Seiler Pollution Control Systems announces Dresdner Bank financial package for its German subsidiary.DUBLIN, Ohio--(BUSINESS WIRE)--March 8, 1996--Seiler Pollution Control Systems, Inc. (SEPC SEPC Space Exploration Program Council SEPC Student Educational Policy Committee SEPC Sony Electronic Publishing Company SEPC South East Panhellenic Conference SEPC Software Engineering Process Control ) has secured a financial agreement with the Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. for the construction and operation of its Freiberg recycling facility in Eastern Germany Eastern Germany refers to:
The agreement calls for the Dresdner Bank to provide Seiler with a long term credit line for 9.9 million DM (approximately 6.8 million dollars) for the installation, construction, land purchase, site work and start-up costs for Seiler's first commercial vitrification vit·ri·fi·ca·tion n. The process of using heat and fusion to convert dental porcelain to a glassy substance. vitrification system. An additional line of credit for 2.1 million DM (approximately 1.4 million dollars) is subsequently available, if needed. The terms of this 12 million DM credit line has two major conditions: Seiler must apply and receive an operating permit from the German regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities ; and a bank guarantee from the Deutsche Augleichsbank (DtA), the State Bank of Germany. There are other minor conditions that Seiler must comply with as well. Among these include: allowing the Dresdner Bank access to financial records for Freiberg; and guaranteeing that the facility will operate in compliance with the anticipated permit. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dr. Gerold Weser, Seiler's vice president of European operations, all conditions for this financial package should be completed by late summer, early fall 1996. Seiler is currently completing the first vitrification line for Freiberg, and is already in the permitting process. Dresdner Bank also has applied to the State Bank of Germany (DtA) for the bank guarantee on behalf of Seiler in the amount of 9.6 million DM. Coupled with this line of credit, Seiler is to receive German governmental grants totaling over 6.6 million DM (approximately 4.5 million dollars). These grants do not have to be repaid and are given to Seiler for placing its environmentally sensitive, high temperature vitrification recycling facility in Freiberg. These grants are given in connection with stimulating and encouraging investments from business, industry, and the environmental sector to generate new job opportunities for the area. The Dresdner Bank financial package is significant for Seiler's German and European market growth. The Dresdner Bank based this financial package from an independent study on Seiler conducted by DOWC DOWC Drug Offender Work Camp DOWC Department of Wildlife Conservation (various governments) Ost-West-Consult GmbH. For any additional information, please contact Mr. Werner Heim, Seiler's Chief Executive Officer at 011-411-396-2700, or Mr. Alan B. Sarko, Seiler's Vice President of North American Operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. at 614/791-3272. CONTACT: Seiler Pollution Control Systems, Inc. Werner Heim, 011-411-396-2700 Alan B. Sarko, 614/791-3272 |
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