Exsorbet Industries, Inc. Repurchases 1,200,000 Shares of its Capital Stock.JACKSON, Miss.--(BUSINESS WIRE)--Dec. 3, 1996--Exsorbet Industries, Inc. (Nasdaq Small Cap: EXSO) announced today that, effective Nov. 26, 1996, it will repurchase 1,200,000 shares of its capital stock from American Physicians Service Group, Inc. ("APS") of Austin, Texas in exchange for an interest bearing note in the original principal amount of $3.3 million due Oct. 1, 1997. The transaction is pursuant to the exercise by APS of its option to sell the shares to Exsorbet. The shares have been designated as treasury stock. APS has also relinquished its option to purchase an additional 2,000,000 shares of Exsorbet's capital stock. The note is secured by the repurchased stock and all of the outstanding stock of 7-7, Inc. and is guaranteed by each of the operating subsidiaries of Exsorbet. The aggregate purchase price of $3.3 million is the same amount paid by APS when it purchased the stock on Sept. 30, 1996. Exsorbet Industries, Inc. is a diversified environmental product and service company specializing in state of the art technical solutions for problems in site remediation, dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. and pond solidification, hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. cleanup material and service, bioremediation bi·o·re·me·di·a·tion n. The use of biological agents, such as bacteria or plants, to remove or neutralize contaminants, as in polluted soil or water. , environmental engineering and project management, and twenty-four hour emergency response. Subsidiaries of Exsorbet Industries, Inc. include Cierra, Inc., Consolidated Environmental Services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, , Inc., Eco-Systems, Inc., Exsorbet Technical/SpilTech Services, Inc., K.R. Industrial Service of Alabama, Inc., LARCO Environmental Services, Inc., and 7-7, Inc. Offices are located in the following cities: Dallas, Bridge City, Euless and Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the ; Fort Smith and Little Rock, Ark.; Tulsa, Okla.; Kansas City, Mo.; Jackson, Miss.; Mobile (2), Birmingham, Decatur, and Double Springs, Ala.; Baton Rouge and Sulphur (Lake Charles), La.; Knoxville, Tenn.; Wooster, Cleveland and East Liverpool, Ohio East Liverpool is a city in Columbiana County, Ohio, United States. The population was 13,089 at the 2000 census. It is located along the Ohio River and borders the states of Pennsylvania and West Virginia. ; Harrisburg and Steelton, Pa. Exsorbet and its subsidiaries currently employ about 500 professionals and staff. CONTACT: Exsorbet Industries, Inc. Dr. Ed Schrader Dr. Ed Schrader is President of Brenau University. He is the university's ninth president and has directed the Gainesville, GA school since January 2005. Brenau has experienced unprecedented growth in enrollment and academic quality under Dr. , 601/936-6633 Charles E. Chunn, Jr., 501/452-1987 Ed Penick, Jr., 501/664-7745 |
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