Exsorbet Industries acquires chemical company GCI Technologies, Inc. in North Carolina.MULBERRY mulberry, common name for the Moraceae, a family of deciduous or evergreen trees and shrubs, often climbing, mostly of pantropical distribution, and characterized by milky sap. Several genera bear edible fruit, e.g. , Ark.--(BUSINESS WIRE)--June 14, 1995--Exsorbet Industries, Inc. (BULLETIN BOARD:EXSO) announced that it has entered into an agreement in principle to acquire the stock of GCI GCI Ground Circuit Interrupter GCI Getty Conservation Institute GCI Global Commerce Initiative GCI Green Cross International (non-profit international environmental organization) GCI Growth Competitiveness Index GCI Great Cities Institute Technologies, Inc. and the real estate for cash and 429,000 shares of the common stock of Exsorbet Industries, Inc. GCI Technologies, Inc. is a private company in which Mr. Troy Ledford, President and Mr. Todd Ledford, Executive Vice-President own 100 percent of the issued and outstanding stock. In conjunction with the acquisition, Mr. Troy Ledford and Mr. Todd Ledford will execute five year employment agreement with Exsorbet Industries, Inc. GCI Technologies, Inc. is a successful chemical company, developing and manufacturing chemicals over 16 years for major customers, such as Sandoz, General Nutrition Corporation, Burlington Industries Burlington Industries was a diversified U. S. fabric maker based in Greensboro, North Carolina. The company had operations in the United States, Mexico, and India and a global manufacturing and product development network based in Hong Kong. , etc. In making the announcement, Floyd Leland Ogle, President of Exsorbet Industries, Inc. said, "The acquisition of GCI Technologies, Inc., and its chemical manufacturing capabilities will expand and further develop our product lines for application in other areas, such as health care, environmental and heavy industry. We are very excited about this acquisition; both companies have an excellent working synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. and will combine resources to provide our current and future customers with state of the art technologies and products to meet their needs." Mr. Ledford, president of GCI Technologies, Inc., said, "Over the years GCI has developed products for application in the environmental area, to include toxic spill spill - register spilling clean-up, and land remediation of toxic sites. With Exsorbet and its commitment to environmental products and technologies we will be able to penetrate this market at a much faster pace." After the transaction, GCI Technologies, Inc. and all of its assets and liabilities, will become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Exsorbet Industries, Inc. Exsorbet Industries, Inc. is a leading manufacturer of an organic peat based absorbent absorbent /ab·sor·bent/ (-sor´bent) 1. able to take in, or suck up and incorporate. 2. a tissue structure involved in absorption. 3. a substance that absorbs or promotes absorption. product. Its goal is to help eliminate environmental waste through the use of its natural organic products. CONTACT: Exsorbet Industries, Inc., Mulberry Charles E. Chunn, Jr., 501/997-8388 or GCI Technologies, Inc., Charlotte Troy Ledford, 704/867-0614 |
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