Printer Friendly

CEC/YELLOWSTONE ANNOUNCE MERGER

 PHOENIX, April 8 /PRNewswire/ -- Yellowstone Environmental Services Inc. has announced that it has acquired Certified Environmental Consulting Inc., a Nevada Corp., of San Ramon, Calif. Certified Environmental is a four-year-old full-service, general environmental consulting firm with major offices in California, Arizona and Utah. The companies believe that many synergies exist which will substantially cut expenses and allow for improved financial results. It will also allow the company to expand its services at its current offices and position it to expand into additional markets. The combined companies anticipate significant increase in annual sales in the first year as a result of the acquisition. The company has consolidated its corporate offices to Certified Environmental's current San Ramon corporate offices.
 The shareholders of Certified Environmental received approximately 937,000 shares of Yellowstone Series 1 preferred stock in the transaction. This preferred stock is convertible into approximately 9,370,000 shares of common stock, and conversion is anticipated to occur at the annual shareholders meeting. Concurrent with the acquisition, Yellowstone also refinanced approximately $900,000 of existing debt consisting of several debt issuances by converting it into three new series of preferred stock, and sold $250,000 of new Series 2 preferred stock. The aggregate 480,000 shares of this new preferred stock is convertible into approximately 4,800,000 shares of Yellowstone common stock. The remaining convertible debt of Yellowstone was restructured to be due April 1996, and is now convertible at a lower conversion ratio. Should all the preferred stock and convertible notes convert to common stock, total shares outstanding will equal approximately 17,800,000 shares.
 The transaction will result in the seven shareholders of Certified Environmental gaining voting control of Yellowstone; and therefore, the chief executive officer of Certified Environmental, Roy A. Farmer II, and Certified Environmental's president, Michael T. Noble, will become chief executive officer and president, respectively, of Yellowstone. Furthermore, Ned Boschell, Bob List, and Ed Ricci resigned their positions as members of the board of directors of Yellowstone, and Farmer, Noble and a third outside independent director, Woody Gibson, were elected to the board. George Sarlo of Walden Capital, and Jack Schuss remained on the board. Ricci was appointed vice president of CEC and was placed in charge of the company's operations in Arizona.
 As a result of the transaction, Steve Stapleton, chief financial officer of Yellowstone, has resigned from his position, but will remain for a time sufficient to assure a smooth transition. Prior to the transaction Steve Noel, executive vice president of Yellowstone, and president of Water Resource Associates Inc., resigned his positions and left the company to pursue private business interests.
 -0- 4/8/93
 /CONTACT: Roy A. Farmer II, CEO of Certified Environmental, 510-867-0322/


CO: Yellowstone Environmental Services Inc.; Water Resources
 Associates Inc.; Certified Environmental Consulting Inc. ST: Arizona, Nevada, California IN: ENV SU: TNM


MS-JB -- LA034 -- 4464 04/08/93 18:56 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 8, 1993
Words:481
Previous Article:COMMISSION COMMITTEE ISSUES PROPOSED DECISION; PUBLIC INVITED TO ATTEND COMMITTEE CONFERENCE ON CROCKETT COGENERATION PROJECT
Next Article:LARRY KING AND HENRY GEORGE TACKLE THE TOUGH QUESTIONS
Topics:


Related Articles
API ENTERPRISES AND CECO FILTERS TO MERGE
GROWTH ENVIRONMENTAL, INC. EXECUTES LETTER OF INTENT
MERGER OF GROWTH ENVIRONMENTAL, INC. AND YELLOWSTONE ENVIRONMENTAL APPROVED BY YELLOWSTONE SHAREHOLDERS
Cybernetic Services, Inc. Enters Into a Letter of Intent to Merge With CEC Industries, Corp.
Cybernetic Services, Inc. Ends Merger Talk with CEC Industries, Corp.
United Network Technologies, Inc. Acquires PanAgra International Corporation and Changes Name to PanAgra International Corporation.
Continental Electronics to Consolidate German Subsidiary; Consolidation Will Position CEC to Compete More Effectively in the Broadcasting Industry.
CEC and Powell Merger.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters