ADVANCED TECHNOLOGY INDUSTRIES, INC. VENTURES WITH NURESCELL, INC. AND ACQUIRES
STOCK
Berlin, Germany -- August 25, 2000 -- Advanced Technology Industries, Inc.
(OTCBB:AVDI) ("ATI") has formed a German company, Nurescel1 AG, in conjunction
with Nurescell, Inc. (OTCBB:NUSL) for the commercialization of the nuclear
shielding technology of Nurescell, Inc. in Europe, the British Isles, and the
former Soviet Union. Nurescell will have a 51% ownership interest in Nurescell
AG and ATI will have a 49% interest. Nurescell has granted Nurescell AG a long
term license for the Nurescell technology. ATI has agreed to advance the license
fee of $1,000,000 payable in quarterly amounts of $250,000 commencing on August
22, 2000 in exchange for its ownership position in Nurescell AG.
As part of the transaction, Nurescell AG was granted a five-year right to
purchase up to $4 Million of shares of Nurescell at 80% of the average bid price
trading range over a specified time period. Upon purchase, such shares will have
the benefit of certain registration rights.
Also, under the agreement, James Samuelson, ATI's Vice President and Chief
Financial Officer will replace William Wilson as President of Nurescell, Inc.
In a separate transaction, ATI has entered into an agreement to acquire 3.5
million shares of Nurescell common stock from a shareholder of Nurescell in
exchange for 3.5 million shares of ATI common stock which amounts to
approximately 22.9% of the outstanding common stock of Nurescell. In addition,
the agreement provides that up to an additional 2 million shares of the stock of
ATI will be issued to the shareholder if Nurescell AG reaches certain gross
revenue levels over a period of five years.
There are provisions in the agreement that limit the right of the shareholder to
sell more than 600,000 shares of the ATI stock per year for a five year period
and granting certain registration rights incident thereto. In addition, the
shareholder has agreed to grant certain voting rights to the ATI shares for the
five year period.
ATI is a diversified technology holding company focused on the acquisition and
commercialization of new or previously existing but non-commercialized
technologies particularly those developed by scientists and engineers in Russia,
Israel, Germany and the United States.
This press release may contain certain statements that are "Forward-Looking
Statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The
Company notes that statements in this press release which look forward in time,
which includes everything other than historical information, involve risks and
uncertainties that may affect the Company's actual results of operations.
Although ATI believes that the expectations reflected in Forward Looking
Statements as reasonable, management can give no assurance that such
expectations will prove to have been correct.
