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Rail News: Maintenance Of Way

TieTek parent North American Technologies Group under new ownership, leadership


On Friday, North American Technologies Group Inc. (NATK) announced it completed a transaction under which Sponsor Investments L.L.C. exchanged an option to acquire 49.9 percent of NATK subsidiary TieTek L.L.C. — which produces plastic-composite ties — for shares of a new convertible preferred stock class and a warrant to purchase other stock. Sponsor Investments now owns about 33 percent of NATK's common stock.

In November, former NATK Chief Executive Officer Kevin Maddox and Avalanche Resources Ltd. sold about 49 percent of the company's common stock to a group of investors, which included several current stockholders. Together, the investor group and Sponsor Investments own about 73 percent of NATK's common stock.

In connection with the transactions, NATK appointed TieTek President Henry Sullivan president and CEO, and Joseph Autem, acting chief financial officer. In addition, the company named Sullivan, Robert Hoyt, Kenneth Scott, Goh Yong Siang and Robert Black directors; all previously elected directors resigned.

"We consider this a new beginning for NATK," said Sullivan in a prepared statement. "We can now turn our attention back towards pursuing our business strategy, ramping up production and increasing market share."

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More News from 2/28/2005