Evans Environmental Corp. enters a definitive agreement to acquire Northeastern Analytical Corp. and TTI Environmental Inc.MIAMI--(BUSINESS WIRE)--Jan. 13, 1995--Evans EvĀ·ans ( v![]() nz), Herbert McLean 1882-1971. Environmental Corp.
(``Evans'') (NASDAQ:ECOS) announced Friday that it has entered
into a definitive agreement to acquire all of the issued and outstanding
stock of Northeastern Analytical Corp. (``NAC'') and TTI
Environmental Inc. (``TTI'').NAC currently operates a full service environmental laboratory and also offers environmental consulting and testing services specializing in the fields of asbestos and lead-based paint, as well as safety training programs for consulting, commercial, and industrial clients. TTI specializes in environmental consulting, tank remediation, and tank construction services. NAC and TTI, with offices in New York, New Jersey and Pennsylvania, reported approximately $200,000 in net losses and in excess of $11 million in revenue for the year ended Dec. 31, 1993. Evans will issue 500,000 shares of its Common Stock. In addition, 90,000 shares of its Series B Convertible Preferred Stock will be issued to the Shareholders of NAC and TTI, the convertibility Convertibility The ability to exchange a currency without government restrictions or controls. of which is
subject to the performance of NAC and TTI. Evans will provide working
capital and other corporate support to its new subsidiaries upon
closing. The transaction is conditioned upon the resolution of certain
banking and other matters, with the closing date projected as April 1,
1995.Dr. Charles C. Evans, the chief executive officer of Evans reiterated his earlier statement that: ``The acquisition of NAC and TTI expands upon Evans' geographic presence in the Northeastern and Mid-Atlantic Regions of the United States. Environment Today Magazine ranked NAC in the top 30 environmental laboratories in the United States in their March 1994 edition. ``TTI brings strong tank removal and installation expertise to Evans' growing practice in the area of tank remediation services. The acquisitions add new dimension to our client services. We can now pursue major national accounts and provide more specialized and diversified services.'' Dr. Evans added: ``Upon successful completion of this acquisition, we will welcome Mr. William P. Dolan, the chief executive officer of both NAC and TTI to serve upon the Evans' board of directors. With over 22 years experience in the environmental field, Mr. Dolan will be most welcome and will help our combined companies to achieve maximum growth and profitability.'' Evans is an emerging leader in providing innovative environmental laboratory, consulting and management services to the U.S. market. Evans specializes in providing solutions to environmental problems such as contaminated soil and water, underground storage tanks, asbestos, lead based paint and wetland or endangered habitat management. Evans, through its ABC Cable Products Inc. subsidiary, also provides products and services to the cable television industry, including remote control units, fiber optic interface units and other cable television equipment. CONTACT: Evans Environmental Corp., Miami
Kelly Evans or Scott E. Salpeter, 305/856-7458
fax 305/856-3529
or
Corporate Investor Relations
Charles Kiefner, 407/788-0123
fax 407/788-3933
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