LOS ANGELES, March 21, 2006 (PRIMEZONE) -- Victor Industries (OTCBB:VICI) (the "Company") is pleased to announce it has executed a letter of intent with San Diego-based Ethos Environmental, Inc. ("Ethos"), and expects a merger to be completed in the near future. Merger discussions with Ethos commenced because the Company's previously contemplated transaction with FSP was progressing slower than initially anticipated, directly leading to the Company's termination of those negotiations in favor of bringing to fruition a merger with Ethos on an expedited basis.
As noted in earlier releases, the Company intends to issue a stock dividend to its shareholders in a newly formed Idaho corporation, Envirotech Industrial Group ("EIG"). Immediately following the issuance of such a dividend, existing Company shareholders will hold a position in EIG, which will immediately begin the process to become publicly traded on the OTC Bulletin Board. This will effectively give the present Victor Industries shareholders an interest in two publicly traded companies.
Ethos offers a unique, patented fuel additive that results in a cleaner fuel upon ignition. Ethos Fuel Reformulator, better known as Ethos FR, works with many fuels, including jet fuel, natural gas, diesel and gasoline, resulting in lower fuel costs, fewer emissions and lower maintenance costs. The introduction of this patented product is very timely in light of rising fuel and energy costs.
In a recently released article regarding Ethos, it is noted that Ethos has conducted testing in conjunction with several foreign countries, including China, over the course of the last four years. Presently, Ethos is conducting tests with the U.S. Military in two separate locations. Fleet operators, such as Allied Waste Services, a leader in the solid waste industry, have been using Ethos FR along with Bio-Diesel in their fleet for four years, resulting in reduction in emissions and reduction in fuel costs.
Ethos has been in operations for more than six years with substantial sales last year, and substantially greater orders already this year. Importantly, Ethos has recently acquired a facility with over 70,000 square feet to meet the continuously growing demand for its products.
For additional information on Ethos, please visit www.ethosfr.com.
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the Company and its operations are included on certain forms the Company files with the Securities and Exchange Commission.