Stake Technology Acquires George F. Pettinos (Canada) Limited.Business Editors TORONTO--(BUSINESS WIRE)--March 1, 2000 Acquisition Expected To Increase Sales by $15 Million Mr. Jeremy Kendall, Chairman 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 Stake Technology Ltd., (StakeTech) (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 :STKL) announced today that StakeTech has acquired 100 percent of the shares of George F. Pettinos (Canada) Limited, also known as PECAL PECAL Performance Evaluation-Communications-Algorithm . These shares were acquired from U.S. Silica Company of Berkeley Springs, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . The acquisition of Pettinos will complement the business of the company's division, Barnes Environmental International (BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. ), a minerals supply and industrial recycling company. "PECAL is a direct competitor of BEI in the sand, coated sand, bentonite bentonite (bĕn`tənīt'): see clay. , chromite chromite (krō`mīt), dark brown to black mineral. It is an iron-chromium oxide, FeCr2O4, with traces of magnesium and aluminum. , and zircon zircon Silicate mineral, zirconium silicate, ZrSiO4, the principal source of zirconium. Zircon is widespread as an accessory mineral in acid igneous rocks; it also occurs in metamorphic rocks and, fairly often, in detrital deposits. businesses, and they have strengths in several other businesses that are closely related to BEI's existing markets," said Mr. Kendall. "We are very pleased with how this transaction has developed, PECAL adds to BEI's product lines in several key areas, and will help to build sales in Ontario and the US." PECAL, located in Hamilton, Ontario is situated close to BEI's head office in Waterdown. Manufacturing and supplying materials for the steel and foundry industry, PECAL has sales in the range of $15 million per year, with a history of profitability and a broad customer base. It is anticipated that synergies will permit the combined companies to reach sales as high as $40 million in 2000 - nearly doubling BEI's current sales, and improving margins significantly. BEI is a wholly owned division of Stake Technology Ltd. BEI has three main product groups: industrial minerals; abrasives and industrial recycling services. It now owns and operates a distribution centre in Montreal as well as its newly constructed abrasives processing facility in New Orleans. Stake Technology Ltd. is an owner/operator of technology-based businesses in the environmental sector. Currently, the company has three complementary business units: Steam Explosion, marketing clean pulping technologies; Barnes Environmental, focussed on the recycling of industrial materials; and Sunrich Inc., an agritech company. Each of these businesses has proprietary products and services that win them a solid competitive advantage in their sectors. Note: This news release may contain forward-looking information. Actual future results may differ materially. All figures contained in this Press Release are in Canadian dollars. The risk, uncertainties and other factors that could influence actual results are described in the Company's annual report to shareholders and SEC reports. |
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