ATC Environmental Inc. purchases certain assets of two environmental services companies.NEW YORK--(BUSINESS WIRE)--January 19, 1995--ATC Environmental Inc. ("ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ") announced that it recently purchased certain assets and assumed specified liabilities of Microbial microbial pertaining to or emanating from a microbe. microbial digestion the breakdown of organic material, especially feedstuffs, by microbial organisms. Environmental Services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, , Inc. ("MES (Manufacturing Execution Software) Software that provides real time access to plant activities that include equipment, labor, orders and inventory. An MES integrates the data with enterprise resource planning (ERP) systems so that management has complete control of ") and R.E. Blattert & Associates ("REB"). MES maintains an office and laboratory in Ames, Iowa Ames is a city located in the central part of the U.S. state of Iowa, about 30 miles north of Des Moines in Story County. It is the principal city of the 'Ames, Iowa Metropolitan Statistical Area' which encompasses all of Story County, Iowa and which, when combined with the and REB maintains branch offices in Indiana and Iowa. The assets acquired by ATC consist of intangible assets including customer contract rights, customer lists, order backlog, customer records, trademarks and names and certain tangible assets consisting of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , including laboratory, field and office equipment. ATC agreed to purchase certain assets and assumption of specified liabilities of Microbial Environmental Services, Inc., a wholly-owned subsidiary of Pioneer Hi-Bred International, Inc., based in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, . Microbial was engaged in providing remediation of contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. soils and water utilizing enhanced naturally occurring biological processes. Their services include assessment of contaminated properties, design and management of bio-remediation systems and long-term monitoring for environmental regulatory compliance. As consideration for ATC assuming completion of service performance obligations under certain contracts, MES assigned to ATC its accounts receivable and work-in-process totaling an estimated $650,000 - $750,000. We anticipate this transaction will result in revenues of an estimated $3,500,000 to be realized over a period of up to 5 years. In addition, we completed the purchase of assets and assumption of specified liabilities of R.E. Blattert & Associates (REB) headquartered in Indiana, with an office in Ames, Iowa. The REB organization provided consulting, engineering and environmental management services. Its primary areas of expertise include groundwater resource management, environmental assessments, design and soil remediation management, evaluation and management of solid and hazardous wastes, geotechnical services, computer modeling and mapping studies, and forensic engineering. The consideration paid to REB was approximately 16,000 shares of ATC restricted common stock. ATC, through a subsidiary, ATC/Blattert Inc., entered into an employment/consulting contract with the owner whereby he will receive certain incentive payments relating to performance of ATC/Blattert Inc. which earnout may total up to a maximum of $850,000 over a four-year period exclusive of an annual salary to be received by him. In addition, the owner received a cash payment of $250,000 and a $200,000 promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. payable annually over three years for finders fee services related to the asset purchase of MES. Although the liabilities assumed are expected to exceed the assets acquired by approximately $400,000, ATC expects ATC/Blattert Inc. to achieve estimated revenues of approximately $2,500,000 over the next 12 months. Many of REB's customers require bioremediation bi·o·re·me·di·a·tion n. The use of biological agents, such as bacteria or plants, to remove or neutralize contaminants, as in polluted soil or water. services like those provided by MES technical personnel. Our analysis highlighted significant opportunities for sharing of resources and technical skills between both firms. We anticipate both the MES and REB acquisitions will have a positive earnings impact. ATC is a multi-disciplined national environmental consulting and management firm providing industrial hygiene, environmental, and lead-based paint consulting, analytical and training services, and environmental risk analysis and management. Its services are provided to a broad range of clients including Fortune 500 firms and federal, state and local government agencies. CONTACT: Morry F. Rubin 212/353-8280 |
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