American Eco Completes Chempower Merger.HOUSTON, TEXAS--(BUSINESS WIRE)--March 4, 1997--American Eco Corpora corpora plural form of corpus. corpora albicantia see corpus albicans. corpora arenacea sandy or gritty bodies, found in the pineal body; appear to be of glial or stromal origin; have the structure of (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 ., 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.) American Eco Corporation and Akron, Ohio based Chempower, Inc. (NASDAQ - CHEM CHEM Chemistry CHEM Chemical CHEM Chemist CHEM Chemistry Mission CHEM Centre des Hautes Études Militaires (French) CHEM Center for Healthcare Environmental Management CHEM Charge-Energy-Mass (spectrometer) ) announced that Chempower, Inc., have completed a merger with a subsidiary of American Eco whereby Chempower shareholders received consideration of US$6.20 per share for approximately 7.8 million shares of Chempower. The total cost to American Eco was partially funded by a placement by American Eco of US$15.0 million 9.5 percent 10 year Convertible Debentures, to US institutional investors convertible after 181 days into the common shares of American Eco at a price based on a formula of the market price of the shares at the time of conversion. In addition, certain of the principal shareholders of Chempower, Inc. agreed to take US$19.9 million of one year notes in lieu of cash. The merger agreement had been previously approved by Chempower shareholders and requisite regulatory authorities. Michael E. McGinnis, President & 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 stated, "Chempower's profitable domination of power generation maintenance and construction services in the Midwest and Northeast significantly enhances American Eco's market penetration and geographic coverage for its multi-national clients. In addition, Chempower strengthens American Eco's financial position through their annuity type contracting relationships balancing risk as they pertain to backlogs." Chempower which is a major service contractor in the utility industry, was founded by Toomas J. Kukk, Chairman and CEO who continues as the senior executive of Chempower. Chempower is a manufacturing, construction and environmental services company for the power generation industry through subsidiaries in 14 eastern US States from New Jersey to Indiana in the mid-west and Alabama in the south. Specific products and services include, insulation, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , mechanical construction and abatement. In the year ended December 31, 1995, Chempower had earnings of US$2.2 million on revenues of US$78.7 million, with current maintenance contracts and a manufacturing backorder position of approximately US$25.0 million. This acquisition will constitute a 17 percent increase in American Eco's current backlog position. American Eco is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. provider of single source construction, engineering, management, maintenance, and environmental remediation services in the refining, petrochemical, utility, and forest products industries. CONTACT: American Eco Corporation - Houston, Texas W. Todd Hickman, 281/ 774-7000 |
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