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Thermo-Mizer Environmental Corp. (NASDAQ:THMZ) is a New Jersey company that designs, produces and markets microprocessor-based, indoor air quality control technology. Traditionally, its technology has been used to monitor and control temperature, humidity and pressure in hospitals and pharmaceutical manufacturing facilities, and to regulate heating, ventilating and air conditioning systems in large office buildings and institutions.
The market for these products and services has
*The increased reporting requirements of the FDA and the EPA.
Engineering A Change
The Company was founded in 1978 by Jon J. Darcy, a nuclear engineer, in order to provide efficient energy-monitoring technology for large heating and cooling systems. In particular, the Company focused its initial design and engineering talent on chiller controls. Chillers are a key part of the mechanical air conditioning systems in large buildings, institutions expanded in the last five years due to:
- Increased emphasis on Quality Assurance (ISO- In 1981, the Company was sold to a British firm, 9000) in the electronic and pharmaceutical industries; but was re-acquired by its founder and his partners in 1984. In 1987, Mr. Darcy increased his ownership in The need to isolate TB and AIDS patients in the Company and in 1994 changed its name to health care facilities; Thermo-Mizer Environmental Corp. to reflect new product lines emphasizing the broader environmental Recognition of indoor air quality problems in control and monitoring market. In 1996, the public facilities and the need to resolve them; and Company completed its initial public offering and began trading on the NASDAQ Small Cap Market under the symbols THMZ and THMW
As part of its business plan, the Company launched an acquisition search in 1997 to find companies to leverage Thermo-Mizer's strengths and enhance its product line. In January 1997, Thermo-Mizer signed a Letter of Intent to purchase Laminaire Corporation, a profitable Rahway, New Jersey company with annual sales of $6,500,000, that manufactures and distributes cleanroom environments and products. A "cleanroom" is a dust and particle free environment necessary for the manufacture of virtually all computer and electronic components, for ingestible and injectable pharmaceuticals and many other products.
Laminaire's product line includes more than 2;000 "cleanroom" items such as sterile gloves, hats, boots, pens and paper, workstations, modules, cabinets and other fixtures. It also is engaged in the assembly of printed circuit boards and other electronic components. Laminaire's assembly plant will enlarge Thermo-Mizer's production capabilities by adding a 46,000 square feet building and seven acres of land.
Ventilating New Markets
Currently, the Company primarily markets three major products, all of which are environmental control systems that can be customized to meet the requirements of a wide variety of businesses and manufacturing facilities. These products are:
The Mini-Mizer Environmental Control System: a "watchdog" control system to monitor and control the indoor air quality of laboratories, cleanrooms, operating suites and mini-manufacturing environments.
"smart panel" that gives employees a real-time status check with the push of a button. The third component of the system is software that keeps a record of environmental conditions and produces comprehensive, easy-to-read reports.
The Maxi-Mizer Environmental Control System: a "watchdog" control system for large-scale production facilities that allows indoor air quality conditions to be controlled and monitored with total reliability. It features a bright, vacuum fluorescent, 80-character display panel that can read data from up to 128 different sensors. The "brains" behind the system is software that allows for continuous, high-speed networked communications and monitoring.
- T-Vision Operator Interface and Data Acquisition Software: specialized Supervisory Control and Data Acquisition software that runs on virtually any IBMcompatible computer to provide the ultimate in industrial environmental monitoring control. As many as 65,000 data points can be tracked, recorded and alarms triggered to alert personnel to problems as soon as they occur. This reporting package allows facilities to store a full data history of indoor environmental conditions at all times. It was designed to help companies comply with new federal and state environmental reporting regulations.
Progress Through Partnership
Thermo-Mizer's management has adopted an aggressive business plan to update its product line, tap related markets and broaden its customer base outside the New York-New Jersey area. The Company has updated its microprocessor control technology to reflect opportunities created by recently-enacted fed-
President's ban on chloroflurocarbons will require many companies to upgrade their air conditioning facilities which, in turn, will provide a major marketing opportunity for its chiller controls technology. Thermo-Mizer also hopes to tap the emerging market for indoor air quality clean up, particularly related to "sick building" syndrome. The Company believes it can access this lucrative market through its traditional customer base in the heating, ventilating and
air conditioning industry.
The Company's major focus in the near future, however, will be dramatically increasing its marketing efforts on behalf of Laminaire's cleanroom products and environments in order to bring Laminaire's revenue levels to $12 million annually. Among other things, Thenno-Mizer hopes to resurrect and expand Laminaire's successful product catalogue, which had been discontinued, and to initiate a nationwide marketing campaign using Laminaire's database of more than 9,000 customers.
With its enhanced product line, lucrative new acqui-
Mizer is poised on the brink of capturing a significant share of the niche market for indoor air quality monitoring and control. Management notes that its competition in the "cleanroom" sector, in particular, is fragmented and composed primarily of small companies, none of which enjoy significant market share. With its planned acquisition of Laminaire, the Company hopes to become a leader in this new market through an infusion of energy, leadership and marketing savvy. Investors looking for a cool opportunity in the hot summer months ahead would be wise to monitor this I
Notable clients include:
Madison Square Garden
McGraw - Hill
NYU Medical Center
Mt. Sinai Hospital
Products and services include
ú Distributed Digital Control Systems
ú Alar n & Data Acquisition S @stems
ú Custom FDA & EPA Reporting Systems
ú Clean Room & Isolation Room Environmental Controls
ú Coating & Drying Machine Controls
ú Chiller Plant Controls
ú Emissions Monitoring Systems
ú Emission Reporting Systems
ú Instrumentation & Mechanical Services
ú Total System Involvement and Rest)onsibilitv i
Thermo-Mizer Environment@al Corp.'s
Executive Idanagement Team
Thermo-Mizer is led by a team of businessmen and engineers with many years experience in finance and the environmental technology industry, and who understand the needs of this fast-changing market. The team includes:
Jon J. Darcy, President and Chief Executive Offlcer, holds a Bachelor of Science degree in Nuclear Science from New York Maritime College, a branch of the State University of New York. He is co-founder of ThermoMizer, has been with the Company since its incorporation, and has directed the Company's new strategy of growth through acquisition and product expansion.
Edward A. Hell, Director, is a principal in the Independent Network Group, Inc., a financial consulting firm, and was formerly a partner in the accounting firm of Deloitte & Touche, LLP., where he specialized in mergers and acquisitions, capital market transactions and the high technology industry group. Mr. Heil identified key acquisitions for Therino-Mizer and negotiated financing packages very favorable to the Company. He holds Bachelor of Arts and Master of Business Administration degrees from New York University.
Edward A. Sundberg, Chairman and Director, is President of Consu]tAmerica, Inc., an international consulting firm, and has been a senior executive at several large public companies. He holds a degree in Nuclear Engineering from the United States Naval Academy and a Master of Business Administration from Boston University.
K. Ivan F. Gothner, Director, is a Managing Director of The Adirondack Group L.L.C., and was formerly President of Breasy Medical Equipment (USA), Inc. and a Senior Vice President of Barclay's Bank in New York. Mr. Gothner co-directed Thermo-Mizer's efforts to identify new acquisitions. He holds a Bachelor of Arts and a Master of Arts degree from Columbia University.
James Scally, Project Manager, is responsible for product design and application engineering and has been with the Company since 1982. He holds a Bachelor of Science degree from the New Jersey Institute of Technology and has more than 25 years of experience in the automation and controls industry.
David J. Musto, National Sales Manager, was formerly a Senior Sales Engineer for Electronic Systems (USA), Inc. and a sales and design specialist for Honeywell, Inc. He holds a Bachelor of Science degree from Rensseler Polytechnic Institute.
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