An American Eco division completes world's largest floating building.HOUSTON--(BUSINESS WIRE)--March 5, 1996--AMERICAN ECO CORP. (NASDAQ:ECGOF TSE:ECX ECX - E-Commerce Exchange ECX - eCatalog XML ECX - Electronically Controlled Telephone Exchange ECX - Epirubicin, Cisplatin & Xeloda (chemotherapy treatment) ECX - Experimental Concentration - Percent ECX - Extended Count Register ECX - Extrusion-Cast Explosive (fine-grain)) AMERICAN ECO CORPORATION announced that its Lake Charles Group successfully completed the construction and permanent mooring of Players Island, a US$53.0 million, 3 1/2 acre floating entertainment complex between the Players and Star Casinos in Lake Charles, Louisiana. Towering 6 stories above the docks, the 25,000 ton facility was constructed by Lake Charles Lake Charles, city (1990 pop. 70,580), seat of Calcasieu parish, SW La.; inc. 1867. It is located on Lake Charles at the mouth of the Calcasieu River in a rice, timber, oil, and natural gas region. The city is an important producer of petrochemicals and has a variety of manufactures, including machinery, concrete, transportation and oil-field equipment, food products, barges, and tugboats. Construction Company and towed to its permanent site at the Players Hotel and Casino complex. It is expected to earn recognition from the Guinness Book of World Records as the world's largest floating building. The Players Hotel and Casino, and now Players Island, is located on the east bank of Lake Charles, just off Interstate 10. The complex, owned by Players International, consists of 3 restaurants including a 100 foot long buffet, 2 lounges with nightly entertainment, gift shops, hourly Hollywood/Las Vegas-style special effects shows, interactive high-tech animatronics variety show, indoor atrium with changing skyscapes, and a rainforest with waterfalls. AMERICAN ECO'S EPS has more than doubled in each of the last three years when the year ended November 30th, 1995, tripled Net Income to US$2.9 million or US$0.40 per share compared to US$0.9 million or US$0.15 per share in 1994. Revenues in 1995 reached US$46.7 million, up 34 percent. Over 98 percent of American Eco revenues are now generated in the US market. The above results are audited. AMERICAN ECO announced on January 31st, the acquisition of Petrocon Construction Resources of Beaumont, Texas; and on February 2nd the signing of a Letter of Intent to acquire Environmental Evolutions, Inc., of Corpus Christi, Texas. On October 18, 1995, American Eco acquired The Lake Charles Group. AMERICAN ECO acquisitions are part of a coordinated strategy to expand geographically as 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: Summit Financial Stuart Taft, 813/669-0688 |
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