**Today's Newspaper**Wednesday, March 22, 2000
Thermal's shares prove hot
By KEVIN BELL, Ottawa Sun
Shares of red-hot Thermal Energy International Inc. took
another major leap yesterday after the company received
a vote of confidence from its employees.
The shares gained 11%, or 21 cents, to close on the
Canadian Venture Exchange at $2.10. The increase
came on top of a 23% increase Monday amid rumours
the Ottawa company is close to signing a major deal.
Most of yesterday's stock market action came after
Thermal Energy announced its employees, officers and
directors have invested $500,000 in the company through
a private placement. Although they have been issued new
shares, they are prevented from trading them for a year.
+The $500,000 investment in the company clearly
demonstrates the strong commitment of our employees
... to improving our financial statements balance sheet
and to accelerating the business growth to better meet
increasing market demand,+ CEO Tom Hinke said.
+I think it shows that everyone is getting behind the
business plan and the vision.+
FORMER PENNY STOCK
Until just a few weeks ago, Thermal Energy was a penny
stock that traded around 50cents to 75cents. But a series
of announcements and a strategic alliance with
Honeywell Ltd. have given the company renewed life.
The company, which has a mere 15 employees, says the
Honeywell connection has given its customers
confidence to buy its technology, which converts waste
gases into heat.
+There is no question we are growing. We could double
or triple our staff in the next year to year and a half,+ Hinke
said.