Addington founder withdraws proposal to acquire Addington Resources' non-environmental operations.ASHLAND Ashland (ăsh`lənd). 1 Industrial city (1990 pop. 23,622), Boyd co., E Ky., on terraces along the Ohio River near the influx of the Big Sandy; settled 1786, inc. 1854. , Ky.--(BUSINESS WIRE)--July 12, 1995--Addington Resources, Inc. (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 National Market: ADDR ADDR Address ADDR Addressed (stamp and envelope collecting) ADDR Air Data Dead Reckoning ) announced today that founder and chief executive officer Larry Addington and his brothers have withdrawn the previously announced proposal of March 1, 1995, by Mr. Addington and his brothers to exchange their common stock of the Company and other consideration for the Company's non-environmental operations. Larry Addington stated that the proposal was withdrawn because of recent developments affecting the valuation of the Company's non-environmental businesses. Mr. Addington stated, "My original proposal was based on internal and external valuations of each of the Company's business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . Some of those valuations, such as those established for the Addwest Minerals operations, have not materialized. They have not achieved the projected profitability upon which the original valuations were based. Thus, the terms of my original proposal no longer reflect a feasible and prudent business transaction. In light of recent developments affecting those valuations, I discussed alternatives to my original proposal with members of the Special Committee; however, we could not together reach a definitive agreement." Kirby Taylor, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated that he remains optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the Company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prospects as reflected in its progress during the first half of 1995. Mr. Taylor stated, "Our Company's environmental division is performing ahead of budget for FY 1995. In addition, significant progress has been made on the initiatives that were announced last October. We expect that the results for the first six months of 1995 should reflect those improvements. The company's citrus citrus Any of the plants that make up the genus Citrus, in the rue family, that yield pulpy fruits covered with fairly thick skins. The genus includes the lemon, lime, sweet and sour oranges, tangerine, grapefruit, citron, and shaddock (C. maxima, or C. grandis; also called pomelo). operations in Belize remain for sale and with the announced letter of intent to sell Addwest Minerals, the Company has narrowed its focus. The Company has also reaped some of the long-term benefits of its investment in highwall mining technology through the successful sale of the Company's highwall mining technology in Australia, while otherwise retaining worldwide rights to use the technology. Additionally, the Company has a licensing agreement with Joy Technologies." Mr. Taylor also noted that the Company's management intends to separate the Company's environmental operations from the Company's mining operations to create a public company focused purely on waste management. Addington Resources, Inc., trades on the NASDAQ National Market System under the symbol ADDR. The Company is involved in waste management operations as well as mining, mining technology and mining services. CONTACT: Addington Resources, Inc. Kirby J. Taylor, 606/928-3433 |
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