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ENVIRONMENTAL SERVICES OF AMERICA ANNOUNCES TERMINATION OF MERGER DISCUSSION

 ENVIRONMENTAL SERVICES OF AMERICA ANNOUNCES TERMINATION
 OF MERGER DISCUSSION
 NEWARK, N.J., June 12 /PRNewswire/ -- Environmental Services of America, Inc. (NASDAQ: ENSA) announced today that merger negotiations with Advance Ross Corporation ("AROS") pursuant to a letter of intent signed in February and amended in May of this year had been terminated.
 Jon Colin, ENSA's chief executive officer, stated: "ENSA's operations over the past several quarters have been negatively impacted by a generally weak economy in our principal market areas. We now estimate that our earnings, before the write-off of expenses directly related to the merger, for the second quarter ending June 30, 1992 will be in the $.03 to $.04 per share range, as compared to $0.11 per share reported in the second quarter of 1991, and versus $.04 per share reported in the first quarter ended March 31, 1992. These second quarter projections are lower than our estimates at the time we began merger discussions with AROS, and below the level that AROS's management believes would permit it to proceed with the merger on the economic terms previously discussed. Since our core businesses and newly acquired divisions are well positioned to benefit from an improving economy, we believe that ENSA's shareholders' interests will be best served by continuing to pursue our acquisition strategy and remaining independent rather than renegotiating the economic terms announced on May 6, 1992. We intend to remain in contact with the management of AROS, however, and do not foreclose the possibility that merger discussions could be resumed in the future."
 Environmental Services of America, Inc. is an integrated company providing hazardous waste management services, environmental remediation services, environmental consulting services, and air quality, testing and monitoring services. The company owns and operates a Part B permitted treatment, storage and disposal (TSD) facility in Canastota, N.Y.
 -0- 6/12/92
 /CONTACT: Jon Colin, president of Environmental Services of America, 201-589-3850/
 (ENSA) CO: Environmental Services of America, Inc. ST: New Jersey IN: SU:


SH-OS -- NY008 -- 9548 06/12/92 09:05 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:337
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