Exhibit 99.1
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Press Release dated January 7, 2002
PRESS RELEASE
FOR IMMEDIATE RELEASE: Monday, January 7, 2002
I. CONTACT: William H. Roberts Joseph R. Bergmann
II. Wayne Buckhout President
CTC, Inc. Silk Botanicals.Com, Inc.
(937) 434-2700 (561) 265-3600
Silk Botanicals.Com, Inc. acquires assets of BTSL Technologies
Limited.
Delray Beach, Florida, Monday, January 7, 2002. Silk Botanicals.Com,
Inc. (OTCBB:SILK) announced today that it has purchased certain assets
and business opportunities from BTSL Technologies Limited ("BTSL"), an
Irish limited liability company, in exchange for 20,000,000 shares of
the Company's common stock in a tax-free reorganization. The
transaction has been approved by consent of a majority of the
Company's shareholders.
The purchased assets will become a newly formed Irish based subsidiary
of the Company called TecEnergy Limited. BTSL current management will
continue to operate this portion of the business. A second subsidiary
will be formed called "Decorative Accessories International"
consisting of the Company's existing business which markets and
distributes high-quality decorative accessories, artificial greenery
and floral arrangements in baskets and containers and artificial
floral arrangements in clear glass vases set in epoxy providing the
illusion of fresh flowers in water.
BTSL will own a majority of the issued and outstanding common stock of
the Company and the assets acquired from BTSL will become the primary
focus of the Company. These assets will provide the Company with
potential for future development and business growth opportunities.
Concurrently with the closing, Padraic Maloney and Tim Coburn were
appointed to the Company's Board of Directors.
BTSL is in the business of acquiring and developing new technologies.
The initial focus of the Company will be in two technologies,
Gasification and Oxygen Generation. The Company has transferred to its
Irish subsidiary, TecEnergy Limited, its worldwide patents and
technology rights in the areas of Gasification and of Oxygen
Generation. The gasification and oxygen generating equipment marketed
by the Company will be manufactured in Ireland for the Company by two
international engineering manufacturing companies which have many
years experience of exporting products worldwide.
Gasification: This process converts any carbon-containing material
into a synthesis gas composed primarily of carbon monoxide and
hydrogen, which can be used as a fuel to generate electricity or steam
or used as a basic chemical building block for a large number of uses
in the petrochemical and refining industries. Gasification adds value
to low- or negative-value feed stocks by converting them to marketable
fuels and products. TecEnergy Limited will install and operate Micro-
Power Generation facilities producing "green" electricity, using the
long-term contracts it holds for the processing of materials by
applying its patented gasification process.
Exhibit 99.1 - Pg. 1
Oxygen Generation: Oxygen generation is the process of separating
oxygen from air using a Pressure Swing Adsorption (PSA) or Vacuum
Swing Adsorption (VSA) system. Oxygen Generators have many medical
(hospital) and industrial applications such as sewage treatment, water
treatment, fish farming, chicken production, odor elimination, and
many more. TecEnergy Limited will manufacture and supply its patented
oxygen generating systems to service these varied markets on a
worldwide basis.
Although the Company's primary focus will be to develop the assets and
business opportunities acquired from BTSL, the newly formed subsidiary
(Decorative Accessories International.) will continue to develop the
existing business which is to market and distribute high-quality
artificial greenery and floral arrangements in baskets and containers
and artificial floral arrangements in clear glass vases set in epoxy
providing the illusion of fresh flowers in water. These products are
marketed under the Silk Botanicals, "Living Silk(R)" and "Forever
Fresh(R)" names. The Subsidiary will market and sell these products to
gift retailers, decorative accessory retailers, and the hospitality
industry. The artificial foliage and flowers are imported primarily
from Taiwan, Hong Kong and the Peoples Republic of China. Silk
Botanical purchases artificial flowers from U.S. based importers and
U.S. subsidiaries of foreign companies located in the U.S.
Exhibit 99.1 - Pg. 2
Joseph R. Bergmann, President of the Company, stated "This is an
important step in making Silk Botanicals.Com, Inc. a long-term viable
investment for shareholders. We explored many alternatives and found
this option to be the best, providing an excellent opportunity for our
investors. I am excited about the Company and its future and am
gratified that we are able to provide to our shareholders such an
opportunity"
Padraic Maloney, managing director of BTSL and a new member of the
Company's Board of Directors, stated; "This will allow us to make
further acquisitions of assets and proven technology which we can
apply on existing natural resources to increase efficiency and improve
the environment while at the same time increasing value for our
shareholders".
NOTE: Statements made by Silk Botanical.Com, Inc. that are not purely
historical are forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Such statements involve a variety of risks and
uncertainties, including, without limitation, statements with respect
to the Company's strategy and prospects. These statements are made
based upon information available to the Company at the time, and the
Company assumes no obligation to update forward- looking statements.
Readers and investors are cautioned that the Company's actual results
may differ materially from those described in the forward- looking
statements due to a number of factors including, but not limited to,
(1) demand for the Company's products and services; (2) the Company's
ability to continue to develop and launch its markets; (3) changes in
the current and future business environment, including interest rates
and capital and consumer spending; (4) the impact of competitive
products and pricing; (5) reliance on key strategic alliances; (6) the
availability of skilled personnel; (7) the regulatory environment; (8)
the risks outlined in the Company's filings from time to time with the
Securities and Exchange Commission; and (9) the impact of yet unknown
competitors, technological obsolescence, problems with technology,
problems with shipment; inadequate supplies and business
opportunities.
Exhibit 99.1 - Pg. 3