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KIMMINS ENVIRONMENTAL SERVICE CORP. ANNOUNCES INTENT TO SPIN-OFF ITS SURETY OPERATIONS

 KIMMINS ENVIRONMENTAL SERVICE CORP. ANNOUNCES INTENT
 TO SPIN-OFF ITS SURETY OPERATIONS
 TAMPA, Fla., Dec. 12 /PRNewswire/ -- Kimmins Environmental Service Corp. (NYSE: KVN) today announced it has filed a Registration Statement with the Securities and Exchange Commission contemplating the spin-off of its surety operations to its shareholders.
 The surety operations will become a subsidiary of a newly formed, Florida holding company, Cumberland Holdings, Inc. ("Cumberland"). It is anticipated that Cumberland common stock will be publicly traded in the Over-the-Counter market and listed in the National Quotation Bureau Inc.'s "pink sheets." The spin-off will be effected in the form of a dividend to all Kimmins' shareholders of record on Jan. 3, 1992. The distribution will occur on or about the effective date of the Registration Statement at the rate of one share of Cumberland common stock for every five shares of Kimmins common stock and Class B common stock. This action is subject to final approval of Kimmins' board of directors and consent of its lenders and surety prior to execution.
 Francis M. Williams, president of Kimmins Environmental Service Corp., stated: "The spin-off will allow the management of Kimmins to focus on the operations and markets of higher-margin environmental services and solid waste management business. In addition, Cumberland will now have the flexibility to pursue its insurance operations as a separate and distinct entity."
 Cumberland and its subsidiaries, Cumberland Casualty & Surety Company and Surety Specialists, Inc., provide reinsurance for specialty sureties and performance and payment bonds for contractors.
 Kimmins Environmental Service Corp. and its subsidiaries provide solid waste management services, including transportation, recycling, and landfill operations; environmental contracting services, including hazardous waste, remediation and incineration; and demolition and dismantling of industrial facilities.
 Kimmins Environmental Service Corp. is headquartered in Tampa, Fla., and has regional offices in Niagara Falls, N.Y., and Houston. Cumberland will also be headquartered in Tampa, Fla.
 -0- 12/12/91
 /CONTACT: John R. Hindman of Kimmins Environmental Service Corp., 813-248-3878/
 (KVN) CO: Kimmins Environmental Service Corporation; Cumberland Holdings, Inc. ST: Florida IN: INS SU:


BR-BN -- AT006 -- 1884 12/12/91 10:55 EST
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Publication:PR Newswire
Date:Dec 12, 1991
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