Dominion Bridge Corporation Management Makes Equity Investment Into Company and Increases its Ownership to 21%.MONTREAL--(BUSINESS WIRE)--Aug. 20, 1997--Dominion Bridge Corporation (NASDAQ/NMS: DBCO; VSE See DOS/VSE. VSE - Virtual Storage Extended : DMO DMO Debt Management Office (Bank of England) DMO Destination Marketing Organization DMO Defence Materiel Organisation (Australia) DMO Dental Maintenance Organization DMO Distributed Mission Operations .U) ("DBC See dBA. (language, parallel) DBC - A data-parallel bit-serial C based on MPL. SRC, Bowie MD. E-mail: <maya@super.org>. "). A management group led by Michel L. Marengere, Chairman and Chief Executive Officer, and by Nicolas Matossian, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , representing seven other executives of the Company or of its subsidiaries, together with an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , Deere Park Equities, L.L.C., of Northbrook IL today announced that they have jointly filed a Form 13-D, raising their combined interest in DBC to 21% on a fully diluted basis. As part of this investment, the management group has exercised 2,400,000 options at the set price of US$2.00. The total proceeds of US$4,800,000 from the exercise of the options will go directly into DBC's working capital and the fully diluted number of shares remains unchanged. At a meeting held August 18th, the Board of Directors of the Company announced that it was increasing the number of Board members from 8 to 10 to allow for the designation of two directors to represent the combined interests of Deere Park Equities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and of management. The management group stated that the transaction represents a vote of confidence in the future of the Company, while it also confirmed that the Legg Mason process to review proposals to find a strategic investor and to enhance shareholder value will proceed as planned. Dominion Bridge was established in 1879. The company is active in the international engineering and infrastructure markets. It manages projects and operates facilities in North and South America, Europe and the Asia Pacific. The company, together with its subsidiaries, employs more than 6,500 people, with this year's anticipated revenues of over US $600 million. Consolidated backlog is approximately US $600 million. Dominion Bridge Corporation's subsidiaries are Dominion Bridge, Inc., Steen Becker, Inc. and Davie Industries. Its Australia subsidiary, McConnell Dowell Corporation, is a major Asia Pacific engineering firm. This news release is neither approved nor disapproved by 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). . CONTACT: Porter, Le Vay & Rose, Inc. Michael Polyviou 212/564-4700 -or- Dominion Bridge Corp Francois Morin 514/634-3550 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion