Bennett Environmental to Acquire Subsidiary of ELI Eco Logic Inc.Business Editors OAKVILLE, Ontario--(BUSINESS WIRE)--Nov. 26, 2003 Bennett Environmental Inc., a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. leader in the high-temperature treatment of contaminated soil, is pleased to announce that it is in final negotiations to acquire ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. Eco Logic International Inc, a subsidiary of ELI Eco Logic Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ELI). The transaction is expected to close on December 1st 2003. Through this purchase, Bennett acquires a license from ELI Eco Logic Inc. for the GPCR GPCR Guanine Nucleotide-Binding Protein-Coupled Receptor GPCR GTP-binding Protein-Coupled Receptor (TM) technology that effectively treats gases and contaminated liquids and is a complementary service to the treatment of contaminated soil and construction debris in Bennett's existing Saint Ambroise, Quebec and Cornwall, Ontario facilities respectively. The permit to operate the assets purchased from ELI Eco Logic Inc. is valid in Ontario only. The acquisition of ELI Eco Logic International will cost Bennett approximately CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1.725 million. In addition to the technology and synergy gained by this acquisition, ELI Eco Logic International has significant tax losses, which the Company expects to apply against its income resulting in cash tax savings of up to CDN$7.0 million. "This acquisition fits with the Company's goal of developing alternative technologies for the environmentally safe treatment of contaminated residues. The GPCR(TM) technology is the perfect complement to Bennett's high temperature treatment services. Bennett now has the potential of offering a complete range of turnkey environmental safe remediation services," stated John Bennett, Chairman and Chief Executive Officer of Bennett Environmental Inc. "With the closing of this transaction expected by December 1, 2003, Bennett Environmental Inc. is now positioned to capture a greater share of the recycling and treatment markets." About Bennett Environmental Inc. Bennett Environmental Inc. is a North American leader in high temperature treatment services for the remediation of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the US. Bennett Environmental's proprietary technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America. Bennett Environmental is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (Trading Symbol "BEV") and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (Trading Symbol "BEL"). Note for Investors: This news release includes statements about expected future events and/or financial results that are forward looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbour for forward-looking statements provisions contained in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. The company cautions that actual performance will be affected by a number of various factors, many of which are beyond the company's control. Discussions of the various factors that may affect future results are contained in the company's filings with the Securities and Exchange Commission and Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . |
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