Exsorbet Industries, Inc. announces acquisition of 7-7, Inc. Specialized Environmental Services.JACKSON, Miss.--(BUSINESS WIRE)--Sept. 30, 1996--Exsorbet Industries Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : Small Cap: EXSO) today announced the acquisition of 7-7, Inc. Specialized 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, . The company was acquired through a combination of cash and Exsorbet common stock for all of the outstanding shares of 7-7, Inc. The deal is structured around an "earn out" arrangement according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 7-7's future profitability. 7-7, Inc. will be treated as a purchase by Exsorbet. For the fiscal year ending 11-30-95, 7-7, Inc. reported approximately $18 million in gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. . Through the first nine months of 1996, revenues were in excess of $10 million. Total assets for the company as of Aug. 31, 1996 were $9,230,000. Current estimated backlog of contracts for 7-7, Inc. exceeds $12 million. 7-7, Inc. had a net loss of $1.1 million for the first nine months due to the start up cost associated with its Liquification Process plant. This loss is not expected to reoccur as the plant becomes fully operational. 7-7, Inc. employs 160 people. Founded in 1978, 7-7, Inc. is located in Wooster, Ohio. The company offers a wide range of environmental services including remediation, emergency response, barge cleaning, industrial maintenance and 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. recycling. The firm has developed a Liquification Process that recycles into a commercial product hazardous coal tar coal tar, product of the destructive distillation of bituminous coal. Coal tar can be distilled into many fractions to yield a number of useful organic products, including benzene, toluene, xylene, naphthalene, anthracene, and phenanthrene. and petroleum tar sludges. The Liquification Process has broad applications for the steel industry, petroleum and chemical refineries, utility power plants, wood treatment facilities and EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. Superfund sites. Through this process, tar waste sludges are transformed (either on site or off site) into viable feedstocks, such as high-BTU fuel stock and various grades of coal chemical feedstocks. Currently, 7-7 has three Liquification units, one is a permanent facility located in Cleveland with a capacity of up to 300 tons per day and two are mobile units with capacities of 100 to 150 tons each per day. These mobile units are used on specific projects. 7-7, Inc. as recently entered into an agreement to utilize its technology in international environmental opportunities. 7-7 has signed a joint venture with CEVA International to begin next month a project for the treatment of tar sludges in Hungary. The Hungarian project is projected to process approximately 40,000 tons of sludge for a total amount of approximately $6 million through 1997. 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. , president and 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 Exsorbet Industries, said, "We are very pleased with the acquisition of 7-7. The potential for growth through expanding emergency response and industrials services into the Ohio River Ohio River Major river, eastern central U.S. Formed by the confluence of the Allegheny and Monongahela rivers, it flows northwest out of Pennsylvania, and west and southwest to form the state boundaries of Ohio–West Virginia, Ohio-Kentucky, Indiana-Kentucky, and Valley offers us great opportunities. In addition, the patented Liquification Process, a highly technical process, provides significant savings for clients by reducing the cost of disposal over traditional methods such as landfills or incinerators. Also, to the benefit of our clients, it relieves the waste generator, remediation firm and end user of the continuing liability associated with hazardous waste disposal." The key management personnel of 7-7 will remain with employment contracts and continue to operate the company. In addition, they will be instrumental in developing the interaction with existing Exsorbet subsidiaries. 7-7's emergency response division, which operates primarily in the Ohio River Valley, will benefit from networking with Larco, an Exsorbet subsidiary which is a leading emergency responder in the Gulf Coast area, by extending the emergency response coverage of Exsorbet for the Gulf Coast to the Great Lakes. Likewise, 7-7's field remediation services will coordinate their activities with CESI CESI Centro Elettrotecnico Sperimentale Italiano (Italy) CESI Chauffe-Eau Solaire Individuel CESI Centre d'Etudes Superieures Industrielles (French) CESI Canadian Educational Standards Institute , an Exsorbet subsidiary that provides comprehensive environmental remediation services. Cal Lowe II, president of 7-7, commented, "We are looking forward to the new and expanded opportunities our company will be able to offer with our merger with Exsorbet. We can assist each other in building what I believe will be a world class environmental firm with outstanding leadership in emergency response, industrial services and the liquification of coal tar sludges." Exsorbet Industries Inc. is a full service environmental 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 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, and twenty-four hour emergency response. Subsidiaries of Exsorbet Industries Inc. include Eco-Systems, Exsorbet Technical/SpilTech Services Inc., Consolidated Environmental Services Inc., Larco Environmental Services Inc., CIERRA Inc., and K.R. Industrial Services of Alabama Inc. Offices are located in Jackson, Miss.; Fort Smith and Little Rock, Ark.; Mobile, Birmingham and Double Springs, Ala.; Baton Rouge, Lake Charles and Sulphur, La.; Kansas City, Mo.; Tulsa, Okla.; Knoxville, Tenn.; Dallas, Bridge City, Euless and Houston, Texas. CONTACT: Exsorbet Industries Inc. Dr. Ed Schrader, 601/974-1342 Charles E. Chunn Jr., 501/452-1987 or Ed Penick Jr., 501/664-7745 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion