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TRANSTECH INDUSTRIES, INC. ANNOUNCES AGREEMENT
TO SELL CERTAIN REAL PROPERTY
PISCATAWAY, N.J., May 18, 2001 - Robert V. Silva, President and Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI) announced that on May 17, 2001 Transtech and certain of its subsidiaries (the "Company")entered into an agreement to sell approximately 55 acres of contiguous property for a purchase price of $2.5 million to a developer of shopping centers. The parcel is a portion of the approximately 424 acres located in Deptford, NJ that is owned by the Company. Some of the lots within the parcel adjoin or continue beneath a landfill owned by a subsidiary. The purchase price will be adjusted on a pro-rata basis for the actual acreage available after a proposed subdivision and survey of certain lots. A portion of the parcel currently houses the operations of two subsidiaries. Other portions contain dwellings or structures that are currently leased to third parties. The closing on the sale is subject to a number of contingencies, including the buyer’s due diligence and the approval of site and traffic plans by the responsible government agencies. These processes may take two to three years to complete. A small portion of the purchase price will be paid in installments commencing one year from the signing of the agreement, and the balance will be paid at closing.
As previously announced, the Company faces significant short-term and long-term cash requirements for its federal and state income tax obligations, as well as professional and administrative costs, and remediation costs associated with sites of past operations. Although the Company continues to pursue the sale of property held for sale and claims against insurance carriers for recoveries of past remediation costs, no assurance can be given that the timing or amount of the proceeds from such sources will be sufficient to meet the cash requirements of the Company.
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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