GENEVA, Sept. 11 /PRNewswire/ -- Friendly LRL Holdings LLC ("FLH") today announced that it has terminated its previously-announced tender offer to acquire all of the outstanding shares of common stock of Startech Environmental Corporation (OTC Bulletin Board: STHK) ("Startech"), effective immediately. FLH's offer was scheduled to expire at 11:59 pm, New York City time, on Wednesday, September 30, 2009. All shares previously tendered pursuant to the tender offer and not withdrawn will be promptly returned to the tendering shareholders.
Sergey Mitirev of FLH commented, "We wish to thank all shareholders who considered our offer and tendered their shares. We are surprised and disappointed that Startech's Board chose not to engage in any constructive discussions with us regarding our offer. We repeatedly stated that time was of the essence with respect to consummation of our offer. Yet, Startech's Board obstructed our offer for months by failing to meet with us or provide us with any information regarding Startech's business and by adopting a poison pill and later extending the expiration date of the poison pill, effectively further entrenching its own position."
Dmitry Timoshin of FLH noted, "We would like to thank the numerous shareholders who have supported our offer, and we share their disappointment with this outcome. We regret that Startech shareholders will not be able to participate in what would have been a compelling opportunity to receive significant, immediate value. While we are terminating our tender offer, we remain intrigued by the plasma technologies that have been developed by Startech and others in the industry, as well as the potential applications of that technology in a variety of sectors."
Because the tender offer has been terminated, the tender offer consideration will not be paid or become payable to any holder of Startech shares. FLH is not accepting for payment
|SOURCE Friendly LRL Holdings LLC|
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