Alanco Environmental Resources Inc. announces two new acquisitions.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 1, 1995--Alanco Environmental 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 :ALAN) announced two new acquisitions Monday that are designed to broaden and strengthen the company's foundation as a growth company. In the first agreement, ALANCO is acquiring Fry Guy Inc., which markets a revolutionary "environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] " frying machine for commercial use. The unit employs a patented air filtering system which enables it to operate almost entirely odor odor (o´der) a volatile emanation perceived by the sense of smell. o·dor n. 1. The property or quality of a thing that affects, stimulates, or is perceived by the sense of smell. and smoke free, and eliminates the $5,000 to $20,000 expense typically required for special ventilation ventilation, process of supplying fresh air to an enclosed space and removing from it air contaminated by odors, gases, or smoke. Proper ventilation requires also that there be a movement or circulation of the air within the space and that the temperature and of cooking equipment. The self-ventilating frying machine is a totally portable, UL approved, self-contained 70 pound unit that operates on 110 volt volt [for Alessandro Volta], abbr. V, unit of electric potential and electromotive force. It is defined as the difference of electric potential existing across the ends of a conductor carrying a constant current of 1 ampere when the power dissipated is 1 watt. power and requires very little shelf space. Fry Guy allows small businesses to participate in the sales and high profit margins of french fries French fry n. A thin strip of potato fried in deep fat. Often used in the plural. , onion rings Onion rings are a type of fast food commonly found in the United States, Canada, United Kingdom, Australia, Malaysia and other places. It generally consists of a small ring of onion dipped in batter and then deep fried. , chicken nuggets A chicken nugget is either whole or composed from a paste of finely minced chicken or chicken skin, which is then coated in batter or breadcrumbs before being cooked. Fast-food restaurants typically deep-fry their nuggets in oil. and other finger foods without the capital costs of installing a ventilation system ventilation system Public health An air system designed to maintain negative pressure and exhaust air properly, to minimize the spread of TB and other respiratory pathogens in a health care facility . There are over 280,000 prospective sites for locating Fry Guy's product in the U.S. market alone. Fry Guy's product may be sold or rented to customers depending upon the customers desired method of utilization. Alanco chairman, Dean Hough n. 1. Same as Hock, a joint. v. t. 1. Same as Hock, to hamstring. [ imp. & p. p. os> r>; p. pr. & vb. n. os> n. 1. An adz; a hoe. v. t. 1. To cut with a hoe. , will be president and chief executive officer of Fry Guy Inc. Hough stated, "We will direct our marketing efforts both to the existing identified locations and to new locations created by the capabilities of this product." The Fry Guy acquisition consists of two corporate entities, Fry Guy Inc. and Chappell Financial Inc., a note holder of Fry Guy that was instrumental in providing lease purchase financing for the Fry Guy units. ALANCO is acquiring 100 percent of the stock in the companies for 4.6 million shares of ALANCO common stock. Fry Guy Inc. is currently providing the world's largest retailer, with 50 units per month. The intent is to have Fry Guy units operating in all of their snack bars nationwide, which represents approximately 2,500 locations. ALANCO's management believes that the presence of Fry Guy's deep frying deep frying: see cooking. units recognized in these internationally known retailer snack bars across the nation, is evidence of the reception this "environmentally friendly" product receives in the market place. The second acquisition announced by ALANCO today is that of Unique Systems Inc., which is the owner of National Affiliated Adjustment Company, (formerly Realistic Adjustment Company). This 10 year old claims loss adjustment company is one of the largest independent claims loss adjustment companies in Arizona, with a consistent history of profitability, growth, an excellent credit history and an industry-wide reputation for consistency and timely handling of claims. National Affiliated Adjustment Company projects 1995 sales of approximately $1,350,000 with net earnings of approximately $260,000. The company is being acquired for ALANCO stock at a valuation of $3,475,000, which is the historical market value of the company and a valuation identical to a current independent appraisal for the company. Terms of the agreement call for 100 percent of Unique Systems Inc. to be acquired for 1,750,350 shares of ALANCO common stock and $520,000 of ALANCO's preferred non-voting non-dividend paying stock, which matures May 1, 2000. The agreement represents a share price of $1-11/16, the NASDAQ bid price quoted for ALANCO at the close of business on April 6, 1995. In announcing the acquisition, ALANCO board members called the 10 year record of National Affiliated Adjustment Company's profitability and growth an important part of enhancing the foundation base of ALANCO as a growth company. The board cites National Affiliated's existing management as a key component of the acquisition. Management is capable of doubling the company's earnings over the next year. For further information contact, D.R. Ellenbecker at Alanco Environmental Resources Inc., in Scottsdale at 602/874-0448. CONTACT: Alanco Environmental Resources Inc. D.R. Ellenbecker, 602/874-0448 |
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