MISSIMER COMPLETES ACQUISITION OF ETE
MISSIMER COMPLETES ACQUISITION OF ETE CAPE CORAL, Fla., July 1 /PRNewswire/ -- Missimer & Associates, Inc.
(NASDAQ: MSMR) has completed its acquisition of ETE, Inc. (formerly Environmental Technology and Engineering), according to Robert A. Fletcher, chairman, president and chief executive officer.
As announced, the transaction was for 500,000 shares of Missimer common stock and an undisclosed amount of cash. As a result of the acquisition, the company now has 3.18 million shares outstanding. ETE offers a full range of environmental, hydrogeological, and hazardous and solid waste management services, provided by a staff of over 100 environmental, chemical, civil, and mechanical engineers; hydrogeologists; geologists; surveyors and technicians. In 1991, ETE had revenues of $9.8 million. Most of ETE's revenues are derived from the design, permitting, construction management and compliance monitoring of hazardous and solid waste management facilities. ETE does not own or operate any such facility. The United States Environmental Protection Agency has determined that the two greatest sources of groundwater contamination are old, improperly designed landfill facilities and leaking underground storage tanks. "The combination of ETE with Missimer will better position us to compete effectively on a nationwide basis to assist clients to solve their problems across the entire spectrum of groundwater issues," Fletcher said. "ETE nearly doubles our size, while significantly enhancing our future growth opportunities and profitability on a national scale." Missimer provides a wide range of environmental services to assess and remediate groundwater and soil contamination; to protect air quality; to assure regulatory compliance; and to develop groundwater resources. Missimer maintains offices in Cape Coral, Jacksonville, Miami, Orlando, Palm Beach Gardens, Pensacola and Tampa, Fla.; New Orleans, La.; Charleston, S.C.; and Dallas, Houston and San Antonio, Texas. ETE has offices in Lexington, S.C.; Bakersfield and El Centro, Calif. and Slate Hill, N.Y. -0- 7/1/92 /CONTACT: Robert A. Fletcher, chairman and CEO of Missimer & Associates, 813-574-1919/ (MSMR) CO: Missimer & Associates, Inc.; ETE, Inc. ST: Florida IN: SU: TNM
LR-OS -- NY020 -- 5521 07/01/92 09:05 EDT
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|Date:||Jul 1, 1992|
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