Thermal Control Technologies Corp. -- Update Regarding Its Credit Facilities
15 November 1999
Thermal Control Technologies Corp. -- Update Regarding Its Credit Facilities
CALGARY, Alberta--Nov. 11, 1999--At the request of the Alberta Stock Exchange, Thermal Control Technologies Corp. (the "Company") wishes to provide an update to its November 3, 1999 press release regarding its credit facilities with a Canadian Chartered bank (the "Bank").The Company wishes to advise it has entered into a forbearance agreement in connection with the Company's outstanding indebtedness to the Bank. The conditions of this agreement include that the Company will provide the Bank with a payment of $55,000 forthwith, commence monthly interest payments on January 15, 2000, and will provide payment of the remaining indebtedness by January 15, 2001.
With manufacturing facilities in Prescott, Arizona, the Company manufactures and distributes advanced heat exchange equipment primarily for sale and distribution into the automotive, heavy-duty truck and industrial equipment, agricultural and marine engine aftermarkets. The Company's major product categories include charge air coolers (CAC's) and specialty cooling package sales for aftermarket installation on Class 8 heavy-duty trucks and buses. The Company continues to serve its OEM customers uninterrupted during its credit restructuring process. The Company is presently back ordered approximately 200 CAC's to certain of its dealer customers pending receipt of its September and October, 1999, receivables. In September, 1999 and October, 1999, the Company had sales of 204 and 137 CAC's, respectively. There are no current plans to reduce production or staff.
On behalf of the Board of Directors of Thermal Control
Technologies Corp.
William Wagner
President & CEO
THERMAL CONTROL TECHNOLOGIES CORP. Suite 608, 206 - 7th Avenue, SW. Calgary, Alberta, Canada T2P 0W7 Phone: 403/543-1300 Fax: 1-403-543-1311 Web-site: www.tct.ca e-mail: info@tct.ca
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN