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ThermaCell Streamlines its Operations and Reduces Overhead

11 December 2000

ThermaCell Technologies Inc. Streamlines its Operations and Reduces Overhead

    DAYTONA BEACH, Fla.--Dec. 11, 2000--ThermaCell Technologies Inc. (OTCBB:VCLL) announced today the closing of Atlas Chemical Company, which had been operating as a non-profitable subsidiary of the company.
    Dr. Jim Hagarman, announced last week as the new President of ThermaCell (see news release dated 12-04-00), indicated "we needed to make sure that ThermaCell is in a position to move quickly in bringing profitability and value to its shareholders. As a part of those efforts, it made no sense to me to continue to operate a subsidiary like Atlas, that is not only non-profitable, but also something that is not a part of our core product strategy for the future."
    By closing Atlas, it seems obvious that ThermaCell will be better able to focus on that core product strategy, that being the manufacturing and sale of glass Vaxcell(TM) microspheres.
    "It goes without saying that, on a consolidated basis, the company will achieve a considerable reduction in expenses by having jettisoned a non-profitable paint company," said Dr. Hagarman.
    This move is seen by most as the first in a series of moves that Dr. Hagarman intends to make in order to properly position the company for future growth.