Exsorbet Industries announces acquisition of LARCO Environmental Services Inc.JACKSON, Miss.--(BUSINESS WIRE)--June 26, 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 LARCO 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. The company was acquired through a pooling transaction in which Exsorbet obtained all outstanding shares of LARCO common stock in return for 1,152,000 shares of Exsorbet Industries Inc. common stock. LARCO expects to report an after-tax profit for the second quarter of 1996, as well as 1996 year-to-date. Financial results for the company will be consolidated with first and second quarter results of Exsorbet Industries Inc., boosting both revenue and profitability for Exsorbet Industries Inc. For the fiscal year ending July 31, 1995, LARCO reported approximately $6,300,000 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. and approximately $500,000 after-tax profit. Through the first eight months of current fiscal year July 31, 1996, revenues of approximately $4,000,000 position the company on target to match last year's revenues. Total assets for the company as of May 31, 1996, were $5,609,000. LARCO Environmental Services Inc. was established in 1979 to serve the oil spill oil spill: see water pollution. recovery and emergency response needs of the Gulf Coast area. Through the years See also Through The Years (Gary Glitter song) or Through The Years (Tim Finn song). For the Jethro Tull album, see Through the Years (Jethro Tull). For the Artillery box set, see Through the Years (Artillery album). , the company has evolved alongside the ever-changing industrial community. That change has included adding equipment rental, environmental supplies and emergency response training to their growing list of capabilities. LARCO has industrial service and full emergency response capabilities at offices in Bridge City, Texas; Baton Rouge Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La.; and Lake Charles Lake Charles, city (1990 pop. 70,580), seat of Calcasieu parish, SW La.; inc. 1867. It is located on Lake Charles at the mouth of the Calcasieu River in a rice, timber, oil, and natural gas region. (Sulfur), La. LARCO's most recent move to meet the needs of the industrial community is its merger with Exsorbet Industries Inc. "Exsorbet is very excited about this merger," said Dr. Edward Schrader, president and chief executive officer of Exsorbet Industries Inc. "The synergies between our companies is great. This will be a good mesh for our companies." LARCO has established itself as a leading spill cleanup responder in the Gulf South. Its reputation has carried it well beyond the Gulf waters to include jobs in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , Florida and the Atlantic Coast. The company has expanded its preventative maintenance services to customers as the industry needs evolved. For the past year and a half, it has applied its industrial expertise to the creation and development of an industrial services division. It has applied for a patent on its proprietary "pneumatic excavation system" utilized in both industrial service and emergency response operations. "We feel that the market is wide open for a premier service company such as LARCO, because we can reduce the clients' liability and offer a very dependable and economical service," said Larry Woodcock woodcock: see snipe. woodcock Any of five species (family Scolopacidae) of plump, sharp-billed migratory birds of damp, dense woodlands in North America, Europe, and Asia. , chief executive officer of LARCO Environmental Services. In addition to these enhanced services, the company offers emergency response, spill response, safety training and industrial cleaning. To provide well-rounded service, certified divers are available for emergency response and industrial-type work. LARCO services a variety of industries that include the pulp and paper, petrochemical and mining industries. In 1988, LARCO realized the need for a credible and cost-effective training facility to meet the stringent needs of federal training requirements. They established the LARCO Training Academy, providing the industrial community with an opportunity to train using "real world" emergency response personnel with training regulatory backgrounds. Schrader said, "The addition of LARCO thrusts us into the leadership role in spill response and industrial service in the central Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east ." Soon to be consolidated with the new "LARCO Division" of Exsorbet are the industrial services and spill response activities of SpilTech, an existing Exsorbet Industries subsidiary with existing operational bases in Euless, Texas; Little Rock, Ark.; and Mobile, Ala. Schrader further stated, "With LARCO we will step up our aggressive expansion activities along the Gulf of Mexico, inland barge and bulk vessel transportation routes, as well as major industrial focus throughout the eastern United States. LARCO professionals have established an excellent relationship with their chemical, petroleum and manufacturing clients that will present an opportunity for internal growth for Exsorbet Industries' subsidiaries Eco-Systems, Cierra Engineering, Consolidated Environmental Services and SpilTech Services." 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 24-hour emergency response. Subsidiaries of Exsorbet Industries Inc. include Eco-Systems, Exsorbet Technical/SpilTech Services Inc., Consolidated Environmental Services Inc., and Cierra Inc. Offices are located in Dallas, Euless and Houston, Texas; Fort Smith and Little Rock, Ark., Tulsa, Okla.; Kansas City, Mo.; Jackson, Miss.; Daphne, Ala.; and Atlanta, Ga. CONTACT: Exsorbet Industries Inc. Dr. Edward Schrader, 601/974-1342 Charles E. Chunn Jr., 501/452-1987 Ed Penick Jr., 501/664-7745 |
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