Message #24 From:
NewsBot Date: June 25, 2005 03:11:00 PM
TFCY News Research 21st Century Technologies Inc.'s Trident Technologies Inc. Subsidiary Receives $1 Million Contract for its ProMag 6 Kits, Quick Patches and Pipeline Patches
21st Century Technologies Inc. Enters into a Convertible Debenture Agreement with Jane Butel Corp.
21st Century Technologies Inc. ("21st Century" or the "Company") (OTCBB: TFCY) today announced that it has entered into a Convertible Debenture Agreement (the "Debenture Agreement") and a Settlement Agreement and General Release (the "Settlement Agreement") with Jane Butel Corp. ("Butel").
In the Settlement Agreement, 21st Century agreed to terminate any and all agreements of whatever kind between the Company and Butel, including the Company's rights to convert any warrants it held of Butel.
The Debenture Agreement is for $710,000 with an annual coupon rate of 8% and a maturity date of June 21, 2008. In lieu of cash, the Company may convert, in whole or in part, the face amount in the Debenture Agreement into common stock of Butel at a conversion rate based on the closing bid price of Butel on the date of conversion.
21st Century Technologies Inc.'s Trident Technologies Inc. Subsidiary Receives $1 Million Contract for its ProMag 6 Kits, Quick Patches and Pipeline Patches
LAS VEGAS
21st Century Technologies Inc., Las Vegas
Glenn Glasshagel, 702-248-1588
(11 a.m.-12 p.m. PT Mon.-Fri.)
21st Century Technologies Inc. ("21st Century" or the "Company") (OTCBB: TFCY) today announced that on May 12, 2005, Trident Technologies Inc. ("Trident"), a wholly owned portfolio company of 21st Century, entered into a contract for $1 million with the U.S. Army Space & Missile Defense Command for the manufacture and delivery of 100 of Trident's ProMag 6 Kits, 50 Quick Patches and 50 Pipeline Patches. Trident anticipates that it will fulfill the contract within six to eight weeks.
The Company previously issued a press release on Aug. 19, 2004, announcing the $1 million in funding received by the U.S. Department of Defense for the purchase of patch devices from Trident. The contract referred to in the above paragraph is the fulfillment of that funding.
Trident, located in Fort Worth, Texas, is in the business of research, development, testing and manufacturing of containment devices for leaks, including ProMag (for land-based applications) and SeaPatch (for marine uses). Trident aims to produce containment devices with versatility and leak-stopping power.
21st Century is a business development company operated pursuant to the Investment Company Act of 1940. It holds various enterprises as investments and seeks to grow companies in which it has an interest. The Company's current investment portfolio includes Jane Butel Corp. (OTCBB: JBTL), prizeWise Inc., TransOne Inc., Innovative Weaponry Inc., Trident Technologies Inc., DLC General Contracting Inc. and Mo-DV Inc. (formerly MMC Entertainment Group Inc.). The Company's investment ownership in these enterprises ranges from approximately 9% to 100%.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are intended to qualify for the safe harbor from liability provided thereunder. All statements which are not historical statements of fact are "forward-looking statements" for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. The Company may experience significant fluctuations in operating results due to the impact of a number of uncertainties including, but not limited to, economic conditions, competitive products or pricing, technological changes and other factors. These uncertainties could cause operating results to vary significantly from those in prior periods and those projected in forward-looking statements. Additional information concerning potential risk factors that could affect the Company's future performance are described from time to time in the Company's reports filed with the Securities and Exchange Commission.
