Environmental Strategies & Technologies International Inc. Acquires Engineering Acquisitions, Inc.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 18, 2002 Environmental Strategies & Technologies International Inc. ("ESTI ESTI European Solar Test Installation ESTI European Society of Thoracic Imaging ESTI Esthetician ESTI Easy Software Technologies, Inc (Philippines) ESTI Enhanced Self Timed Interface ") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ESTT ESTT Equivalent Safety Task Team ) announced today it has acquired Engineering Acquisitions, Inc, ("EngAcq") a merger and acquisition consulting firm headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The acquisition was closed on October 9, 2002. Terms of the acquisition include payment by ESTI of 500,000 shares of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". to the shareholders of EngAcq, plus the investment of $150,000 in cash in tiered payments into EngAcq for corporate development. The preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. are convertible into the common shares of ESTI at market prices at set times over the next three years. Engineering Acquisitions, Inc. provides buy- and sell-side merger and acquisition (M&A) consulting to US companies in the "middle market' (producing revenues between $5 million and $100 million). It believes it has the second largest sell-side inventory in its industry with aggregate revenues of over $2.1 billion. EngAcq then utilizes a proprietary database to match this inventory with the acquisition criteria of its buy-side clients. EngAcq has a very active telemarketing group that can contact several hundred middle market companies a day to explain the company's services and to offer them to middle market clients. For a detailed description of their business services and accomplishments, please visit their web site at http://www.engacq.com. Nicholas Malino, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of EngAcq was previously CEO of a successful public company, ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered Group Services (Nasdaq:ATCE ATCE Annual Technical Conference and Exposition (annual meeting of Petroleum Engineers held by the SPE) ATCE Automatic Test & Checkout Equipment ). During his six-year tenure with ATC, he brought revenues from $10 million to $160 million and took the market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. from $11 million to $114 million through the successful completion of numerous acquisitions, while maintaining above average profitability. ATC was sold for $132 million in February of 1998. Sameer Hirji, President of ESTI, commented: "The acquisition of Engineering Acquisitions, Inc. gives us a significant increase in our immediate ability to identify and approach candidates for mergers and acquisition. We are very excited to be working with managers with the experience and accomplishments of Mr. Malino and his staff." CEO of EngAcq, Nicholas Malino said: "We see a considerable opportunity in the Environmental industry for consolidation of many separate entities into a unified company. We believe strongly that the business model of ESTI, to be a holding company that will cross-sell and promote within its member companies, is an excellent formula for success." A downloadable Corporate Profile is available for ESTI at http://www.alliancecorp.ws/. Environmental Strategies & Technologies International, Inc. is a holding company designed to invest in environmental technologies and corporations that will cross-sell and promote within its focused portfolio of products and services. This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that reserves, production, pricing levels or other factors pertaining to the manufacturing and retail operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in the Company's most recent SEC filings on Forms 10-Q and 10-K. Under no circumstances does this press release constitute an offer to sell or a solicitation of an offer to buy the securities of the Company described in this press release in which such offer, solicitation or sale of securities would be unlawful prior to registration, qualification or filing under the securities laws of any jurisdiction. |
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