American Eco Withdraws Special Warrant Offering.HOUSTON--(BUSINESS WIRE)--Oct. 18, 1996--American Eco Corp. (TSE/NASDAQ: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 it will not complete the Special Warrant offering announced Sept. 20 to raise up to US $58.0 million in Canadian funds to acquire by merger Chempower Inc., of Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of . Michael E. McGinnis, 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. of American Eco, stated, "At current market levels a Canadian Special Warrant offering is not possible. In our view, the recent unexpected decline in the market price of our common shares is not justified. American Eco is a strong, growing company with record earnings of $0.61 cents (US) per share in the first nine months of the current fiscal year," he said. "We are confident that we can create additional shareholder value and continue our consistent growth in earnings." "We have withdrawn the Canadian Special Warrant offering because at current market levels, it would adversely dilute our shareholders," McGinnis said, "We are very interested in the Chempower merger and are moving forward with negotiations to complete the transaction." McGinnis said the company appreciates the interest shown in the company by Canadian financial institutions and the superb professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. provided by Canaccord Capital Corp. and Griffiths McBurney & Partners of Toronto. 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, project management, maintenance, demolition, dismantlement and environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a services in the refining, petrochemical, government, commercial, manufacturing, and utility industries. CONTACT: American Eco Corporation - Houston Michael E. McGinnis, 281/774-7000 or American Eco Corporation - Toronto John C. Pennie, 416/340-2727 |
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