American Eco Corp. -- Cambridge wins exclusive appointment for Continental Indemnity Corp.

HOUSTON--(BUSINESS WIRE)--Nov. 16, 1994--American Eco Corp. (TSE:ECX) (AMEX:ECG) announced that its wholly owned subsidiary Cambridge Construction Service Corp. was appointed to head the newly created risk management division of Continental Indemnity Corp.

Cambridge, with offices in Dallas and Houston, is a construction management firm providing services that minimize risks associated with underwriting surety bonds and construction loans.

With its proprietary Construction Management Software (CMS 3.0), project feasibility studies, contract fund disbursement, and site inspections, Cambridge helps to ensure timely and successful project completions.

Dallas-based Continental Indemnity Corp. is a licensed underwriter of surety bonds throughout 12 western states. Kelly D. Roeschke, executive vice-president of Cambridge, said, "The professional alliance of Continental Indemnity and Cambridge will address the needs of construction firms and governments at all levels who seek to assist emerging contractors, including disadvantaged and minority owned businesses, in establishing surety bond credit."

Construction surety bonds, often referred to as payment and performance bonds, are routinely required of contractors.

American Eco Corp. announced recently that another subsidiary, C.A. Turner Co., received a 3 year contract from Huntsman Corp. for industrial maintenance services to be performed at Huntsman facilities in Port Arthur and Prot Neches. This contract is expected to generate significant revenues for the company.

In addition, American Eco Corp., announced that 1994 earnings through the third quarter reached $1.3 million USD, compared to $322,000 USD for all four quarters of 1993.

CONTACT: American Eco Corp., Toronto

              J. C. Pennie, 416/368-6553
              Michael E. McGinnis, 713/647-0505 (Houston)