International Absorbents ends talks with Clean Green Packing.BELLINGHAM, Wash.--(BUSINESS WIRE)--Aug. 29, 1996--International Absorbents 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 :IABSF), a leading manufacturer and marketer of 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. products made from waste wood pulp wood pulp: see paper. , announced today that it has terminated its previously announced discussions to acquire the business of Clean Green Packing Co. of Minnesota, a subsidiary of Environmental Technologies USA Inc. (NASDAQ:ENVR ENVR Environmental Requirements & Related Test Methods ). The two companies had signed a letter of intent in June. "Recently our company has been progressing on several fronts," stated Darryl F. Jones, president and chief executive officer of International Absorbents. "Expansion of our manufacturing capabilities in the East, which will reduce our costs significantly, is imminent. Users are increasingly recognizing our Spill-Sorb(TM) and Absorbent(R) GP products as the best on the market. "Furthermore, several serious issues arose regarding Clean Green that left doubt as to the wisdom of purchasing that business. Management therefore determined that we will accomplish more accelerated growth by increasing our investments internally in manufacturing and in sales and marketing," Jones concluded. International Absorbents Inc. develops, manufactures and markets patented and proprietary, cost effective, products derived from recycled, renewable materials. These environmentally safe products outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. conventional products used in a broad range of industrial and consumer applications, including oil and hazardous liquid spill cleanup and control, oil/water filtration, industrial packaging and commercial/retail animal bedding and litter litter /lit·ter/ (lit´er) stretcher. lit·ter n. 1. A flat supporting framework, such as a piece of canvas stretched between parallel shafts, for carrying a disabled or dead person; a . CONTACT: International Absorbents Inc. Darryl F. Jones 360/734-7415 or 360/223-1964 |
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