oh look, as eriefly whines, poor McCann and poor WTS have "no-say" in what Regi does..........poor McCann must've thought money was more important than control over his technology...............
_____________________________________________________________________________
August 6, 1992, Thursday
SECTION: Financial News
HEADLINE: REG STRIKES MULTIMILLION-DOLLAR DEAL TO SECURE CONTROLLING INTEREST IN
THE RAND CAM ENGINE
DATELINE: VANCOUVER, B.C./MORGANTOWN, W.V., Aug. 6
BODY:
Controlling interest in the revolutionary Rand Cam engine has now been secured
by Reg Technologies Corp. (Vancouver: RRE). The engine developer now has a
51-percent interest in the multimillion-dollar potential Rand Cam engine after acquiring an additional 11-percent interest in the Rand Energy Group Inc. Rand
Energy Group Inc. owns 100-percent interest in all rights to the Rand Cam
engine. Reg Technologies Corp. will pay $ 10,000 and 100,000 treasury shares for
the additional interest as well as two consecutive payments of $ 500,000 due in
July 1993 and 1994, respectively. Reg Technologies Corp. will also pay a
5-percent net profit interest to the Rand Cam Engine Corp. of up to $ 10
million. The Rand Cam engine is destined to surpass any engine in the
lightweight engine category. The engine yields an astonishing 1 horsepower for
every 3/4 pound of engine weight. The automotive engineering team at West
Virginia University, and its director, Dr. James Smith, who are currently
working on the second prototype, said, "The new engine will generate a 100 hp
punch, and you can literally carry it under your arm, as it will be only 12
inches in diameter."