SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15[d] of
The Securities Exchange Act of 1934
Date of Report: February 26, 2002
TECHNICAL VENTURES INC.
[Name of Registrant]
New York 33-2775-A 13-3296819
[State of Incorporation] [Commission File] [IRS Ident. No.]
3411 McNicoll Ave., Unit 11, Scarborough, Ontario, Canada M1V 2V6
[Address of Principal Executive Offices]
Registrant Telephone No. 416/299-9280
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ITEM 5. OTHER IMPORTANT EVENTS
(a) Since 1986, the management team of both Technical Ventures, Inc. and
Mortile Industries Ltd. has worked in unison to create a viable and
vibrant company. We maintained the belief that the Company and its
products held great potential.
The cornerstone to our mission statement is that "We will succeed in
becoming the unrivaled producer of non-toxic structurally sound viable
alternatives to polyvinyl chloride and polyurethane based products."
Along the way, during our research and development phase, we have
encountered many stumbling blocks and employed many stepping-stones.
Someone once said, "The only difference between stumbling blocks and
stepping stones, is the way you use them." We prefer to view these
stumbling blocks as challenges to solve the problems transforming them
into stepping-stones to allow us to reach our goals and to enhance your
investment.
As the world begins to mandate safer environment/air quality measures,
the time could not be more perfect for Technical Ventures to commence
marketing its products and licensing it's technology to companies which
supply the automotive and furniture industries. As reported in the
January 15/02 press release, the results of a study on "new car smells"
published in The Ottawa Citizen and conducted by the Australian
Commonwealth Scientific and Industrial Research Organization (CSIRO)
bodes well for the Company.
The report indicated a potential hazard created by the use of polyvinyl
chloride (PVC) based products in the manufacture of car interiors caused
complaints of headaches, lung irritations, the inability to focus and
the feeling of fatigue. High concentrations of a number of confirmed or
suspect cancer causing agents were also detected. According the article
by Tim Lougheed; "the hazards of PVC and other chemicals in cars have
been informally recognized for decades. But the CSIRO's works is one of
the first attempts to quantify the problem."
Technical Ventures, through Mortile, has the solution to the problem in
its proprietary cross-linked foamable resins, which are ideal for the
manufacture of door and side panels, seating, insulation, and dash trim
and trunk liners. In addition, to providing safer air quality within the
vehicles, the manufacturing process of TVI's products is safe for the
environment both inside and outside the plant. Since the January 15th
release, the Company has received calls from major car manufacturers and
their suppliers, both nationally and internationally, requesting
specification details for TVI's product line.
In an article published in the National Post on January 25/02, it was
reported that Health Canada "took the unusual move of setting up the
committee in the spring (of 2001) in response to international concerns
over the possible health effects of DEHP (di(2- ethylhexyl)phthalate.
"While it is acknowledged that this is a preliminary report based on
research conducted on animals, there was sufficient data accumulated to
raise concerns about the affects on humans of vinyl used in medical
devices such as tubes and intravenous bags. DEHP is added to vinyl to
provide the required suppleness. An expert on the DEHP issue, Dr. Ted
Schettier of Boston, Mass "applauded the move recommended by Health
Canada panel of experts." TVI's foamable resins are supple enough to
manufacture the products required in the medical environment without the
addition of DEHP. In concert with the Board of Directors your Company
has decided to aggressively capitalize on the opportunities being made
available to us at this critical juncture in our development. We have
secured our first major private placement funding for a total of
USD$1.2 million to be completed in whole no later than December 31, 2002
with USD$800,000 raised by April 30,2002.
This infusion of working capital will allow the Company to purchase
additional equipment to expand the manufacturing capacity to meet demand
from new and existing customers. The Company is committed to
participating in future private placements at higher prices.
The Company has also retained the services of Sirius Corporate Finance
Inc. to assist in the evaluation and establishment of new strategic
objectives for the Company. This will include the creation of a new,
focused business plan, following which these objectives will form the
underlying building blocks utilized to determine where the Company needs
to enhance its management and advisory teams.
As part of the changes being implemented, the Company has recently
appointed Mr. Irvine Hollis to the Board of Directors. Mr. Hollis is a
Director of the Board of Royal Group Technologies Limited, an
international enterprise with headquarters in Ontario Canada.
www.royalgrouptech.com. Previously Mr. Hollis was President of Duracell,
Inc. in charge of Canadian operations, President of Moli Energy, Ltd. and
is the owner/manager of Hollis Management Consultants, Inc. specializing
in strategic planning. Mr. Hollis brings a wealth of knowledge and
experience, which we believe, will help the company reach its potential.
The Company is reviewing a plan, which would have the corporation in a
position to license the technology to manufacturers of car interiors,
mattresses, furniture cushioning, and medical devices. This will be done
with a view to capitalizing on market demand for TVI's formulations as
industrialized countries worldwide mandate their elimination of PVC's
and polyurethane based products from certain applications.
This Form 8-K may contain forward looking statements within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and Safe Harbor Statements under the Private Securities
Litigation Reform Act of 1995; The actual results could differ materially
from those set forth in the forward looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, availability of raw
materials, the regulatory environment, fluctuations in operating results, and
other risks.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(a) Not applicable
(b) Not applicable
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SIGNATURE
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 hereunto duly authorized.
TECHNICAL VENTURES INC.
(Registrant)
By:/s/Frank Mortimer
_________________________
Frank Mortimer
President & CEO
Dated: February 26, 2002
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