November 19, 1999 11:19|
Inter Oil Gulf, PLC Acquires Control of Hightec/U.S. Cement Company
LAS VEGAS, Nov. 19 /PRNewswire/ -- Larry Stockett, majority shareholder and President of Hightec, Inc. (OTC Bulletin Board: HTEHE), announced today that he has sold controlling ownership in Hightec, Inc. to a London, England and Hong Kong based oil, cement, and commodity trading company in a stock exchange valued at $20 million. Stockett has agreed to fund the importing of cement from Asia and for his Sinclare Group's (OTC Bulletin Board: SNCG) casino train project in Las Vegas.
Stockett, who founded U.S. Cement Company in 1998 and recently sold it to Hightec, Inc., said that the sale affirms his belief and demonstrates to investors that U.S. Cement has one of the most valuable business models in the entire cement industry. Stockett says he spent over one and a half years of effort to become an importer of cement from Asia using a patented 12.5 ton cement bag. Stockett says the unique bag has the potential to lower the transportation, storage and handling costs of delivering bulk cement to Las Vegas and the western U.S. by approximately $20 per ton. The company's web site, uscement.com has had the industry in quite a tizzy for over a year as Stockett claimed his company has the potential to achieve 50% market share in the entire U.S. Cement market which is estimated to be a $4 billion market.
Stockett says all Hightec shareholders will benefit from his sale of Hightec to Inter Oil Gulf because... "Now the company will have access to all of the capital necessary to fund its business plan."
Stockett's shares were valued at $.78 per share for the 25,500,000 shares exchanged. Hightec's stock closed at $.75 per share up 1,000% from its 12 month low of $.06 per share. Stockett says that Hightec plans to acquire a Las Vegas concrete and cement distribution company and commence cement shipments from Asia using the financing to be provided by Inter Oil Gulf, PLC. Stockett says the company's target acquisition had approximately $11 million in 1998 revenue. The company projects $15 million in 1999 revenue and over $100 million in cement sales in the year 2000 with a 25% after tax profit potential. These projections are management's best estimate and are subject to the SEC safe harbor rule for forward looking statements and projections. There can be no assurances these projections will be achieved.
SOURCE Hightec, Inc.
/CONTACT: Larry Stockett of Hightec, Inc., 702-369-2126/