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EIF HOLDINGS INC. (EIFH) ANNOUNCES ACQUISITION OF SOIL REMEDIATION COMPANY, $1,597,000 ASBESTOS ABATEMENT CONTRACT

 HONOLULU, March 9 /PRNewswire/ -- Grant Kidani, chief operating officer of EIF Holdings Inc. (EIFH) today announced the acquisition of 100 percent of Terox Inc., subject to finalization of employment agreements and confirmation of assets and liabilities. Terox Inc. has developed a proprietary formulation that affords the company the capability of remediating soil and water contaminated with mixed pollutants of organic and inorganic materials. The U.S. remediation services industry is currently a $5 billion market and is expected to balloon to $9 billion by 1996. Growth in the remediation services market is anticipated to remain strong because of stricter federal, state and local regulations expected from the Clinton administration. Much of the growth will stem from large, established sources such as private sector participation in the Superfund and underground storage tank (UST) programs as well as new areas such as the expanding Department of Defense (DOD) and Department of Energy (DOE) cleanup programs. These projects alone should help sustain a 10 percent per year growth rate in the industry for the next 10 years. Terox Inc., which has just begun its second year of operations, produced revenues of $320,000 in 1992 and estimates 1993 revenues to be $1,000,000.
 EIF Holdings subsidiary "P.W. Stephens Contractors Inc." announced today the signing of a $1,597,000 asbestos abatement contract. The contract with California based FEDCO Inc. calls for the removal of all asbestos at its facility in Buena Park, Calif. Work is scheduled to begin March 15.
 EIF Holdings Inc. is an international environmental development company whose goals are to maximize shareholder return through profitable growth.
 -0- 3/9/93
 /CONTACT: Financial Telesis Investor Relations, 808-595-0721/


CO: EIF Holdings Inc.; Terox Inc.; P.W. Stephens Contractors Inc.;
 FEDCO Inc. ST: Hawaii IN: SU: TNM CON


EH -- LA017 -- 4562 03/09/93 13:35 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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