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OMNICORP ACQUIRES A CONTINUOUS FEED PYROLYSIS SYSTEM

 NEW YORK, May 21 /PRNewswire/ -- Omnicorp Limited (NASDAQ: OMNI), a provider of industrial maintenance and environmental cleaning services, a transporter of hazardous and non-hazardous waste and a recycler of tires, announced that it acquired the developed technology and assets relating to a continuous feed pyrolysis (indirect heat) system to complement its Multi-Purpose Disposer Batch Pyrolysis System acquired in connection with its recently completed merger on April 8, 1993, with North American Tire Recycling Ltd. (the NATRL Merger).
 The transaction was accomplished through the acquisition by a wholly owned subsidiary of Omnicorp of all of the issued and outstanding capital stock of Nu-Tech Systems, Inc. (Nu-Tech), the owner of the developed technology relating to the continuous feed pyrolysis system, and the acquisition by NATRL-Windgap, Inc. (Windgap), an 80 percent owned subsidiary of Omnicorp, of all of the pyrolysis assets of J.H. Beers Inc., a construction company (Beers), including two Nu-Tech systems owned by Beers, and certain real estate on which the pyrolysis assets were located. Beers is the owner of the remaining interest in Windgap.
 The pyrolysis assets were acquired in exchange for the issuance of 700,000 shares of common stock of Omnicorp, and the real estate of Beers was acquired for a purchase price of approximately $1,200,000, which includes the assumption of a mortgage in the amount of $900,000. In connection with the acquisition, Omnicorp agreed to provide working capital loans to Windgap up to a maximum amount of $150,000 over a period of 12 months, and provide or arrange for the lease or purchase of equipment for Windgap as required up to a maximum amount of $500,000. Omnicorp acquired the capital stock of Nu-Tech for a purchase price consisting of the payment of $25,000, the issuance of 25,000 shares of common stock of Omnicorp, a contingent royalty payment payable over a term of two years in an amount not to exceed $500,000, and the assumption of certain liabilities of Nu-Tech in the amount of $300,000.
 According to Tom Forrest, chairman and chief executive officer of Omnicorp, Omnicorp now has the developed technology and resources to complement its Multi-Purpose Disposer Batch Pyrolysis System acquired in connection with the recently completed NATRL Merger, and will be able to service a broader range of potential disposers of tires.
 -0- 5/21/93
 /CONTACT: Steven A. Saide, secretary of Omnicorp, 212-830-9442/
 (OMNI)


CO: Omnicorp Limited; Nu-Tech Systems, Inc. ST: New York IN: ENV SU: TNM

SH-PS -- NY042 -- 1255 05/21/93 14:24 EDT
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Publication:PR Newswire
Date:May 21, 1993
Words:422
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