WILTON, Conn., July 24 /PRNewswire-FirstCall/ -- Startech Environmental
Corporation announced today that in addition to the $1.6 million received from
Northshore Asset Management, LLC on Friday, July 18, 2003, Northshore has
purchased 1,866,667 shares of common stock for $1.4 million. Northshore has
also agreed to purchase an additional $1 million of common stock on or about
July 25, 2003 on substantially the same terms. As a result of the $3 million
invested by Northshore, Northshore owns an aggregate of 4,000,000 shares of
common stock, representing approximately 25% of the issued and outstanding
shares of common stock.
In addition, Northshore has agreed to invest up to an additional $1
million, at its sole option, on or before August 15, 2003 at a price per share
equal to a 25% discount to the average closing price of the common stock
during the 30 consecutive trading days prior to the date of such closing.
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 Environmental
Corporation, +1-203-762-2499, fax - +1-203-761-0839,
starmail@startech.net
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