(BSNS WIRE) PTS, Inc. Completes Purchase of 100% of Glove Box, Inc.
PTS, Inc. Completes Purchase of 100% of Glove Box, Inc.
Business Editors / Health Writers
LAS VEGAS--(BUSINESS WIRE)--Nov. 15, 2004--
PTS, Inc. (OTCBB:PTSN) today announced they have
completed an agreement with American Fire Retardant Corp. (OTCBB:AFRD)
for the purchase of their subsidiary, Glove Box, Inc., a Nevada
corporation.
The terms of the purchase agreement calls for PTS, Inc. to
exchange 7,500,000 shares of PTS convertible redeemable Series C
Preferred Stock for 7,500,000 common shares Glove Box, Inc. for a
total value estimated at approximately $750,000.00. The amount of
consideration for the 7,500,000 common shares of Glove Box, Inc.
pursuant to the stock exchange agreement was determined following
negotiations between American Fire Retardant Corp. and PTS, Inc.
The Registrant's director determined that the terms of the Stock
Exchange are reasonable. The Registrant's director 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.
Peter Chin, CEO of PTS, Inc., stated, "We are very pleased to have
this transaction completed, and will now proceed with moving forward
aggressively with our Glove Box international marketing
opportunities."
About GLOVE BOX(TM)
The patented, revolutionary Glove Box(TM) is the only product that
offers contamination reduction through automated glove dispensing. The
Glove Box(TM) system is a freestanding dispenser of disposable latex
gloves.
The Glove Box(TM) is designed for targeting sterile,
protective and clean room environments, and the applications are
numerous, including the medical and healthcare industry, dental
industry, hospitality industry, laboratories, health and beauty
applications, manufacturing, food service, and others. In 2002, the
worldwide market for this single-use product was 38 billion glove
sets. Please visit the company's website: www.ptspi.com.
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 NEVADA UNITED STATES
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES MANUFACTURING NATURAL RESOURCES ENVIRON
ENT MERGER/ACQUISITION
SOURCE: PTS, Inc.
CONTACT INFORMATION:
PTS, Inc.
Peter Chin, 702-380-3811
Email: PSC3388@yahoo.com
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