BOTEX ANNOUNCES ELECTION OF NEW DIRECTORS ANDDATE: July 5, 2001 CDNX TRADING SYMBOL: BTX
BOTEX ANNOUNCES ELECTION OF NEW DIRECTORS AND APPROVAL OF NAME CHANGE
At the Annual General Meeting of Botex Industries Corp. (Botex) on June 27, 2001, the following six persons were nominated and elected as directors of the Company for the ensuing year:
Brad Aelicks
Minaz Devji
Kenneth Hinther
Peter D. Jeffrey
Kevin Parkinson
Ross Wilmot
Peter Jeffrey was elected as a new director and is President & CEO of the Company.
Also at the Annual General meeting, by special resolution, the shareholders approved the change of name of the Company to "Radical Elastomers Inc.". The Company's logo will be "RADICAL T.E.P.". The "T.E.P." more accurately reflects the uniqueness of the Company's products, which are made from thermoset elastomeric polymers. There are two main reasons for the Company name change. Firstly, there is a company in the United States suing for name infringement based on the similarity of the two companies' names. While Botex's legal counsel was defending this action, management believed that it was more prudent to change the Company name, get the lawsuit dropped and focus on production and sales and marketing issues rather than on this legal issue. Secondly, the Company is upgrading its production equipment and bringing in many sales and marketing, production and procedural changes to the Company to increase capacity and efficiency and allow for the production of larger order quantities. Management therefore thought that with this new focus, it was appropriate to have a new image for the Company, and with that new image, a new name. Various legal and regulatory filings have to be completed before the Company officially changes its name. A further announcement will be made when the name change becomes official.
Botex is a proprietary material and patent-pending process used to create unique elastomeric products that offer exceptionally high, combined abrasion and flexural strengths, as it provides the elasticity of rubber with the superior abrasion and anti-weathering characteristics of plastic. Botex builds single or multi-colored products of single or multiple durometers. All colors and densities are chemically bonded in a single mold production process. This results in a finished product, which is both technically and cosmetically superior to many rubber and urethane products. The Botex material is anti-bacterial, antifungal, and U.V. stable. The Company currently manufactures products for the shoe industry, athletics and sporting goods markets, as well as for industrial applications.