Global Spill Management Inc. makes announcement.NEW YORK--(BUSINESS WIRE)--Oct. 25, 1996--Global Spill Management Inc. (GEGI), announced today that a subsidiary corporation, Indigo Industries of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Inc., was the successful bidder on a $1,758,000 project to demolish de·mol·ish tr.v. de·mol·ished, de·mol·ish·ing, de·mol·ish·es 1. To tear down completely; raze. 2. To do away with completely; put an end to. 3. the former Abraham & Strauss building located at 150 Fulton Ave., Hempstead, N.Y., for the Incorporated Village of Hempstead. In addition, the company has entered into an agreement in which Global proposes to purchase Recycling Unlimited Inc., for $3.2 million. The terms of the contract dated Aug. 5, 1996, are $500,000 down on a note in the amount of $2.7 million. The terms of the note call for payments of $30,000 per month towards principal plus interest at 10% on balance, with a balloon payment The final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment. When a loan is made, repayment of the principal, which is the amount of the loan, plus the interest that is owed on it, is divided into installments due at due in five years. Recycling Unlimited is a transfer and crushing plant on a five acre site in the Red Hook Red Hook can refer to:
Recycling Unlimited is expected to have sales of $6 million to $8 million with a projected pre-tax profit of approximately $1.5 million annually. In addition, at a board meeting held Oct. 6, 1996, the contract whereby Global acquired Phoenix Wrecking Corp. has been amended to provide for the cancellation and retirement of 2 million shares of common stock of GEGI previously issued, and to convert 4 million shares of common stock held by management to 1 million shares of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The convertible preferred stock gives those shareholders a preference over other creditors and shareholders and pays a 7% per annum Per annum Yearly. dividend. The convertible preferred stock is convertible into 4 million shares of common stock after Oct. 6, 1997. In addition, the company has cancelled 1,574,000 shares of common stock which were held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. pursuant to a Regulation S transaction, which has now failed. Also, the company has requested that the SEC allow the withdrawal of two S-8 Registrations totaling 1,335,000 shares. After completion of these transactions, there will be a total of 2,516,466 shares of GEGI common stock issued and outstanding. Finally, the board also announced that preliminary results of operations of its Phoenix subsidiary alone for the fiscal year ended June 30, 1996, indicate a pre-tax profit of approximately $1,796,601 (subject to audit confirmation). The parent company (GEGI) estimates that it has, as of June 30, 1996, a NOLD NOLD Net Operating Loss Deduction in excess of approximately $9 million. CONTACT: Global Spill Management Inc. Desiree Pierson, 610/495-6884 |
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