PRESS RELEASE - FEBRUARY 11, 2004
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TRANSTECH
INDUSTRIES, INC. ANNOUNCES RESULTS OF ARBITRATION
PISCATAWAY,
N.J., February 11, 2004-
Robert V. Silva, President and Chief Executive Officer of Transtech Industries,
Inc. (the "Company")(OTC BULLETIN BOARD:TRTI) announced that an
arbitrator ruled in favor of SCA Services, Inc.'s ("SCA")
interpretation of certain provisions of a 1997 Settlement Agreement (the
"1997 Agreement"). As a
result of the ruling SCA was awarded $3.5 million currently held in an escrow
account. The Company had previously
placed $3.5 million of proceeds received from the 2001 excess insurers
settlement into the escrow pending the arbitrator's ruling. The award will not impact the Company's
financial statements.
As
previously disclosed, during 1997 the Company entered into a series of
agreements that settled litigation regarding the allocation of remediation
costs related to the Kin-Buc landfill.
Pursuant to one of the settlement agreements SCA, together with its
affiliates including Waste Management Inc. (the "SCA Parties"), agreed,
among other things, to defend and indemnify the Company from certain
liabilities for and in connection with the remediation of the landfill. The Company in-turn agreed, among other
things, to allow SCA to claim against a portion of its proceeds, not to exceed
$3.5 million, from its litigation with its excess insurance carriers. The 1997 Agreement provided the formula for
calculating the amount due to the SCA Parties, and for the arbitration of
disputes regarding such calculation.
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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