At the Thermodynetics Annual Meeting of Shareholders, the shareholders
approved the company's reincorporation in the State of Nevada and reelected
the directors John F. Ferraro, John H. Hughes, Robert A. Lerman and Fred H.
Samuelson to serve for another year.
Mr. Lerman, the Company's President and CEO, also announced that the newly
formed UK company, Tower Acquisitions Limited, was in the process of
applying for listing on the PLUS market in London. Tower is acquiring a
small corporate finance company, has made a bid for a UK located
manufacturing company and additional acquisitions are being evaluated.
Thermodynetics, upon the completion of the acquisition, will be a 25% owner
of Tower, as will be Mr. Lerman, which ownership percentages would be
reduced as additional shares are sold to finance future acquisitions. Mr.
Lerman was elected Chairman of Tower at a meeting in London in September.
It is anticipated that Tower will acquire other companies and once it is
listed on PLUS, will make announcements as to its activities. Tower will
also be assisting other companies seeking capital and expects that fees
will be earned for such assignments.
TDYT has entered into a contingent purchase and sale agreement regarding
its real property. The buyer is currently pursuing its due diligence
activities. A closing, if it occurs, is anticipated before the end of
December.
ABOUT THERMODYNETICS
Through its Turbotec Products, Plc subsidiary, Thermodynetics manufactures
high performance, high quality heat exchangers, heat transfer tubing and
fabricated metal components. Turbotec is quoted on the AIM market in
London under the symbol TRBO, while Thermodynetics is quoted on the OTC
Bulletin Board under the symbol TDYT. Thermodynetics also owns a nominal
interest in a private Belgium company that is engaged in the nutraceutical
industry by providing natural, bioactive chemical compounds that have
health promoting, disease preventing or medicinal properties.
Thermodynetics continues to seek acquisition and investment candidates.
Significant risk factors and economic considerations associated with heat
transfer products include, but are not limited to, seasonality of
purchasing and building cycles, the cost of energy, the reported housing
slowdown, incentives provided by manufacturers, marketers and
municipalities to encourage the use of more efficient equipment, interest
rate changes that may stimulate or depress demand, the cost and
availability of materials used in manufacturing processes, and regulatory
directives relating to energy consumption, conservation and the
environment.
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 subsidiary's revenues, changes in unit prices,
and supply and demand for the Company's tubing product lines 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.
