DeTECH Corp. Announces Sale of Joint Venture Ownership
30 July 1998
DeTECH Corp. Announces Sale of Joint Venture OwnershipALBERTA, Canada, July 30 -- DeTECH Corporation (Alberta: DTK) of Calgary, Alberta, announced today that it has sold its 40% joint venture ownership in the Otay Messa Composite Auto Plant facility in Mexico. BAT International (OTC Bulletin Board: BAAT), whose business is in advanced environmental vehicles, negotiated the buyout through its associated company, Southern States Power. The buyout included cash and Southern States Power warrants. DeTECH management stated that the company will concentrate on its core business of pipeline integrity management. DeTECH owns an exclusive worldwide license for the TekSCENT leak location technology and PreTEK pressure testing system. TekSCENT is licensed through Imperial Oil Resources (Esso Canada) and Exxon US. It is the most accurate and sensitive system in existence for pinpointing pipeline leaks. DeTECH states that it can find any leak, anywhere a pipeline has been laid DeTECH is embarking on a worldwide sub-licensing program and will be entering into negotiations with qualified pipeline service companies around the world.