SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.D. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of earliest event reported: July 31, 2000.
TV COMMUNICATIONS NETWORK, INC.
(a Colorado Corporation)
I.R.S. Employer Identification Number 84-1062555
10020 E. Girard Avenue, #300
Denver, Colorado 80231
Telephone: (303) 751-2900
Investor relations contact:
Kenneth D. Roznoy, Vice President of Business Development
10020 E. Girard Avenue, #300
Denver, Colorado 80231
Telephone: (303) 751-2900
Item 1. Not Applicable
Item 2. Not Applicable
Item 3. Not Applicable
Item 4. Not Applicable
Item 5.
The Company announced today that it had received an additional $150
million funding commitment for the Company's wholly-owned subsidiary,
Reema International Corp. Please see the Press Release attached as
Exhibit A to this 8K Report which is incorporated herein by reference.
Item 6. Not Applicable
Item 7. Not Applicable
Item 8. Not Applicable
Item 9. Not Applicable
SIGNATURES
Pursuant to the requirements of The Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TV COMMUNICATIONS NETWORK, INC.
Date: July 31, 2000
/ss/Omar A. Duwaik
Omar A. Duwaik
PRESIDENT/CEO
/ss/Kenneth D. Roznoy
Kenneth D. Roznoy
VICE PRESIDENT/BUSINESS DEVELOPMENT
<PAGE>
EXHIBIT A
PRESS RELEASE
Denver, Co. July 31, 2000. TV Communications Network, Inc. ("TVCN")
announced today that its wholly-owned subsidiary, Reema International
Corp., entered into an agreement with a private investor, the identity
of which remained confidential, to provide additional funding of
$150 million for Reema's Project in Trinidad, Latin America.
On May 18, 2000, TVCN announced that the same entity had agreed to
provide the first$150 million for Reema's proposed Project in Trinidad.
The Project entails the construction and operation of a Gas-To-Liquids
("GTL") Plant.
Omar Duwaik, president of TVCN, and the Chairman of Reema, said, "the
$300 million funding committed to the Plant is the estimated capital
cost of the Plant." The Plant is expected to convert natural gas
into about 10,000 barrels per day (bbl/d) of sulfur-free and aromatics-
free diesel, jet fuels, naphtha and other high quality specialty
products. Additionally, the Plant will be producing about 420,000
gallons/day of clean industrial-quality water.
On June 5, 2000 Reema held a press conference in Trinidad in which
the Company announced the signing of an agreement with Parsons Energy
& Chemical Group to commence the first phase of the engineering design,
procurement and construction ("EPC") of the Plant.
Glen Clark, Reema's President, said: "After extensive reviews and
evaluations of various internationally-known EPC companies, Reema
decided to award the EPC contract to Parsons." Reema has selected
Parsons because of its highly experienced engineers, its ability to
integrate the full range of oil and gas production, processing and
transportation; refining; petrochemicals; chemicals and other related
fields into a single global organization, and its internationally
recognized experience in providing total solutions ranging from
project development through detailed engineering and construction,
to start-up and operations.
Backed with over 11,000 employees and 50 years experience, Parsons
has designed and constructed over 250 gas processing plants, and
completed more than 600 chemical and petrochemical projects throughout
the world. "Parsons is truly a world leader in engineering, procurement
and construction of gas treatment, chemical and petrochemical plants.
We are proud to team with Parsons to construct the world's first GTL
Plant of its kind in Trinidad," said Duwaik.
According to TVCN's documents filed with the SEC, under an agreement
signed last year between Reema and the Government of Trinidad and
Tobago, Reema will construct, own and operate the GTL Plant in
Trinidad, while the Government will supply natural gas to the Plant
over a period of at least 20 years. Reema has been developing its
proprietary GTL technology since 1993.
According to the US Environmental Protection Agency, one of the
major causes of pollution in most cities around the world is the
content of sulfur, aromatics and other contaminants found in the
products generated from crude oil. On August 27, 1998, UPI reported
that "California has become the first state to declare that soot
emitted in (crude-oil based) diesel exhaust is a cancer threat that
requires new controls." In 1998, The California Air Resources Board
"voted unanimously to declare 40 chemicals found in (such) diesel
exhaust as toxic air pollutants." Early in May, 2000, the Federal
National Toxicology Program added diesel exhaust particulates to its
list of chemicals that are "reasonably anticipated to be a human
carcinogen. Cancerous tumors have been found in rats after exposure
to (crude-oil based) diesel exhaust."
As Duwaik explained, the trend is obvious: "most countries around
the world will, sooner or later, adopt more stringent pollution
standards. Refiners can meet the new standards by the addition of
costly equipment, or by purchasing and blending GTL products which
would require no additional capital investment. This may create a
market demand for millions of barrels/day of GTL products. Thus,
the 10,000 bbl/d of the proposed GTL Plant is projected to be in
great demand by many refiners worldwide."
Duwaik believes that "GTL is the wave of the future in gas
applications." Reuters had reported from London on June 28, 1998,
that "advances in converting natural gas into clean environmentally
friendly oil products could trigger revolutionary changes in the
world energy industry." Arthur D. Little, a global consulting firm,
was more emphatic, "GTL will revolutionize the gas industry the way
the first LNG Plant did 40 years ago."
"Because of the high quality of the diesel that will be produced at
the proposed Plant," remarked Clark, "it can be used as a blend with
crude-oil based diesel for upgrading purposes, and to meet the ever-
increasing stringent environmental standards." According to National
Petroleum News, the GTL product will be in great demand "because it
solves formidable clean air problems, crucial in the United States
and other environmentally sensitive countries. Use of the no-sulfur
feedstocks will save refiners billions of dollars in investment
they would (otherwise) have to make to reduce sulfur in motor fuels."
TVCN is a publicly-traded company on the Electronic Bulletin Board
under the symbol "TVCN". In addition to the gas and oil business,
TVCN is involved in wireless microwave communications. For more
information contact Kenneth D. Roznoy at 3037516100 or Fax 3037511081.
This document is intended for informational purposes only. It
contains "forward looking" statements as defined by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. They reflect
management's beliefs and estimates of future economic circumstances
and industry conditions. Actual results may differ materially from
those projected. Investing in low-priced stock such as that of TVCN
is very risky and is not suitable for everyone. The Company's
performance, business plans, projections and financial results are
not guarantees of future performance or that any of the projections
or expectations could or will ever be met.
