PRESS RELEASE - JULY 28, 2004
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TRANSTECH
INDUSTRIES, INC. REPORTS IRS ACCEPTANCE OF OFFER IN COMPROMISE
PISCATAWAY,
N.J., July 28, 2004 - Robert V.
Silva, President and Chief Executive Officer of Transtech Industries, Inc. (OTC
BULLETIN BOARD:TRTI)(the "Company") announced the United States
Internal Revenue Service’s (the "Service") acceptance of the
Company’s amended Offer in Compromise (the "Offer").
The
Offer obligates the Company to pay a total of $2,490,000 in satisfaction of the
assessed income taxes and interest for the years 1980 through 1996 stemming
from the settlements of litigation before the Tax Court. A portion of the payment, $810,000 is due
within ninety days of the Service’s acceptance of the Offer. The balance due is to be paid in monthly
installments payable over nine years.
Interest will not be imposed on the amount payable pursuant to the
Offer.
The Company will
recognize income in its financial statements for the period ended June 30, 2004
in an amount equal to the difference between the Company’s previously accrued
estimate of its federal tax obligation, $4,773,000 as of March 31, 2004, and
the present value of the payments to the Service required pursuant to the
Offer. This income is not subject to
income tax.
This news release may contain forward-looking
statements as defined by federal securities laws, that are based on current
expectations and involve a number of known and unknown risks, uncertainties and
other factors that may cause the actual results, levels of activity,
performance or achievements to differ materially from results expressed or
implied by this press release. Such
risks and uncertainties include among others, the following: general economic
and business conditions; the ability of the Company to implement its business
strategy; the Company’s ability to successfully identify new business
opportunities; changes in the industry; competition; the effect of regulatory
and legal proceedings. The
forward-looking statements contained in this news release speak only as of the
date of release; and the Company does not undertake to revise those
forward-looking statements to reflect events after the date of this release.
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