GloTech acquired by Chinese company
Published: Wednesday, January 21, 2004 at 6:01 a.m.
Last Modified: Wednesday, January 21, 2004 at 12:00 a.m.
Gainesville-based GloTech Industries Inc., maker of the glow-in-the-dark bike safety kit and other products, is in the process of being bought by Intra Asia Entertainment Corp., the eighth largest amusement park operator in China.
The cashless transaction involved a 1-for-5.37 reverse stock split of common shares. This means that GloTech shareholders received one share of Intra Asia Entertainment Corp. common stock for every 5.37 common shares of GloTech stock, said Heinz Fraunhoffer, the founder and CEO of the Gainesville company.
GloTech has changed its name to Intra Asia Entertainment Corp., and its trading symbol on the OTC Bulletin Board has changed from GTHI to IRAE.
At midafternoon on Tuesday, IRAE was trading at $1.35, up 10 cents a share.
Fraunhoffer said he has since resigned as CEO, but remains on staff with Intra Asia, along with three part-time employee. He said the company still maintains an office at the Gainesville Technology Enterprise Center on Hawthorne Road, an incubator facility for tech businesses.
"For the investors I think it is a huge improvement because of the added value," Fraunhoffer said.
Other products developed by GloTech, which opened in July 2002, include a safety vest for law enforcement and hats with college football or basketball insignia. Both products also feature the glow-in-the-dark element.
Fraunhoffer said he is not yet sure if Intra Asia will continue to maintain an office in Gainesville.
Doris Chandler can be reached at (352) 374-5094.
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