American Oilfield Divers and Corrpro announce transfer of anode manufacturing plant.NEW ORLEANS--(BUSINESS WIRE)--November 29, 1994--Corrpro Companies, Inc. (NYSE NYSE See: New York Stock Exchange :CO) and American Oilfield Divers, Inc. (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 :DIVE) announced today the acquisition by Corrtherm, Inc. a Corrpro subsidiary, of the foundry, anode anode (ăn`ōd), electrode through which current enters an electric device. In electrolysis, it is the positive electrode in the electrolytic cell. anode Terminal or electrode from which electrons leave a system. manufacturing and technical corrosion services businesses operated by American's subsidiary, American Corrosion Services, Inc., in Belle Chasse, Louisiana Belle Chasse is a census-designated place (CDP) in Plaquemines Parish, Louisiana, on the West Bank of the Mississippi River. Belle Chasse is part of the Greater New Orleans Metropolitan area. The population was 9,848 at the 2000 census. . The purchase price was approximately $4.9 million, consisting of $1.5 million in cash and the balance in promissory notes. The acquisition is subject to the issuance by the Louisiana Department of Environmental Quality of a permit for Corrtherm's planned operation of the foundry. Upon issuance of the permit, which is expected within 90 days, the effective date of the sale will be October 31, 1994. In the interim, Corrtherm has taken possession of and is operating the foundry. Corrpro Companies, Inc., headquartered in Medina, Ohio Medina [məˈdaɪnə] is a city in Medina County, Ohio, United States. The population was 25,139 at the 2000 census. The 2004 projected population was estimated at 28,536. , and with 48 fully staffed offices worldwide, is the leading provider of corrosion control engineering services, systems and equipment to the infrastructure, environmental and energy markets throughout the world. Corrpro is the U.S. and Canadian market share leader of cathodic protection Cathodic protection (CP) is a technique to control the corrosion of a metal surface by making that surface the cathode of an electrochemical cell. It is a method used to protect metal structures from corrosion. systems which are applied to such structures as bridges, above ground and underground storage tanks, parking garages, electric power plants, oil and gas pipelines, transmit systems, water treatment systems, offshore oil rigs and ships. Corrpro is also the U.S. market share leader in rectifiers, a key power supply component in cathodic protection systems, and the worldwide leader in the maritime cathodic protection market, corrosion monitoring systems and manufacturing of anodes for cathodic protection systems. American Oilfield Divers, Inc., headquartered in Lafayette, Louisiana, is a leading provider of a broad range of undersea construction, installation, repair and maintenance services to the offshore oil and gas industry in the U.S. Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and West Coast, internationally, and to certain U.S. inland customers. The Company manufactures and installs subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". pipeline connectors and marginal well production systems, typically through the use of its dive crews and support vessels. The Company also owns fifteen diving service vessels and one barge for pipelay and pipe bury operations in the U.S. Gulf of Mexico. For additional information contact Steve Weems, American Oilfield Divers, Inc. 318/234-4590, or Bob Adamov, Corrpro Companies, Inc. 216/723-5082. CONTACT: Corrpro Companies, Inc., Medina
Bob Adamov, 216/723-5082
or
American Oilfield Divers, Inc., Lafayette
Steve Weems, 318/234-4590
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