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KIMMINS ENVIRONMENTAL SERVICE CORP. ANNOUNCES RECORD DATE FOR SPIN-OFF OF ITS SURETY OPERATIONS

 KIMMINS ENVIRONMENTAL SERVICE CORP. ANNOUNCES RECORD DATE
 FOR SPIN-OFF OF ITS SURETY OPERATIONS
 TAMPA, Fla., Aug. 14 /PRNewswire/ -- Kimmins Environmental Service Corp. (Kimmins) (NYSE: KVN) today set the record date for the previously announced spin-off of its surety operations in the form of a dividend to all Kimmins shareholders of record on Aug. 31.
 It is anticipated that Cumberland Holdings, Inc. (Cumberland), a recently formed subsidiary and holding company for the surety operations, will be traded in the Over-the-Counter market, with bid and asked prices set forth in Quotation Market sheets published by the National Quotation Bureau. The distribution date will occur approximately four weeks after the record date. Each Kimmins shareholder will receive one share of Cumberland common stock for every five shares of Kimmins common stock and Class B common stock owned by such shareholder on that date.
 Francis M. Williams, president of Kimmins Environmental Service Corp., stated: "The spin-off of Cumberland represents the last step in focusing Kimmins on its core operations. We are now positioned to take advantage of the higher-margin environmental services and solid waste management businesses."
 Cumberland and its subsidiaries, Cumberland Casualty & Surety Company and Surety Specialists, Inc., are headquartered in Tampa, Fla., and provide reinsurance for specialty sureties and performance and payment bonds for contractors.
 Kimmins Environmental Service Corp. and its subsidiaries provide solid waste management services, including collection, transfer and recycling; environmental services, including hazardous waste remediation and incineration; dismantling and abatement of industrial facilities; and environmental infrastructure development.
 Kimmins Environmental Service Corp. is headquartered in Tampa, Fla., and has regional offices in Niagara Falls, N.Y.; Houston; Pittsburgh, and Los Angeles. Kimmins Environmental Service Corp.'s stock is traded on the New York Stock Exchange under the symbol "KVN."
 -0- 8/14/92 R
 /CONTACT: S. David Silver of Kimmins Environmental Service Corp., 813-247-0182/
 (KVN) CO: Kimmins Environmental Service Corp.; Cumberland Holdings, Inc. ST: Florida IN: CHM SU: DIV


BN-BR -- AT007 -- 0150 08/14/92 16:07 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
Words:327
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