NDE Environmental Corporation Announces Agreement to Purchase TankService Businesses from Tanknology Environmental Inc.AUSTIN, Texas--(BUSINESS WIRE)--Oct. 7, 1996--NDE Environmental Corporation ("NDE NDE Nondestructive Examination NDE No Diplomatic Exchange (US Department of State) NDE Near Death Experience NDE Nondestructive Evaluation (ultrasound material evaluation) ", 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 OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : NDEC NDEC National Data Evaluation Center (ongoing literacy research project at The Ohio State University) NDEC National Disaster Education Coalition NDEC Nursing Diagnosis and Extension Classification ) announced that it has entered into an agreement with Tanknology Environmental, Inc. ("TEI 1. (communications) TEI - Terminal Endpoint Identifier. 2. (text, project) TEI - Text Encoding Initiative. ") to acquire the three TEI subsidiaries involved in underground storage tank An Underground Storage Tank (UST), in United States environmental law, is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. (UST USt Umsatzsteuer (German: Tax) UST Underground Storage Tank UST University of St. Thomas (Minnesota, Texas) UST University of Santo Tomas (Manila, Philippines) ) services. The three subsidiaries are Tanknology Corporation International, USTMAN Industries Inc. and Tanknology Canada (1988), Inc. Tanknology Corporation International is TEI's principal subsidiary and operates the largest national fleet of field services and testing vehicles in the storage tank services The tank services industry exists to assist companies in maintaining their tanks. Regular maintenance, as well as other services are required for many types of aboveground storage tank systems used in the energy and petro-chemical industry. industry. In addition, Tanknology Corporation International performs cathodic protection Cathodic protection (CP) is a technique to control the corrosion of a metal surface by making that surface the cathode of an electrochemical cell. It is a method used to protect metal structures from corrosion. installation, inspection, and maintenance services to protect steel storage tanks and has certain international license agreements outside North America. USTMAN Industries, Inc. provides customers with statistical inventory reconciliation services to monitor storage tank leaks by reconciling product inventory records. Tanknology Canada (1988), Inc. operates a direct testing operation in Canada. NDE Environmental is a leading supplier of specialized field and management services to storage tank owners and operators. NDE operates the second largest national fleet of field services and testing vehicles and provides a complete line of compliance management services to ensure customers comply with federal, state and local regulations governing underground storage tanks. The acquired subsidiaries will be combined with NDE's existing businesses to offer a broad range of services to UST owners/operators. The combined firm will be named "Tanknology - NDE." "While the transaction is technically an acquisition, operationally we view it as a merger of the best people, technology, and practices to maximize the value to our customers," said Dan Sharplin, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of NDE. "The Tanknology subsidiaries have an outstanding field service organization which, when combined with NDE's infrastructure will provide unparalleled ability to provide the highest quality services to customers nationwide. Also, we will utilize NDE's and USTMAN's advanced information systems across the combined company to increase efficiency, reliability, quality, and responsiveness to our customers. This transaction will allow Tanknology-NDE to offer a comprehensive package of services to our customers including the following: -0-
-- 'Outsource' compliance management services providing
turn-key regulatory compliance.
-- Periodic testing, certification,
repair and maintenance of UST systems, continuous monitoring
systems, and stage II vapor recovery systems.
-- Cathodic protection installation, testing, and maintenance.
-- Inventory management and
statistical inventory reconciliation ("SIR") services.
-- Information acquisition and software products and services.
-- International testing equipment sales, technical support
and joint ventures.
-0- This broad service offering enables 'one-stop shopping' for our customers, lowers their costs and allows them to focus on their core businesses," Sharplin said. NDE's contemplated financing for this transaction will involve substantial dilution to current shareholders. The closing is expected to be completed within the next two weeks. CONTACT: NDE Environmental Corporation Jay Allen Chaffee, chairman of the board, or Dan Sharplin, resident and CEO, 512/451-6334 |
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