Aqua Care Systems Inc. and E V Environmental Inc. announce agreement in principal to merger.HOLLYWOOD, Fla.--(BUSINESS WIRE)--Oct. 4, 1995--William K. Mackey, chairman of the board, president and chief executive officer of Aqua Care Systems 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 :AQCR AQCR Air Quality Control Region (US EPA) AQCR Air Quality Control Regulation ) and Michael R. Cox, chairman and chief executive officer of E V Environmental Inc. (NASDAQ:EVEN) Wednesday announced that the two companies have reached an agreement in principal to merge. While all of the terms and conditions related to the proposed merger of the two companies are still under discussion, the exchange ratio which has been agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy will be two shares of Common Stock, par value $.001 per share, of Aqua Care for each share of Common Stock of E V Environmental Inc. At Sept. 30, 1995, Aqua Care Systems Inc. had outstanding 6.8 million shares of Common Stock and 1.8 million each of A and B warrants to purchase common stock at $9.50 and $13.50 per share respectively. E V had 2.1 million common shares outstanding, 450 thousand Series A warrants exercisable at $5.00 per common share and $1.9 million face amount of convertible debentures, which convert into one share of E V common for each $2.50 of face amount. Mackey and Cox stated: "We believe the combination of our companies affords us the opportunity to more rapidly grow our wastewater treatment business. The synergy between our operations is significant in that we can now offer a complete wastewater treatment solution in a larger market area. The combined companies will enjoy not only economies in our overhead structures but also in sales and engineering. This will strengthen our position and makes us a force in this market." E V Environmental is a wastewater treatment company engaged in the design, manufacture, installation, and operation of wastewater systems for industry and government. Aqua Care Systems Inc. is a Florida-based Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. that was formed in 1990 and which became operational in May 1991 for the purpose of acquiring operating companies primarily in the industrial wastewater treatment Industrial wastewater treatment A group of unit processes designed to separate, modify, remove, and destroy undesirable substances carried by wastewater from industrial sources. and water filtration and purification industries. On Oct. 14, 1993, the company completed its Initial Public Offering of securities, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of which are being utilized for expansion of its existing businesses and acquisitions of additional businesses in the same, or similar, lines of business. CONTACT: Aqua Care Systems Inc., Hollywood William K. Mackey, 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. 305/925-9993 |
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