Florida Precision, Idaho Silver Merge

Sat., May 18, 1996

From Staff And Wire Reports

Florida Precision Aerospace, an environmental engineering firm, Friday merged with Idaho Silver Co. in a deal that triggered an immediate run on the stock.

Florida Precision merged with the inactive mining company to obtain its corporate shell and to issue stock to the public, an official said.

Investors who bought Idaho Silver stock Friday essentially were getting a stake in Florida Precision, a Deerfield, Fla.-based company that has developed global navigation equipment and devices to clean up oil spills.

“When the news comes out, everybody wants to get in first,” said Terrance Dunne, a Spokane accountant who owns 11 percent of Idaho Silver and orchestrated the merger.

Idaho Silver traded over the counter as high as $1.25 per share Friday, up from 30 cents per share Thursday.

Every 10 shares of old Idaho Silver stock will be worth one share of Florida Precision.

Idaho Silver’s five mining claims near the Lucky Friday mine at Mullan, Idaho, will be sold, Dunne said. Founded in 1964, Idaho Silver at one time held 57 claims in Idaho’s Silver Valley.

, DataTimes

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Florida Precision, Idaho Silver Merge

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