American Eco Schedules Offer to Industa Shareholders for June 28th.HOUSTON--(BUSINESS WIRE)--June 17, 1996--American Eco 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 and Wayne Shaw, Chairman and Chief Executive Officer of Industra Service Corporation, of Vancouver, have mutually agreed to extend the term of their Lock-up Agreement Lock-Up Agreement A legally binding contract between the underwriters and insiders of a company prohibiting these individuals from selling any shares of stock for a specified period of time. . The take-over bid circular is anticipated to be mailed to the shareholders of Industra on or about June 28th, 1996. The offer will be conditional upon requisite regulatory approval. American Eco currently owns 9.5 percent of the common shares of Industra. and intends to proceed with its offer to acquire all of the common shares of Industra. Subject to certain conditions, Mr. Shaw, has agreed to tender all of his shares to the American Eco take-over bid. Mr. Shaw who holds approximately 18 percent of the issued common shares of Industra, is expected to continue as the senior executive of Industra and has agreed to join the Board of Directors of American Eco. Midland Walwyn Capital Inc. is acting as financial advisor to American Eco in connection with the offer. Industra is an industrial engineering and environmental services company serving the pulp and paper, petrochemical and utility industries in both Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . In the year ended December 31, 1995, Industra had revenues exceeding Cdn. $70.0 million. Industra is listed and trades on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol IND. AMERICAN ECO is a leading North American 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: American Eco Corporation (Houston, Texas) Michael E. McGinnis, 713/807-0100 or American Eco Corporation (Toronto, Canada) John C. Pennie, 416/340-2727 |
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