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This article was originally published in The Tan Sheet

Executive Summary

Merging with Electric & Gas Technology under letter of intent announced by ELGT Dec. 8. CellTech is composed of sister dietary supplement companies New Algae and New Earth, makers of Super Blue Green algae and other dietary supplements. ELGT is an equipment supply company for the electric and gas industries and also sells a "water maker" product, which derives purified drinking water from air, through its Atmospheric and Magnetic Technology subsidiary. The "major diversification" of ELGT is being undertaken to position the company in a growth industry; the utilities industry is stable. ELGT had sales of $10 mil. in fiscal 1998, with net earnings of $429,185. CellTech is privately held

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