TUCSON, Ariz., July 27, 2004 (PRIMEZONE) -- Environmental Technologies International Inc. (Pink Sheets:EMTI) reports that, for administrative reasons, the record date for the stock dividend that it proposes to issue as part of the reorganization and spin-off (announced on June 7, 2004) has been changed from August 31, 2004 to October 31, 2004. The Company anticipates no other material changes to the proposed re-organization and spin-off that is now scheduled to take effect on the new record date of October 31, 2004. This change is not expected to have any detrimental effects upon the business of Environmental Technologies International Inc. or the spin-off company, Finderguard Technologies, Inc.
Reviewing the Re-0rganization and Spin-Off
In June of this year, Management and the Board of Directors shared the view that the Company's leading-edge Finder technology, and the range of proposed security devices (the result of its Finder technology R&D) to be brought to market, would be best served in terms of marketing and general perception if they were contained in a separate entity with an identity that more appropriately describes the security business upon which the technology and products are focused. The Board of Directors therefore voted unanimously in favor of a proposal to spin off these security-business assets into a new company - Finderguard Technologies Inc. - while Environmental Technologies, Inc. pursues opportunities that it has identified elsewhere, particularly in the environmental field for which it was originally founded. To ensure that EMTI shareholders are treated equitably regarding the spin-off, and thus have ownership interests in both Finderguard Technologies Inc. and Environmental Technologies International, Inc., the Board of Directors declared that EMTI shareholders of record - as of the record date, (now October 31, 2004) - shall receive a 'stock dividend' comprised of ONE (1) common share of Finderguard Technologies Inc., and FOUR (4) non-transferable preferred shares of Finderguard Technologies Inc., for each FOUR (4) shares of Environmental Technologies held. For example: a holder of 100,000 shares of EMTI would receive 25,000 common shares of Finderguard Technologies Inc. and 100,000 non-transferable preferred shares of Finderguard Technologies Inc., while of course retaining his/her original holding of 100,000 common shares of Environmental Technologies International Inc. It is envisioned that the common shares of Finderguard Technologies Inc. will ultimately be traded publicly.
Since the June 7, 2004 announcement of the re-organization and spin-off, Environmental Technologies has announced (June 22, 2004) the acquisition of 100% of Awe Engineering Inc. the holder of patented, revolutionary building-environment technology that represents extraordinary potential in the field of Building Energy and IAQ (Indoor Air Quality) management. Through a retrofit on existing buildings, the Air-Water-Energy system is capable of significantly reducing electrical as well as heating and cooling costs, while also improving air quality and humidity control, and achieving the virtual elimination of mold and mildew in the building. In addition to paying for itself through lower energy consumption, the system also produces very high quality water as a by-product at no further cost. EMTI is currently advancing the AWE Technology toward a format for mass markets.
In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, EMTI notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, EMTI wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future.