ATC Environmental purchases certain assets of an environmental consulting firm with 1995 revenues of $4,500,000.NEW YORK--(BUSINESS WIRE)--March 4, 1996--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 purchased certain assets and assumed certain liabilities of Applied Geosciences Inc. ("AGI (Artificial General Intelligence) A machine intelligence that resembles that of a human being. Considered impossible by many, most artificial intelligence (AI) research, projects and products deal with specific applications such as industrial robots, playing chess, "). The business had unaudited revenues of approximately $4.5 million for the year ended Dec. 31, 1995. This acquisition will be accounted for as a purchase. The assets acquired by ATC consist of intangible assets including customer contact rights, customer lists, order backlog, customer records, 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 , work in process, deposits and property. ATC also entered into a non-competition agreements with a former stockholder. Total consideration paid to the seller for the assets and non-competition agreement is $589,060. Additionally, ATC will pay $129,000 to a former stockholder for consulting services, pursuant to a one-year agreement. Other contingent and direct costs in connection with the purchase are not expected to be material. AGI provides environmental consulting Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. services including environmental and hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. site assessments, remediation design, air quality management, asbestos services, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. support, engineering geology and maintained offices in San Diego, Tustin and San Jose, Calif. As a result of expense reductions and economies of scale, this acquisition is expected to be accretive to earnings. Based on the analysis of the purchased assets and the client base ATC expects to retain a significant portion of AGI's revenue base as a result of this transaction, although no assurances can be given in this regard. ATC is a multi-disciplined national environmental consulting and management firm providing industrial hygiene, lead-paint-risk consulting, analytical, training services, and systems design and risk analysis. Its services are provided to a broad range of clients including Fortune 500 firms and federal, state and local government agencies. CONTACT: ATC Environmental Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Morry F. Rubin, 212/353-8280 |
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