American Eco and Dominion Bridge Resume Exclusive Acquisition Negotiations.TORONTO--(BUSINESS WIRE)--Feb. 23, 1998-- American Eco Corpora(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 .) (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) (BERLIN:AEOGR) Dominion Bridge Corp(VSE See DOS/VSE. VSE - Virtual Storage Extended :DMO DMO Debt Management Office (Bank of England) DMO Destination Marketing Organization DMO Defence Materiel Organisation (Australia) DMO Dental Maintenance Organization DMO Distributed Mission Operations .U.) (NASDAQ:DBCO) American Eco Corporation and Dominion Bridge Corporation, announced today that they have resumed exclusive negotiations for, among other things (i) the private placement of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $5.0 million of Dominion Bridge securities to American Eco; (ii) a USD$25.0 million credit facility from American Eco; and (iii) the acquisition of Dominion Bridge by American Eco. The parties also announced that they have met to resolve the outstanding issues which had prevented the transaction from closing on February 12, 1998. Michael E. McGinnis, Chairman, 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 Corporation and Michel L. Marengere, Chairman and Chief Executive Officer of Dominion Bridge Corporation indicated that the parties had encountered differences as expected in the normal course of business transactions between public companies. As of 5:00 p.m., Friday, February 20, 1998, American Eco Corporation had fulfilled the first milestone of the negotiations by completing the private placement of US$5.0 million for Dominion Bridge securities. Mr. McGinnis will be named to the board of Dominion Bridge Corporation and serve on the Dominion Bridge Executive Committee, now that the private placement has been completed. Management of both companies will proceed with the negotiations for the $25.0 million credit facility and the Definitive Agreements for the acquisition of Dominion Bridge Corporation by American Eco Corporation. American Eco is a leading North American provider of single-source construction, management, maintenance, specialty fabrication, engineering and environmental remediation services in the refining, petrochemical, utility, forest products and offshore manufacturing industries. CONTACT: American Eco Corporation David L. Norris, 888/ 774-3246 (281) 774-7000 www.americaneco.com or American Eco Corporation Cindy Jackson, 888/ 774-3246 (281) 774-7000 |
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