WILTON, Conn., July 18 /PRNewswire-FirstCall/ -- Startech Environmental
Corporation announced today that it received $1.6 million from Northshore
Asset Management, LLC, a Delaware limited liability company and investment
management group, in exchange for 2,133,333 shares of common stock, no par
value, representing approximately 15.5% of the issued and outstanding shares
of common stock on the date of closing (after giving effect to the shares
purchased by Northshore).
As a condition to the investment from Northshore, all members of the Board
of Startech, other than Joseph F. Longo, resigned from the Board, effective as
of the closing. As sole director of the Company, Mr. Longo will appoint Peter
H. Shipman, Henry G. Ciocca, Kenneth J. Slepicka and Douglas R. Ballew to the
Board upon the expiration of the waiting period required by Section 14(f) of
the Securities Exchange Act of 1934, as amended.
Peter H. Shipman, age 67, is a private investor, corporate director and an
experienced corporate executive, having served as President, Chief Operating
Officer and a principal of American Banker - Bond Buyer, Inc., in senior
executive positions with The Thompson Corporation, including Chairman and
Chief Executive Officer of Thompson Financial Services, an operating division
founded by Mr. Shipman and as the principal owner and chairman of a number of
small sports businesses, including Winston-Salem Baseball, New Haven
Nighthawks Hockey and Howe Sportsdata International, which was sold to ESPN.
Mr. Shipman was also the Chief Operating Officer and Executive Director of the
Securities and Exchange Commission. Mr. Shipman is also a director of Kestol
Technologies.
Henry G. Ciocca, age 56, is a private investor and corporate lawyer who
has held senior executive positions in major international corporations for
over the past twenty-five years, including as President and Chief Executive
Officer of Markborough Development, President, Chief Executive Officer and a
director of Markborough Properties, Inc., senior executive positions
(including Executive Vice President and General Counsel) and senior executive
positions with The Nestle Company, Tetley, Inc., Distillers Somerset, Inc. and
Sbarro, Inc.
Kenneth J. Slepicka, age 47, is the Senior Portfolio Manager of Northshore
Asset Management, LLC and has held a variety of positions in the securities
industry for the past twenty years, including as a Managing Director of River
Capital Advisors, President of SBC Futures Inc., (currently UBS Futures Inc.)
and Executive Director of SBC/O'Connor. Mr. Slepicka has also performed risk
management consulting for institutional clients and has served on numerous
committees at the Chicago Board of Trade, the Chicago Mercantile Exchange and
the Chicago Board of Options. Mr. Slepicka served as Governor of the Board of
Trade Clearing Corporation and currently is a Director for Hyperfeed
Technologies.
Douglas R. Ballew, age 39, is the Chief Financial Officer of Northshore
Asset Management, LLC. Mr. Ballew also served as Director of Finance for
McCord Group, Inc. and held various positions with AMSTED Industries.
Mr. Longo stated, "This new equity investment demonstrates the confidence
of a sophisticated independent investor in Startech's proprietary technology
which is designed to destroy and reduce all types of waste and pollution,
including hazardous and toxic waste, in an environmentally-sound and cost-
effective manner. The new equity will stabilize the company's liquidity while
it pursues the commercialization of its Plasma Converter in industries as
diverse as chemical manufacturing, health care, energy production and basic
municipal waste. The Board looks forward to working with Joseph Klimek, the
CEO and President and other members of senior management of Startech."
More detailed information about Startech is set forth in Startech's
filings with the Commission, including Startech's Annual Report on Form 10-K
for the fiscal year ended October 31, 2002, and in other documents that
Startech has filed with the Commission. Investors and security holders are
urged to read those documents free of charge at the Commission's Web site at
http://www.sec.gov. Those documents may also be obtained free of charge from
Startech. Startech does not undertake to publicly update or revise its
forward-looking statements as a result of new information, future events or
otherwise.
Safe Harbor for Forward-Looking Statements:
This press release contains forward-looking statements, including
statements regarding the Company's plans and expectations regarding the
development and commercialization of its Plasma Converter(TM) technology. All
forward-looking statements are subject to risk and uncertainties that could
cause actual results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, general risks
associated with product development, manufacturing, rapid technological change
and competition as well as other risks set forth in the Company's filings with
the Securities and Exchange Commission. The forward-looking statements
contained herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statement to reflect any change in the
Company's expectations or any change in events, conditions or circumstances on
which any such statement is based.
SOURCE Startech Environmental Corporation
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Related links:
http://www.startech.net
Company News On-Call:
http://www.prnewswire.com/comp/113537.html
CONTACT:
Joseph F. Longo of Startech, +1-203-762-2499,
fax - +1-203-761-0839, starmail@startech.net
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