ENVIRX COMPLETES ACQUISITION OF G.C. ENVIRONMENTAL
ENVIRX COMPLETES ACQUISITION OF G.C. ENVIRONMENTAL FT. LAUDERDALE, Fla., April 3 /PRNewswire/ -- ENVIRx Ltd.
(NASDAQ: ENVX) announced today that it has completed its acquisition of G.C. Environmental, Inc., a private Houston-based company, in an exchange of stock.
G.C. Environmental specializes in the treatment and disposal of wastewater sludge and in the construction of special waste disposal sites. The company's waste management services are provided to various industrial customers located near the Houston Ship Channel and include the treatment and disposal of approximately 90,000 cubic yards of wastewater sludge per month. ENVIRx is a Florida-based environmental consulting company. In connection with the transaction, ENVIRx issued 9,350,000 shares of common stock in exchange for all of the outstanding stock of G.C. Environmental. Prior to the transaction, ENVIRx had 3,569,300 shares of common stock outstanding. For the fiscal year ended Aug. 31, 1991, G.C. Environmental reported pro forma results of $6.7 million in revenues and $2.1 million in pre- tax income. For the quarter ended Nov. 30, 1991, pro forma revenues were $2.4 million with pre-tax income of $936,000. ENVIRx common stock is traded on NASDAQ under the symbol ENVX. The company's units are traded under the symbol ENVXU, and its Class A and Class B warrants are traded under the symbols ENVXW and ENVXZ, respectively. -0- 4/3/92 /CONTACT: Harry Meran of ENVIRx, 305-920-2242/ (ENVX) CO: ENVIRx Ltd.; G.C. Environmental, Inc. ST: Florida, Texas IN: SU: TNM
GK -- NY050 -- 4894 04/03/92 14:20 EST
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|Date:||Apr 3, 1992|
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