American Ecology announces Ed Gorman as President and COO of American Ecology, Lemley to continue as Chairman and CEO; Directors make investment in Company.HOUSTON--(BUSINESS WIRE)--Sept. 13, 1995--Edmund J. Gorman has been named the president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of American Ecology Corporation, a hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. treatment and disposal company. He assumes the title from Jack Lemley who has served as President, 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. and COO. Lemley will continue as CEO and Chairman of the Board of Directors. Gorman, 49, previously served in several senior management positions with Morrison Knudsen Company, most recently as Senior Vice President. An attorney, Gorman has more than 20 years experience in finance and management. Gorman noted, "Under Jack Lemley, American Ecology started the process of reorganizing and repositioning to become more competitive and take advantage of its unique position in the hazardous waste business. I am looking forward to helping the company achieve those goals." Also announced today was that the Company received a $3.25 million equity investment from five of its directors, John Harris, Edward Heil, Jack Lemley, Paul Schutt, and Harry Phillips, Jr. The investment will provide additional working capital and help fund the reorganization. The investment is in exchange for preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and warrants to purchase common stock of the company. The investing directors also agreed to purchase an additional $750,000 of preferred stock and warrants on or before September 30, 1995 and $1,000,000 of preferred stock and warrants on or before January 5, 1996. The transaction was approved by an independent Committee of the Board of Directors and is subject to the receipt of a fairness opinion of an independent investment banking firm. American Ecology operates a nuclear waste disposal facility in Washington, has received a license approval for a similar facility in California, has a license application pending for a nuclear disposal facility in Nebraska, and operates a nuclear processing facility in Tennessee. The Company also operates a chemical waste disposal facility in Nevada and two in Texas. Services provided by the Company include waste packaging, transportation, consulting, pretreatment pretreatment, n the protocols required before beginning therapy, usually of a diagnostic nature; before treatment. pretreatment estimate, n See predetermination. , disposal, fuels blending, recycling, and clean-up services. The Company's common stock trades on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) . CONTACT: American Ecology Corporation, Houston Stephen W. Travers or A. Jefferson Walker, 713/624-1900 |
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