Arbatax International Inc. acquires an oil recycling facility.ZURICH, Switzerland--(BUSINESS WIRE)--December 23, 1996-- Arbatax International Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :ATANF and VSE See DOS/VSE. VSE - Virtual Storage Extended :AAX AAX Automated Attendant Exchange .U) announced today that it has acquired an oil recycling facility through its subsidiary ICHOR ichor flows through the veins of gods instead of blood. [Gk. Myth.: Brewer Dictionary] See : Immortality Corporation. Located on a six acre site in McCook, Illinois McCook is a suburb of Chicago in Cook County, in the U.S. state of Illinois. As of the 2000 census, the village population was 254, which is the lowest population of all municipalities in the county. , the facility specializes in the re-refining of used petroleum products to produce a recycled lube oil and the processing and disposal of waters contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. with hydrocarbons. The facility is one of only four plants in North America capable of producing a recycled lube oil. The processing capabilities include the following: wipe film evaporation treatment, a unique form of vacuum distillation used to remove impurities from the waste oil and thereby enhancing the quality; atmospheric distillation of oily waste waters, by which oil is separated from water and other impurities are removed; and fractional distillation fractional distillation (frakˑ·sh  n· , whereby products are distilled by multiple cuts according to their various boiling points. The facility is capable of processing approximately one million gallons of waste oil and three million gallons of contaminated water per month. Drummond Financial Corporation, a subsidiary of Arbatax, was the senior secured lender to the facility's previous owner who filed for bankruptcy on October 25, 1996. This allowed for the acquisition of the facility essentially free and clear of all financial liabilities without any cash outlay. The loan was transferred to ICHOR due to the operational synergies between ICHOR and the McCook facility. As a result of the reorganization, Arbatax has increased its stake in ICHOR held through a subsidiary, to approximately 80%. Michael Smith, President of Arbatax, commented: "We feel we have acquired a niche industrial facility with a low cost basis. It is a logical step in the expansion of our industrial division into a targeted industrial environmental operation. The operation will start production almost immediately and should be operating at full capacity before the end of the first quarter of 1997." Arbatax International Inc., operates in the financial service industry and, in particular, conducts investment and merchant banking activities which concentrate on identifying, financing and investing in undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. assets and realizing underlying value through restructuring and reorganization. Such activities also include providing corporate finance and related services by way of principle transaction for the Company's own account and generating fee income for services. CONTACT: Michael Smith, President Rene Randall, Corporate Relations (604) 683-8286 or Morgen-Walke Associates (212) 850-5600 June Filingeri/Jonathan Schaffer Media Contact: Stan Froelich |
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