Alanco Environmental Resources and Harbinger Capital Reach Accord.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 6, 1997-- New Management Structure and Joint Board Slate Alanco Environmental Resources Corp. (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) and Harbinger Capital have reached a definitive agreement on a management structure and mutually satisfactory board slate for the upcoming Nov. 7, 1997 shareholders meeting. The agreement averts any proxy battle between the two. In a joint statement, both parties expressed optimism that the agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy terms are in the best interests of all parties and that any concerns with management structure and shareholder protection and rights are fully resolved. Under the terms of the agreement Dennis Schlegel will remain chairman of the board of directors, and Edward Maley, the current president of Alanco and head of the company's Fry Guy Inc. subsidiary, will assume the additional role of temporary chief executive officer. The revised board of directors slate will include Schlegel, current board members Harold S. Carpenter and Maley, and two independent directors to be nominated by Harbinger. The finalization of the agreement is contingent only on the filing of an amended proxy by Alanco, and a review of the professional qualifications of the Harbinger nominees. Antonio (Bobby) Cabral, general partner of Harbinger, stated, "I am pleased to have this misunderstanding with Alanco behind us. We are happy with the makeup of the proposed management and believe that the value and potential of Alanco's products and services are in capable hands. "We are also pleased that we were able to resolve this in such a manner as to retain the services of all of the key personnel at Alanco, and that Mr. Schlegel will still have the opportunity to serve the company actively. "It is our belief that this new structure will provide excellent checks and balances on all decision making within Alanco, and that we, as shareholders, may start to realize the value in the company." Harbinger Capital is the beneficial owner Beneficial Owner A person who enjoys the benefits of ownership even though title is in another name. Notes: For example, when shares of a mutual fund are held by a custodian bank or when securities are held by a broker in street name, the true owner is the beneficial of more than 21 percent of the outstanding shares of Alanco. Schlegel commented, "It is important that Alanco and its management regain the support of all of its shareholders and we are pleased that a mutually satisfactory compromise has been reached with Harbinger. We continue to believe that the foundation has been built at Alanco for future growth and prosperity. "With this announced settlement, our focus, and the focus in the marketplace, can now be solely on the substantial progress Alanco is making, as evidenced by last year's 87 percent growth in revenue. It is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to have our largest shareholder behind our future efforts, and we look forward to working with the new additions to the board. "In the interim, I have enormous confidence in Ed Maley and his ability to invigorate in·vig·or·ate tr.v. in·vig·or·at·ed, in·vig·or·at·ing, in·vig·or·ates To impart vigor, strength, or vitality to; animate: "A few whiffs of the raw, strong scent of phlox invigorated her" and guide the activities of Alanco while the board investigates a long-term plan for the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. position." Alanco's primary businesses are industrial air pollution control technology and food services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and marketing. In July, Alanco announced an agreement to sell eight of its Charged Dry Sorbent sorbent /sor·bent/ (sor´bent) an agent that sorbs; see absorbent and adsorbent. sorbent an agent that sorbs. Injection (CDSI CDSI Comisión de Estudio para el Desarrollo de la Sociedad de la Información CDSI Cross Domain Semantic Integration CDSI Credit Default Swap Index ) air pollution control systems to Guangzhou Paper Ltd., in Guangzhou Province, China. Guangzhou Paper is China's largest production paper mill and one of China's 500 largest business enterprises. The Guangzhou agreement, scheduled for completion in February, represents the third industrial installation of Alanco's CDSI technology in China. Alanco's Fry Guy Inc.'s Integrated Food Services marketing program operates in more than 1,300 Wal-Mart stores nationwide. The company announced last month it has introduced the program to a new venue, motion picture theatres, installing the program in Mann Theaters in metropolitan Denver and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . CONTACT: Alanco Shareholder Relations, 602/607-1010 |
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