VitriSeal Announces Robert Gay Agreement to Serve On Board
7 February 2000
VitriSeal Announces Robert Gay Agreement to Serve On Board
DRAPER, Utah--Feb. 7, 2000--VitriSeal Inc. (OTC BB: VTSL) Monday announced that Robert C. Gay, a Managing Director of Bain Capital, has agreed to serve on the board of directors of VitriSeal.The board of directors of VitriSeal has agreed to nominate Gay for election as a director at the annual shareholders meeting scheduled for March 18, 2000 in Las Vegas.
Gay has been a Managing Director of Bain Capital since 1989. Prior to 1989, Gay was an executive vice president of the General Electric Capital Markets Group, a vice president and Principal of Kidder Peabody's Merchant Banking Group, and a manager for McKinsey & Co. Gay received his Ph.D. in Business Economics from Harvard University where he also taught economics.
Bain Capital is one of the most experienced and successful private equity investors in the United States. Since its founding in 1984, Bain Capital has invested in more than 150 companies and currently manages more than $7 billion of capital.
Bain Capital's strategy is to invest in businesses in partnership with exceptional management teams and improve the long-term value of those businesses. Over the past 15 years, Bain Capital has established an excellent reputation and prolific track-record in the public equity markets by taking over 20 companies public with a combined current market capitalization exceeding $24 billion.
"VitriSeal, with the completion of the pending acquisitions of Thermoflow Corp. and Liquitek Inc., has the potential of presenting exciting environmental technologies to the public that impact our everyday lives," said Gay.
"I look forward to helping these companies implement their business plans and take full advantage of the technologies they have developed. These companies have products and services that can have worldwide markets and present solutions to pressing environmental problems."
Culley W. Davis, chief executive officer of VitriSeal said, "I believe that Robert Gay will give our company additional experience that will prove invaluable as we complete the acquisitions of Thermoflow and Liquitek, expand their market presence, and continue our efforts at VitriSeal to complete the transfer of our successful laboratory results to a pilot line."
On Jan. 20, 2000, VitriSeal announced that it had signed a letter of intent with Thermoflow and Liquitek for the acquisition of all of the shares of stock of both Thermoflow and Liquitek.
The terms of the letter of intent provide for the issuance of 10,060,000 shares of VitriSeal's common stock for all of the shares of ThermoFlow and 6 million shares of VitriSeal's common stock for all the shares of Liquitek.
Thermoflow owns and operates a proprietary, antifreeze recycling facility in Las Vegas, with a three million gallon per year capacity. The unique Thermoflow technology receives waste antifreeze and produces fully reformulated antifreeze indistinguishable from antifreeze made form virgin materials.
The Thermoflow technology is capable of economically treating/recycling many other contaminated liquids, including wastewater. Thermoflow has licensed the technology of Liquitek under an exclusive license agreement.
VitriSeal Inc. owns the rights for a series of patented processes and proprietary know-how called VitriSeal(TM). The process is based on inorganic silicate chemistry that makes superior, hard, bright, clear, corrosion-protective coatings on metal surfaces at the fraction of the cost of other clear coatings.
In addition, as a waterborne coating, VitriSeal has little to no organic vapor emissions and creates minimal waste during the normal process operation. VitriSeal views existing products in the market as inferior in terms of performance, cost, and environmental impacts, giving VitriSeal a significant competitive advantage.
VitriSeal is continuing its efforts to transfer its successful laboratory results to a pilot line with a large, independent, after-market wheel manufacturer. The pilot line is being developed in accordance with a previously announced license agreement with the wheel manufacturer.
Statements in this release that are not strictly historical are "forward-looking" statements which should be considered subject to the many uncertainties that exist in the company's operations and business environment. These uncertainties, which include economic conditions, market demand and pricing, competitive and cost factors, and the like, are included in this release.