Tice Acquires Two Businesses

1 February 2001

Tice Acquires Two Businesses

    KNOXVILLE, Tenn.--Jan. 30, 2001--Tice Technology, Inc. (OTC BB: TICE) has executed asset purchase agreements to acquire two privately held Knoxville, Tennessee based businesses, LandOak Company, LLC and MidSouth Sign Company, LLC. LandOak is an automobile and equipment leasing business. Customers include Tennessee Eastman. MidSouth has eight years' experience in metal and vinyl sign fabrication. It provides digital property, sign surveys and maintenance agreements to customers nationwide including: American Express, Clayton Homes and Compass Bank.
    Tice will file a Form 8-K with the Securities and Exchange Commission to disclose the completion of both purchases that were effective January 1, 2001. Management expects to file pro forma financial information as an amendment to Form 8-K within the next 60 days.
    The transaction involves the issuance of 13,000,000 Tice common shares and assumed certain liabilities in exchange for the assets of the two combined companies. Two of the owners of the private businesses already own common stock in Tice and are members of Tice's board of directors.
    "Now that we have completed these acquisitions, our attention is turning to maximizing revenue and profit opportunities within the businesses," said Charles R. West, President and CEO of Tice Technology, Inc. "We are pursuing operating synergies between the businesses to reduce overall administrative costs, reduce product costs and facilitate the sales of some products through financing.
    "At Tice Engineering and Sales, we are preparing our revolutionary new sewing machine, the FS-2000, for its market launch next quarter. We are also nearing completion of the dual head sewing machine designed and manufactured for a specialty products customer. At MidSouth Sign Company, we are pleased with the order backlog in the sign fabrication division, and are entering into a major new contract in the survey division. Operations at LandOak Company, our leasing and rental business, are steady and we expect strong growth from this unit primarily in the leasing side of the business.
    "With these newly acquired assets we plan to pursue an exchange listing affording greater access and visibility within the financial community. We continue to explore other acquisitions that will be accretive to shareholder value."