American Eco SRS Subsidiary Awarded $2.0 million Contract from PDVSA, Venezuela.HOUSTON--(BUSINESS WIRE)--June 19, 1997--American Eco Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;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 :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 ;ECGOF) announced that its Separation and Recovery Systems, Inc. (SRS SRS, SRS-A see slow-reacting substance. ) subsidiary and Joint Venture partner Recupertec of Caracas, Venezuela have been awarded a U.S. $2.0 million resource recovery and remediation project for Corpoven, S.A., a Venezuelan division of Venezuela National Oil Company, PDVSA PDVSA Petroleos De Venezuela, SA . SRS-Recupertac provides resource recovery and environmental remediation services including the use of the SRS SAREX SAREX Shuttle Amateur Radio Experiment (now Space Amateur Radio Experiment) SAREX Search And Rescue Exercise SAREX Space Amateur Radio Experiment (formerly Shuttle Amateur Radio Experiment) Process for the recovery of oil production and oil refining wastes by separating valuable oil from oily sludge's and detoxification of the remaining solids for recycle or safe disposal. SRS-Recupertec anticipates additional follow-on projects with Corpoven, Lagoven,, and Maraven. Recently, the Venezuelan government has opened up the national oil industry to multinational participation. The multinational oil companies require strict adherence to U.S. environmental standards which has precipitated a move by Venezuela to address environmental concerns. Over the past three years SRS-Recupertec has positioned itself to be the leader in the resource recovery and environmental remediation in Venezuela. The transaction includes the sale of SAREX Process equipment by SRS, to the joint venture company SPS-Recupertec. The SAREX process is cutting edge technology utilized in refinery and chemical plants for the recovery of valuable oil resources and for the remediation of contaminated industrial sites, The SRS SAREX Process is field proven over the past ten years, and has been utilized in the United States, Mexico, Australia, Taiwan, and South Africa. Michael E. McGinnis, Chairman & 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, "Our South American neighbor countries are now stepping up to the mark in the interest of sound environmental practices. American Eco is proud to be a participant in providing state of the art technology to Venezuela." American Eco is a leading North American provider of single-source construction, management, maintenance, engineering and environmental remediation services in the refining, petrochemical, utility, forest products and offshore manufacturing industries. CONTACT: American Eco Corporation Cindy Jackson, 888/774-3246 or Separation and Recovery Systems, Inc. Joseph DeFranco, 714/261-8860 |
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