American Eco Announces Beaumont, Texas Acquisition.HOUSTON, Texas--(BUSINESS WIRE)--Jan. 31, 1996--AMERICAN ECO E·co , Umberto Born 1932. Italian writer best known for his novels, including The Name of the Rose (1981). He has also written extensively on semiotics and British and American popular culture. 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 : ECGOF TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ECX ECX European Climate Exchange ECX E-Commerce Exchange ECX eCatalog XML ECX Extended Count Register ECX Electronically Controlled Telephone Exchange ECX Extrusion-Cast Explosive (fine-grain) ECX Experimental Concentration - Percent ) AMERICAN ECO CORPORATION as part of its comprehensive strategy to acquire profitable companies in related fields and to expand its market geographically, announced today that it has signed a Letter of Intent to acquire the assets of Petrocon's industrial service companies. This acquisition includes Petrocon Construction Resources, Inc., Petrocon Plant Services, Inc., and Petrocon Instrumentation and Electrical, Inc. of Beaumont, Texas Beaumont is a city and county seat of Jefferson County, Texas and is within the Beaumont-Port Arthur metropolitan area. As of the 2000 U.S. Census, the city had a population of 113,866. . This acquisition will be vended into American Eco's wholly-owned subsidiary The Turner Group, Inc. Richard Anderson, President of The Turner Group believes that this purchase will enable Turner to provide additional services to its existing customer base and expand its business opportunities in new market segments, especially the forest products industry. This acquisition will also enable American Eco to provide full service instrumentation and electrical services to existing and future clients. The Petrocon acquisition is expected to close within two weeks. Michael E. McGinnis, President and 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. of American Eco Corporation, stated that the audited consolidated financial statement Consolidated financial statement A financial statement that shows all the assets, liabilities, and operating accounts of a parent company and its subsidiaries. will be released during the week of February 18, 1996. McGinnis stated that "the company is very optimistic about its results, and for the year ended November 30, 1995, the audited results will be consistent with the growth in earnings year-to-date." American Eco recently announced an increase of 50 percent for Net Income to US$1,879,000 or US$0.27 per share on average of 6,951,591 shares for the nine months ended August 31, 1995, compared to US$1.2 million or US$0.21 per share on 5,932,590 shares for the same period in 1994. Revenues for the nine months of 1995 reached US$27.4 million. Shareholders equity reached US$13.7 million on assets of US$25.2 million. The above results are unaudited. On October 18, 1995, American Eco announced its acquisition of The Lake Charles Group of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. to geographically expand its activities in the industrial marketplace. The Lake Charles Group currently has US$45.0 million worth of construction in progress. AMERICAN ECO CORPORATION, is a leading provider of single source construction, project management, maintenance, demolition, dismantlement and environmental remediation services in the refining, petrochemical, government, commercial, manufacturing, and utility industries. CONTACT: Summit Financial Marketing Stuart Taft, 813/669-0688 |
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