American Eco Executives Align Responsibilities after Signing Option to Purchase 1.0 million Shares from Various Shareholders.HOUSTON, TEXAS--(BUSINESS WIRE)--Dec. 16, 1998--American Eco Corp. (Nasdaq: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 announced today that Michael E. McGinnis, and J.C. Pennie, on behalf of other executives and themselves, have signed an option to purchase up to 1.0 million shares from various shareholders of American Eco. The purchase of the shares is expected to be funded privately. As part of this planned increase in management ownership of American Eco, J.C. Pennie moves to Chairman of the Board, and Michael E. McGinnis moves to 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. . Effective immediately, Mr. Matt Hill is promoted to Senior Vice-President Operations for North-America. Mr. Hill who assumes responsibility for all operating units, from his former position as Vice-President, Southwest Region and President of Turner Group construction companies, will report directly to Mr. McGinnis. Mr. Frank Fradella will continue with the Company through the completion of the fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. audit, after which he will be pursuing other business interests in private industry. American Eco further announced that it is interviewing executive search firms for the selection of a Chief Financial Officer. The Company indicated that Mr. Mitch Posner will remain through to the end of the fiscal year-end audit, after which he will concentrate on his former business interests, Mr. Posner will continue to work with American Eco on potential acquisitions. American Eco, President and CEO Michael E. McGinnis, stated, "American Eco is now back on the track toward its former revenue and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. growth. Management's belief in the Company's future is underlined by our decision to acquire a major share 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 industrial support and specialty fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. services in the energy, pulp & paper, and power generating industries. Except for the historical information in this News Release, the News Release includes forward looking statements that involve risks and uncertainties including, but not limited to quarterly fluctuations in results, the management of growth, competition and other risks. Actual results may differ materially from such information set forth herein. |
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