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TSET, Inc. Announces Intent to Acquire American Composites Technology, Inc

30 May 2000

TSET has signed a letter of intent on May 22, 2000 regarding the main terms for the acquisition of American Composites Technology, Inc. ("ACT"), in exchange for shares of the TSET's common stock. It is anticipated that TSET will provide initial working capital for ACT and business development activities in global markets. ACT is in the business of developing an array of industrial testing applications, protocols, and equipment solutions employing advanced thermal imaging equipment and techniques for the non-destructive testing of a variety of structures and products that use composite materials and laminates. Seismic strengthening / retrofitting and bomb blast hardening of reinforced concrete structures is one area of particular application of composite materials and laminates that ACT is pursuing. A recent bomb blast test of two reinforced concrete bunkers in White Sands, New Mexico took place in which one bunker was completely retrofitted with carbon fiber reinforced polymer (CFRP) composite materials and epoxy resins. Both concrete bunkers were subject to the detonation of one pallet of C-4 explosives. The explosion destroyed one of the bunkers, while the bunker retrofitted with CFRP remained structural intact. Potential applications for ACT's testing technology are found in a variety of markets, including: aerospace and military, commercial and general aviation, new construction and seismic retrofitting of reinforced concrete structures, maritime applications, sports equipment, automotive industry, U.S. government facilities for bomb blast protection, aqueducts and related water supply systems, utilities, chemical and petroleum facilities, bridges, highways, tunnels.