TDYN-Shareholders Elect Directors and also Grant Discretionary Authority to Directors to Approve Reverse Stock Split. Business Outlook Strong
Wednesday, November 17, 2004 11:31 ET
WINDSOR, Conn., Nov 17, 2004 (BUSINESS WIRE) -- At the annual meeting of shareholders, the shareholders granted discretionary authority to the board to approve the 1-for-5 reverse split of the Company's common stock within the next 12 months.
Nominated and elected as directors to serve for the next 12 months were
John F. Ferraro
John J. Hughes
Robert A. Lerman
Anthony C. Mirabella
Fred H. Samuelson
At the meeting, President and CEO Robert Lerman advised the shareholders that the Company's two subsidiaries, Turbotec Products and Vulcan Industries, were operating well. New programs at Vulcan serving the automotive industry are beginning to be phased into production for two different engine exhaust systems, as are other programs. Turbotec's newly announced surface enhanced titanium condensers and evaporators coaxial coils with PVC shells designed for heat pump applications were generating interest in the swimming pool heat pump industry and production orders are being filled.
Business levels are expected to reach record levels for the fiscal year ending March 31, 2005. Mr. Lerman stated that he was "pleased with the progress of the Company" and that he believed the results to be reported for the remainder of the year would show a new sales record with increasing earnings. He attributed this outlook to the ability of Turbotec to provide PVC jacket shells for its helically wound coaxial condensers and evaporators, thereby creating new market opportunities. Further, the capability of being able to manufacture surface enhanced titanium tubing would allow new applications for Turbotec's tubing to be developed. Lastly, Vulcan's improved operations since the acquisition last year has led to an increasing number of business opportunities.
FORWARD LOOKING STATEMENTS
This report contains certain forward-looking statements regarding the Company, its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause the Company's actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. Factors that may affect such forward-looking statements include, without limitation: the Company's ability to successfully and timely develop and finance new projects, the impact of competition on the Company's revenues, and changes in unit prices, supply and demand for the Company's tubing product line in the markets served.
When used, words such as "believes," "anticipates," "expects," "continue", "may", "plan", "predict", "should", "will", "intends" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made by the Company in this report, news releases, and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect the Company's business.
Thermodynetics, Inc. has been engaged in the manufacture of high performance, high quality metal tubing and tubing assemblies to the heat transfer, transportation and other industries since 1972. The Company is a world leader in enhanced heat transfer technology and is a preferred supplier to the automotive industry. These products are marketed worldwide for applications in the space conditioning, refrigeration, automotive, biomedical, aerospace, boiler, marine, food and beverage, plumbing, water heating and ice making industries.
SOURCE: Thermodynetics, Inc.
CONTACT: Thermodynetics, Inc.
Robert A. Lerman, 860-683-2005
www.thermodynetics.com
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