking statements that involve risks and uncertainties and
are made pursuant to the safe harbor provisions of the Private
Securities Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in the future periods to differ materially
from forecasted results.
KEYWORD: NORTH AMERICA CALIFORNIA NEVADA UNITED STATES
INDUSTRY KEYWORD: RETAIL HOME GOODS CONSTRUCTION & PROPERTY COMMERCIAL BUILD
NG & REAL ESTATE CONSUMER
SOURCE: American Fire Retardant Corp.
CONTACT INFORMATION:
American Fire Retardant Corp.
James R. Wheeler, 619-258-3640
irafrc@aol.com
*** end of story ***
