HOUSTON, Aug 17, 2004 (BUSINESS WIRE) -- Empyrean Communications Inc.
(OTCBB: EPYR) reports that due to unanticipated circumstances, management has
decided not to proceed with the acquisition of Basalt Specialty Products, Inc
(BSP). Management has also determined that this transaction would not be in the
best interest of Empyrean shareholders in consideration of the company's current
capital structure and revenue expectations.
Management is currently reviewing several additional opportunities which have
recently developed. The possibility of changing the future business development
direction of the firm is under strong consideration in conjunction with
significant management changes.
An announcement of the corporate restructuring will be made soon as the company
explores several merger and acquisition opportunities with other companies not
related to the basalt fiber industry, and is able to quantify the resultant
positive impacts upon its shareholders.
Note: "Safe Harbor" Statement Under The Private Securities Litigation Reform Act
of 1995: The statements in the press release that relate to the company's
expectations with regard to the future impact on the company's results from new
products in development are forward looking statements, within the meaning of
the Private Securities Litigation Reform Act of 1995. Since this information may
contain statements that involve risk and uncertainties and are subject to change
at any time, the company's actual results may differ materially from expected
SOURCE: Empyrean Communications Inc.
CONTACT: Empyrean Communications Inc., Houston
Robert L. Lee, 713/260-7236
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