Transtech Property Included in Redevelopment Area
December 12 2007 - 4:49PM
Business Wire
Robert V. Silva, President and Chief Executive Officer of Transtech
Industries, Inc. (the �Company�)(OTC BULLETIN BOARD:TRTI) announced
that on December 10, 2007 the Mayor and Town Council of the
Township of Deptford, N.J. approved a resolution designating an
area, which includes approximately 342 acres owned by the Company,
as an area in need of redevelopment pursuant to local housing and
redevelopment law. This action follows the previously reported
recommendation of Township�s Planning Board on August 8, 2007. The
Company has filed suit against the Township of Deptford, the
Planning Board, Benderson Properties, Inc. and certain of its
affiliates that own property included within the redevelopment
area. The suit seeks, among other remedies, to reverse and set
aside the Township�s actions. This news release may contain
forward-looking statements as defined by federal securities laws,
that are based on current expectations and involve a number of
known and unknown risks, uncertainties and other factors that may
cause the actual results, levels of activity, performance or
achievements to differ materially from results expressed or implied
by this press release. Such risks and uncertainties include among
others, the following: general economic and business conditions;
the ability of the Company to implement its business strategy; the
Company�s ability to successfully identify new business
opportunities; changes in the industry; competition; the effect of
regulatory and legal proceedings. The forward-looking statements
contained in this news release speak only as of the date of
release; and the Company does not undertake to revise those
forward-looking statements to reflect events after the date of this
release.
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