Consolidated Envirowaste -- Acquisition of U.S.-Based Operation.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 12, 1996-- Consolidated Envirowaste Industries Inc. (VSE See DOS/VSE. VSE - Virtual Storage Extended :CWD CWD chronic wasting disease. ) is pleased to announce that it has acquired on June 11, all of the shares of Kenetech Resource Recovery Inc., a 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. , for a purchase price of approximately US $1.6 million. KRRI KRRI Korea Railroad Research Institute employs 75 people in its Florida-based wood waste recycling operations. The addition of KRRI to the Envirowaste group will increase Envirowaste's annual operating revenues from approximately $6 million to approximately $15 million. Envirowaste financed the KRRI acquisition by issuing to Royal Bank Capital Corp. by private placement 1,562,500 units, each consisting of one common share and 3/4 of one common share purchase warrant, at a price of $1.60 per unit, for total proceeds to the company of $2.5 million. -0- Note to Editors: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the contents of this news release. CONTACT: Consolidated Envirowaste Industries Inc. Douglas R. Halward, 604/856-6221 |
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