METALCLAD AND HUGHES ENVIRONMENTAL SYSTEMS EXPLORE ALLIANCE POSSIBILITIES
METALCLAD AND HUGHES ENVIRONMENTAL SYSTEMS
EXPLORE ALLIANCE POSSIBILITIES
NEWPORT BEACH, Calif., July 20 /PRNewswire/ -- Metalclad Corp. of Newport Beach, and Hughes Environmental Systems Inc. (HESI) of Manhattan Beach, Calif., have entered into a Memorandum of Understanding under which the parties will explore a possible alliance that could entail a joint venture for the development, construction and operation of multiple waste recycling and treatment facilities and environmental educational and research institutes in Mexico. Subject to the successful conclusion of a due diligence phase, the companies contemplate the execution of a definitive agreement later this fall.
Metalclad, through a Mexican subsidiary, is in the process of developing an integrated hazardous waste treatment complex in the State of San Luis Potosi, Mexico. It is anticipated that the ground breaking for this facility will occur in September 1992. In addition, Metalclad is in the process of obtaining sites and all necessary local, state and federal permits for integrated hazardous waste treatment facilities in the States of Veracruz and Tamaulipas, Mexico.
HESI has recently experienced expansion in the environmental services area. With respect to a possible joint venture with Metalclad, HESI's President Bill Yates stated, "By combining our resources, HESI and Metalclad, along with Mexican associates, would be an ideal position to address critical environmental concerns in Mexico. If we were to move forward, we would intend to focus not only on the development and operation of state-of-the-art hazardous waste treatment facilities in Mexico, but we would also intend to work with the government and academic communities in Mexico to develop extensive scientific research programs in the area of toxic and hazardous waste treatment and disposal."
Metalclad's President Grant S. Kesler stated, "Our hazardous waste treatment project in Mexico is proceeding on schedule, however, the overall scope and potential of our ventures, particularly in the areas of environmental education, research and development, would be dramatically enhanced by an alliance with HESI."
/CONTACT: Grant S. Kesler, president, or Elgin Williams, (investors), both of Metalclad, 714-476-2772; or Bruce H. Haglund, Esq., 714-752-6100/ CO: Metalclad Corp.; Hughes Environmental Systems Inc. ST: California IN: SU: JVN AL -- LA014 -- 0726 07/20/92 12:17 EDT