American Eco to acquire assets that will expand fabrication services to both coasts.HOUSTON, Texas--(BUSINESS WIRE)--May 28, 1996--American Eco Corp. (NASDAQ/TSE:ECGOF;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 ) following its recent announcement of an offer to acquire the TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). listed Industra Service Corp. of Vancouver; announced Tuesday that it has signed an agreement to purchase the assets of the former M and M Manufacturing Ltd., of Dartmouth, Nova Scotia Dartmouth (2001 pop.: 65,741[0]), founded in 1750, is a community and planning area of the Halifax Regional Municipality, a provincially designated Metropolitan Area, and a former city in the Canadian province of Nova Scotia. . M and M facilities which include 6.5 acres of pipe fitting, assembly, machining and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. buildings are similar to American Eco's C.A. Turner Group in Port Arthur, Texas Port Arthur is a city in Jefferson County within the Beaumont-Port Arthur metropolitan area and is situated in southeast Texas. As of the 2000 U.S. Census, the city had a total population of 57,755. . Closing for the transaction is anticipated for mid-June. Former M and M Director of Marketing, Besim Halef, will head up American Eco's development of the east coast market. M and M which had annual revenues of (Cdn) $35.0 million and up to 500 employees, had been active in the Petrochemical, Power Generation, Pulp and Paper and Offshore Oil industries, providing pressure vessels, conveyers, reactors, offshore oil platforms and jackets, both for construction and refit. Halef will be coordinating with American Eco's multi-national customers, who have requested service in their east coast Refinery and Petrochemical facilities for maintenance, environmental remediation and construction services. He will be located at the company's Dartmouth office. At the annual shareholders meeting on April 25, in Toronto, 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, announced, "The growth of current operating divisions from US $46.7 million in 1995 are expected to top US $71.3 million for fiscal 1996, with an additional US $129.0 million from current and announced acquisitions, including the Offer to acquire Industra Service Corporation listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . "The total revenues expected for fiscal 1996 of US $200.0 million are expected to sustain a fourth year of annually doubling earnings per share to US $0.80." 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 Corp., Houston, Texas Michael E. McGinnis, 713/647-0505 or American Eco Corp., Toronto John C. Pennie, 416/340-2727 |
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