Comprehensive Environmental Systems Acquires North Atlantic Laboratories.WEST BABYLON, N.Y.--(BUSINESS WIRE)--February 26, 1997--Comprehensive Environmental Systems, Inc. (COEV:NASDAQ/BB) today announced that it has acquired North Atlantic Laboratories, Inc. ("NAL NAL National Agricultural Library (Agricultural Research Service; US Department of Agriculture) NAL New American Library NAL National Accelerator Laboratory NAL National Aerospace Laboratory (Japan) ") in a merger transaction for restricted stock and cash totaling approximately $1,500,000. Additional terms of the agreement were not disclosed. NAL provides certified environmental training, laboratory testing and consulting services to its customer base throughout the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The company has shown double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" growth and profitability for the last six years, and recently reported revenues and earnings (unaudited) for fiscal 1996 of approximately $1,400,000 and $300,000, respectively. Commenting on the acquisition, Michael O'Reilly, 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. of Comprehensive, stated that "NAL is a natural addition to our existing environmental operations, and should add significantly to the overall growth of the company by incrementally adding new clients to Trade-Winds' existing base of business. We also expect to substantially reduce the overhead costs overhead costs see fixed costs. presently associated with NAL as we begin to integrate it into our existing corporate structure." Comprehensive Environmental Systems, Inc., through its subsidiary Trade-Winds Environmental Restoration Inc., is a leading environmental company that offers a broad range of services through vertically integrated businesses in the areas of hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. remediation, asbestos removal, lead clean-up and emergency spill response. -0- This press release includes certain forward looking statements about the Company that are based on management's current expectations. Actual results may differ materially as a result of any one or more of the risks identified in the company's filings under the Securities and Exchange Act of 1934. CONTACT: Comprehensive Environmental Systems, Inc. Michael O'Reilly, 516/755-4000 or Rubenstein Investor Relations Investor relations The process by which the corporation communicates with its investors. Clint Cantwell, 212/843-8051 |
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