LONDON, Ontario (BUSINESS WIRE) - Trojan Technologies Inc. (TSE:TUV) announced today that its Board of Directors has approved a two-for-one stock split of issued and outstanding Common Shares under which shareholders of record will receive one additional Common Share for each Common Share held.
The stock split is subject to the approval of The Toronto Stock Exchange and requires approval by a special resolution of shareholders of the Company at a special meeting of shareholders to be held on August 25, 1999. The record date for the stock split has been fixed as September 8, 1999.
The Board of Directors believes that the stock split will permit a wider distribution of the shares of the Company which currently trade at about $40, a plus 550 percent increase to the October 1993 IPO price of $6. The performance of the Company continues in line with its stated five-year forecasted revenues of $300 to $350 million through fiscal year 2003.
Trojan Technologies Inc. is a Canadian-based, high-technology environmental company operating internationally. Trojan specializes in ultraviolet light applications for disinfecting drinking water, industrial and residential applications, and is the world's largest supplier of ultraviolet disinfection systems for municipal wastewater applications. Currently, over 2000 Trojan UV systems are in operation at municipal wastewater treatment plants around the world treating in excess of 6 billion gallons per day. Trojan also owns the rights to an exclusive worldwide licence for an innovative photocatalytic technology used in air treatment applications.
Contact: Trojan Technologies Inc. David Holden, 519/457-3400 519/457-3030 (FAX) Internet: www.trojanuv.com