Utah Clay Technology, Inc. recently announced that it has entered into a merger agreement with TS Electronics Corp. Subject to the approval of a majority of Utah Clay's shareholders, TS Electronics' shareholders will become the majority shareholders of Utah Clay, and Utah Clay's assets relating to its kaolin business will be sold to Utah Clay's management, who may pursue this business thereafter as a private company. As a result of the proposed merger, Utah Clay's name, ticker symbol and business would be changed to reflect the name, ticker symbol and business of TS Electronics. In conjunction with the merger agreement, Utah Clay's and TS Electronics' management have also entered into a share lockup agreement, which prohibits any selling of shares in their control for a minimum of six to nine months. Utah Clay has called a special meeting of its shareholders to be held in Salt Lake City on July 23, 2003, to vote on the proposed transaction.
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