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ENVIRONMENTAL SERVICES OF AMERICA, PLANS COMBINATION WITH ADVANCE ROSS

ENVIRONMENTAL SERVICES OF AMERICA, PLANS COMBINATION WITH ADVANCE ROSS
 NEWARK, N.J., Feb. 20 /PRNewswire/ -- Environmental Services of America, Inc. (NASDAQ: ENSA) and Advance Ross Corporation (NASDAQ: AROS) announced today that the companies had executed a Letter of Intent providing for a business combination of the two companies based on the exchange of one share of Advance Ross Corporation common stock being issued for each 2.25 shares of Environmental Services of America, Inc. common stock. The current market price, as of yesterday's close, of Environmental Services of America is $3.44 and for Advance Ross is $9.38.
 Advance Ross is engaged in the manufacture and installation of electrostatic precipitators for air pollution control. The company also has a strong balance sheet with over $20 million in cash and no debt.
 Environmental Services of America, Inc. provides hazardous waste management services, environmental remediation services, environmental consulting services and air quality testing and monitoring services. The company owns and operates a Part B permitted treatment, storage and disposal (TSD) facility in Canastota, N.Y.
 Environmental Services of America, Inc. Chief Executive Officer, Jon Colin, said, "We are very excited about the growth prospects we see as a result of the combination of our two companies. Our combined management goal is to create a truly significant entity in the environmental industry."
 Advance Ross Chief Executive Officer, Harve Ferrill, said, "This transaction follows our stated intention of aggressively pursuing transactions in the environmental industry. Environmental Services of America, Inc. is a profitable company with proven management, is virtually debt free, and has an exciting growth record." Ferrill stated, "If the companies had been combined in fiscal 1991, the combined pre-tax profits would have been approximately $3.2 million. The combination of the two companies brings together the financial resources and operating income of Advance Ross Corporation with the strong environmental activities and operating management skills of Environmental Services of America, Inc."
 Consummation of the transaction is subject to a number of conditions including completion of due diligence, execution of definitive agreements, and shareholder approval. When the transaction is consummated, Ferrill will become the chairman of the board and chief executive officer and Colin will become the president and chief operating officer of the combined entity.
 -0- 2/20/92
 /CONTACT: Jon Colin, president of Environmental Services of America, 201-589-3850/
 (ENSA AROS) CO: Environmental Services of America Inc.; Advance Ross Corporation ST: New Jersey IN: SU: TNM


SH-OS -- NY011 -- 0811 02/20/92 09:33 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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