CNH Holdings Co. Announces Closing of Southport Environmental and Development Inc. Acquisition.KILGORE, Texas--(BUSINESS WIRE)--June 24, 1998--CNH Holdings Co. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CNHH) today announced the closing of the Southport Environmental and Development Inc. acquisition. Southport is in the oil production and oil waste recovery industry with three subsidiaries, NORM Services Group L.L.C. ("NSG NSG Naturschutzgebiet (German: Nature Reserve) NSG Nuclear Suppliers Group NSG National System for Geospatial-Intelligence NSG Naval Security Group NSG National Security Guards (India) "), NSG Rentals and Larry V. Tate Operating Inc. Currently Southport has 67% interest in 50 oil-producing wells in the East Texas field which are producing approximately 4,200 barrels a month, of which Larry V. Tate Operating in Kilgore, Texas, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Southport, is the operator. Southport currently owns 75% of NSG and is presently in negotiations for the remaining 25% ownership. NSG is comprised of experts in the fields of NORM surveying, site characterizations and evaluations, waste volume estimates, equipment decontamination decontamination /de·con·tam·i·na·tion/ (de?kon-tam-i-na´shun) the freeing of a person or object of some contaminating substance, e.g., war gas, radioactive material, etc. de·con·tam·i·na·tion n. , site remediation, radiation protection, personnel training (NORM work), regulatory compliance, also waste packaging, waste transporting and waste disposal. Currently NSG operates one disposal well and one land farm which services four off-shore drilling rigs in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Additionally, NSG is in negotiations with other clients in the Gulf of Mexico for total waste disposal. Customers of NSG include Texas Meridian, Mitchell Energy and Vintage Petroleum. NSG also has a joint venture with Ron's Inc., a manufacturer of "Spiral Flow Cylindrical Processors," a skid mounted self-contained unit that separates oil and contaminants from top soil. This remediation/recovery process is used to clean up contaminated areas around manufacturing plants, processing plants and oil production sites. Recently, NSG has successfully completed a pilot test program for cleaning some low-level radioactive material radioactive material Radiation A substance that contains unstable–radioactive–atoms that give off radiation as they decay. See Radioactive decay. on a site for a major oil company in Freer, Texas. NSG has the exclusive rights to the equipment for the entire United States. Customers for the clean-up process equipment include: The US Government EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. , Texas Railroad Commission, and all major oil companies. In addition, NSG is currently negotiating with the owner of a salt dome to be used for disposal of additional on-shore oil site and off-shore drilling rig waste. Southport currently owns 75% of NSG Rentals, which is in the business of renting skid mounted oil field equipment to producers and drillers in both on-shore sites and off-shore rigs plus leases equipment and temporary personnel on an as-needed basis for short- and long-term assignments. CNH CNH Carteira Nacional de Habilitação CNH Centro Nacional de Huracanes (Spanish) CNH California Nevada Hawaii (a district of Kiwanis International) CNH Club Náutico Hacoaj Holdings paid 6 million shares of restricted stock and 200,000 shares of its Preferred Series "A" stock for this acquisition. The Preferred Series "A" stock is not convertible and has no mandatory redemption by the company. The new board of directors: Larry V. Tate, chairman of the board 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. , who, after having 25 years in the banking business, has owned and operated various oil and gas properties and associated investments for the past 23 years. Gerald W. Pybas, COO and president, is a geologist who has been involved with various phases of the oil and gas industry since 1964. H. Paul Estey, CEO of NORM Services Group, L.L.C. is a specialist in pollution control and clean-up, and is licensed for handling radioactive materials. E. Robert Barbee, director, is the proprietor of an oil field supply store. Terry McFarland, director, who is the proprietor of an oil field construction business. CNH Holdings has sold their interest in DRC DRC Democratic Republic of Congo DRC Down (Stage) Right Center DRC Director(ate) of Reserve Components DRC Disability Rights Commission (United Kingdom) to private investors in exchange for 2.5 million of its common stock being retired to the treasury and $11,000 cash CNH Holdings had invested. 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. Act Disclaimer: This release may contain forward-looking statements that involve risks and uncertainties, including, without limitation, continued acceptance of the company's products and services, increased levels of competition, new products and technological changes, the company's dependence upon financing, third-party suppliers and intellectual property rights, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus.
CONTACT: CNH Holdings Co.
Gerald Pybas, 903/984-6425
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