Americlean Inc. Executes Letter Agreement To Acquire Universal EnviroClean Systems Inc.CHARLOTTE, N.C.--(BUSINESS WIRE)--March 19, 1999--Andrew Hromyk, 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 Americlean Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AMCX), is pleased to announce that the Company has executed a Letter Agreement to acquire 100% of the assets of Universal EnviroClean Systems Inc. (Universal). Universal, a southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, based dry-cleaning and commercial laundry consultancy and supplier, is an industry leader in the engineering and construction of environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] dry-cleaning and laundry plants. Additionally, Universal is the developer and owner of the proprietary chemical product line, EnviroClean. The company, with offices in Burbank, California, and Carmel, Indiana, had revenues of US$1.3 million with net profit of US$196,000.00 during fiscal year 1998. The proprietary EnviroClean line of hydrocarbon cleaning agents is a leading contender to replace perchloroethylene per·chlor·o·eth·yl·ene n. Abbr. PCE A colorless, nonflammable organic solvent, Cl2C:CCl2, used in dry-cleaning solutions and as an industrial solvent. (perc), the solvent currently in use in over 90% of North America's 36,000 dry-cleaning plants. At the current rate of market penetration, use of this new, environmentally friendly solvent and product line will increase by 15-20% annually, and will be utilized by over 4000 dry-cleaners in North America by the end of the year 2000. The EnviroClean product line will place Americlean at the forefront of the fastest growing market segment of North America's $7 billion dry-cleaning industry. The acquisition of Universal will enable Americlean to augment it's product mix with the EnviroClean product line, and will provide the Company with another competitive advantage in the area of non-toxic, environmentally friendly, dry-cleaning and commercial laundry chemical formulations. Additionally, the principals of Universal have over 60 years of industry specific experience, and have previously held positions, including 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. , with some of North America's leading dry-cleaning suppliers. Closure of the transaction is scheduled to be completed on March 31, 1999. AMERICLEAN INC. (OTC BB:AMCX) services the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. dry-cleaning industry, a seven billion dollar annual market which has consistently grown an average rate of 10% each year. The Company has combined the manufacture and supply of dry-cleaning products with 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. services utilizing its proprietary recycling technology. As previously announced, Americlean recently acquired Boggs & Co., adding $14 million in annual revenues. Americlean's strategy is focused at consolidating this fragmented industry by supplying its products and services directly to the consumer. Americlean is approved for the Standard & Poor's Corporate Records listing. Forward-looking statements and comments herein are made pursuant to safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the company to complete proposed transactions and enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. |
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