latest news releases from the newsroom
Hannover Re: No major impact of Stirling Cooke court ruling
HANNOVER, Germany, July 11, 2003 (PRIMEZONE) -- On Tuesday, July 8, 2003 the British Commercial Court in London released a judgement in the 'Sphere Drake vs. Stirling Cooke' litigation ruling in favour of Sphere Drake. There has been speculation that this ruling might have a major impact on our New York subsidiary, Clarendon Insurance Group.
Extraordinary General Meeting of OM shareholders on account of the merger between OM and HEX
STOCKHOLM, Sweden, July 11, 2003 (PRIMEZONE) -- OM's Board of Directors has, on account of OM's public offer to the shareholders and warrant holders of HEX, decided to propose that an extraordinary general meeting of OM shareholders authorize the Board of Directors to decide on the issuance of a maximum of 31,785,027 new shares to be used as consideration in the offer. As previously announced, OM offers 2.5 new shares in OM for each share in HEX.
Advanced Technology Industries, Inc.
Advanced Technology Industries, Inc. Announces the Execution of an Asset Purchase Agreement with Alfa-Pro Products GmbH
BERLIN, July 11, 2003 (PRIMEZONE) -- Advanced Technology Industries, Inc. (OTCBB:AVDI) ("ATI") announced today that it had entered into a Purchase Agreement with Alfa-Pro Products GmbH, a German corporation, ("Alfa-Pro"). Under the terms of the Agreement, ATI will purchase all of the intellectual property rights of Alfa-Pro in consideration for cash in an amount not to exceed $90,000 and the issuance of unregistered shares of ATI common stock. Such number of issued shares will represent less than 10% of the outstanding shares of ATI common stock following the consummation of the previously announced transaction with LTDnetwork, Inc. ("LTDN") pursuant to which LTDN will become a wholly owned subsidiary of ATI and the LTDN stockholders will own at least 58% of the outstanding shares of common stock of ATI following such transaction. . In addition, ATI has agreed to pay off certain debts of affiliates and related parties of Alfa-Pro. Alfa-Pro is a research and development company based in Passau Germany that has worldwide intellectual property rights to over 40 consumer products that it has developed.
Peab: Financing of Brinova now in place
FOERSLOEV, Sweden, July 11, 2003 (PRIMEZONE) -- Peab: the financing of the Brinova group was completed on 30 June 2003, with the result that Brinova has now been financed as a unit independent of Peab.