PRESS RELEASE - FEBRUARY 27, 2004
Home Page | Investor Relations | Transtech Profile | Press Releases | United Environmental Services Profile
TRANSTECH
INDUSTRIES, INC. ANNOUNCES ACTIONS TO CHALLENGE ARBITRATION AWARD
PISCATAWAY,
N.J., February 27, 2004- Robert V. Silva, President and Chief Executive
Officer of Transtech Industries, Inc. (the "Company")(OTC BULLETIN
BOARD:TRTI) announced that the Company has initiated two actions in an attempt
to either vacate or modify an arbitrator's $3.5 million award to SCA Services,
Inc. ("SCA"). This award was
the subject of the Company's press release dated February 11, 2004. The Company
cannot predict the outcome of the two actions; i.e. if the actions will
successfully affect the arbitrator’s award.
In a
related matter, SC Holdings, Inc., the alleged successor to SCA, advised the
Company that it has filed suit against the Company in an attempt to compel the
Company to authorize the release of the $3.5 million from an escrow
account. As previously reported, the
escrow was established in 2002 with a portion of the proceeds from the
Company's October 2001 settlement of litigation against certain of its excess
insurance carriers.
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.
Home Page | Investor Relations | Transtech Profile | Press Releases | United Environmental Services Profile