When fully operational in roughly eight months, NATK
hopes to produce 30,000 railroad ties monthly.
, through its wholly owned subsidiary TieTekTM, produces high-performance railroad ties.
, through its wholly owned subsidiary TieTek, produces high-performance composite railroad crossties.
Aldrich will also be appointed as a director of NATK
in the first half of 1996.
The reported purchases represent in the aggregate less than 1% of the outstanding shares of NATK
The market demand for high quality, environmentally beneficial products from NATK
continues to grow, and the debt conversion and bridge loan will enable NATK
to capitalize on such demand.
Looking forward to the fourth quarter and the continued strong growth of EET and IPF, we expect that revenues will again exceed all previous NATK
quarterly revenue levels, and gross profits should show a corresponding improvement.
And as we continue to make progress in our due diligence efforts relating to the proposed Thor/Gaia acquisition announced earlier, and learn more about the potential of their technologies, we become even more excited about making them a part of the new NATK
We have started to establish a basis of strong business fundamentals that should lead NATK
to future success.
Hambro will assist NATK
in identifying new sources of capital and help finance our merger/acquisition program.
In addition, the letter of intent provides for an option in favor of NATK
to purchase Thor/Gaia's technologies and other assets relating to the development and production of an alternative to wood railroad cross ties.
debt and debenture holders recognized the current market opportunity and renewed financial discipline of the company," said NATK
CEO, Neal Kaufman.