Delta-Omega Announces the Signing of a Letter of Intent to Acquire Tuboscope Vetco Environmental Services.LAFAYETTE, La.--(BUSINESS WIRE)--August 21, 1995--Delta-Omega Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : Symbol DOTK) announced that it has signed a letter of intent to acquire Tuboscope Vetco Environmental Services (TVES TVES Tri-Valley Elder Services, Inc (ombudsman program) ). TVES was formerly a subsidiary of Tuboscope Vetco International, Inc., an international oilfield service company. Delta-Omega assumed the operating responsibility for TVES on July 17, 1995, and has established a 90 day evaluation period Evaluation period The time interval over which funds assess a money manager's performance. beginning August 21 for the deal to be structured. This proposed merger unites complementary technologies and expertise and enables Delta-Omega/TVES to offer a comprehensive soil washing package to effectively compete in all aspects of the emerging soil washing business. TVES's inventory of equipment and operating expertise makes it an ideal partner for Delta-Omega who possesses expertise in chemicals and cleaning technology. In the 1994 test conducted for the EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. , Delta-Omega proved that it has the ability to clean the fine clays and silts which are the most difficult to clean components of most 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. soil. The introduction of Delta-Omega's technology to the TVES mechanical soil washing processes should significantly enhance the TVES processes by making them more efficient and economical. The letter of intent states that Delta-Omega intends to acquire 100% of the stock of TVES. The equipment and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. will be retained by Tuboscope Vetco International and will be acquired by Delta-Omega/TVES through a lease purchase arrangement. The payout will be based on revenue generated by the Delta-Omega/TVES soil washing operations. Delta-Omega develops manufactures and markets environmentally safe specialty chemicals for use in soil remediation, cleaning and fire suppression applications. These products replace many hazardous, flammable, toxic and ozone depleting chemicals in specific applications for commercial, military and industrial users. CONTACT: Delta-Omega Technologies, Inc., Lafayette Donald P. Carlin car·line or car·lin n. Scots A woman, especially an old one. [Middle English kerling, from Old Norse, from karl, man.] or Brian A. Hebert, 800/717-9922 |
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