.Cambridge receives first funding from Soiltech; Announces new operating plan.CALGARY, Alberta--(BUSINESS WIRE)--Jan. 18, 1996--CAMBRIDGE ENVIRONMENTA (VSE See DOS/VSE. VSE - Virtual Storage Extended :CVY CVY Charlie/Victor/Yankee (Submarines) )(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNVSF) CAMBRIDGE ENVIRONMENTAL SYSTEMS INC. announced today that it has received interim funding of approximately $250,000 from Soiltech Environmental Systems Canada Inc. In connection with the Corporation's restructuring plan the Corporation entered into a subscription agreement December 21, 1995. Under terms of the subscription agreement Soiltech will invest $3,250,000 through a private placement of treasury units in Cambridge. The agreement provides for interim funding of $250,000 and the remaining $3,000,000 to be paid on closing, which requires both regulatory and shareholder approvals. Cambridge intends to use the interim funding to re-establish commercial operations at its Skimmer skimmer, common name for certain sea birds resembling the related tern. Skimmers (genus Rhynchops) have long, laterally compressed bills of which the lower mandible is one fourth longer than the movable upper mandible. heavy oil waste elimination facility located at Marwayne, Alberta. Most of the proprietary equipment developed by Skimmer Oil Separators Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cambridge, has already been built and will be installed using funds to be received from the Soiltech investment on closing. Cambridge is also pleased to announce that its new operating plans include the installation and testing of the proprietary Soilwash system developed and owned by Soiltech. An existing Soilwash unit will be moved to the Skimmer facility where evaluation under full commercial conditions will begin within eight weeks. The Soilwash unit is expected to provide additional oily waste processing speed and capacity in the overall Cambridge washing system. -0- NOTE TO EDITORS: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuract of the contents of this news release. CONTACT: James Crowley, 403/974-0220 |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion