American Eco to Offer to Acquire Industra Service Corporation.HOUSTON, Texas--(BUSINESS WIRE)--April 10, 1996--AMERICAN ECO E·co , Umberto Born 1932. Italian writer best known for his novels, including The Name of the Rose (1981). He has also written extensively on semiotics and British and American popular culture. 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 announced that it intends to make an offer to acquire all of the common shares of Industra Service Corporation of Vancouver, by exchanging 0.425 of its common shares for each common share of Industra tendered. The most recent closing price of American Eco on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. was Cdn $9 7/8. The formal offer will be made after American Eco has satisfactorily completed its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. for Board approval and the required documentation has been prepared. Mailing of documents to Industra shareholders is expected within approximately 45 days. The offer will be conditional upon requisite regulatory approval and American Eco acquiring no less than 75 percent of the common shares of Industra. American Eco currently owns approximately 9.5 percent, or 339,000 common shares of Industra. Midland Walwyn Capital Inc. is acting as financial advisor to America Eco in connection with the offer. Wayne E. Shaw, Chairman 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 Industra, has entered into a lock-up agreement to tender all of his shares to the offer. Mr. Shaw holds approximately 18 percent of the issued common shares of Industra. Mr. Shaw will continue as the senior executive of Industra and has agreed to join the Board of Directors of American Eco. 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 under the symbol IND. Michael E. McGinnis, President and CEO of American Eco, stated, "The acquisition of Industra permits American Eco to expand geographically into Canada and the north-western United States where Industra has a strong presence. Combined with the recent acquisition of a company in the south-western US engaged in construction, remediation and maintenance, in the utility industry, the acquisition of Industra will further extend American Eco's presence on the west coast. American Eco expects to exceed US $200.0 million in revenue in 1996 after giving effect to the acquisition of Industra." AMERICAN ECO is a leading 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 Michael E. McGinnis, 713/647-0505 or American Eco Corporation John C. Pennie, 416/340-2727 |
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