PRESS RELEASE - MARCH 5, 2004
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TRANSTECH
INDUSTRIES, INC. ANNOUNCES PROPOSED SETTLEMENT OF CLAIMS REGARDING THE CHEMSOL
SUPERFUND SITE
PISCATAWAY,
N.J., March 5, 2004- Robert V. Silva, President and Chief Executive Officer
of Transtech Industries, Inc. (the "Company")(OTC BULLETIN
BOARD:TRTI) announced that on March 2, 2004
a Consent Decree was lodged with the United States District Court, District of
New Jersey, that, when executed by the Court, will resolve the U.S.
Environmental Protection Agency’s ("EPA") claims against the Company
and certain other parties with respect to a site located in Piscataway, N.J.
known as the Chemsol Superfund Site.
The claims have been the subject of a consolidated suit, naming the
Company as a defendant, that sought the reimbursement of response costs
incurred by the EPA. The Company and
the other settling defendants did not admit any liability with respect to the
transactions or occurrences alleged in the complaint. The Company specifically did not admit the allegations that it is
a former operator at the site and/or the corporate successor to a former
operator, Chemsol, Inc. The Company
agreed to contribute $100,000 toward reimbursement of the response costs. In exchange, the EPA agreed not to sue or
take administrative action against the Company pursuant to Sections 106 and
107(a) of CERCLA with respect to the site, once the obligations of the settling
parties stipulated in the Consent Decree are satisfied. The Court may not take action with respect
to the Consent Decree until the completion of a 30 day public comment period
that will commence with the publication of the Consent Decree in the Federal
Register during the week next following this press release.
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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