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OMNICORP COMPLETES ACQUISITION OF INDUSTRIAL MAINTENANCE AND ENVIRONMENTAL CLEANING SERVICES COMPANIES

 OMNICORP COMPLETES ACQUISITION OF INDUSTRIAL MAINTENANCE AND
 ENVIRONMENTAL CLEANING SERVICES COMPANIES
 NEW YORK, March 2 /PRNewswire/ -- Omnicorp Limited (NASDAQ: OMNI) announced that it has completed the previously announced acquisition of K.E. I. Industrial Services, Inc. and two related entities, P.P.C. Sewer Cleaners Inc. and Del-Val Industrial Services, Inc. (the "companies"), for shares of Omnicorp common stock on the basis of four shares for each one dollar of net worth at Dec. 31, 1991 and net profits of the companies attained in 1992 and 1993 above certain specified levels, subject to certain limitations.
 An aggregate of 2,156,076 shares of Omnicorp common stock were issued based on the unaudited net worth of the companies at Dec. 31, 1991, of which amount 1,356,076 shares were issued to the seller, Samuel H. Brangan, Jr., and 800,000 shares were issued to an escrow agent to be held pending receipt of the audited combined balance sheet of the companies as at Dec. 31, 1991 and certain other conditions. Brangan was also elected a director of Omnicorp.
 The companies provide industrial maintenance and environmental cleaning services primarily to the refining, petrochemical, chemical, utility, gas processing, steel, pharmaceutical and paper manufacturing industries. The companies are equipped to respond to emergency spills in plants, sewers, roadways and around storage tanks. In addition, the companies provide high pressure water blasting, wet or dry vacuuming, boiler, pipe, barge rail and chemical tank cleaning and other complementary liquid waste transportation and disposal services.
 -0- 3/2/92
 /CONTACT: Steven A. Saide, secretary of Omnicorp Limited, 212-830-9442/
 (OMNI) CO: Omnicorp Limited ST: New York IN: SU: TNM


KD-KW -- NY056 -- 3986 03/02/92 12:52 EST
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Publication:PR Newswire
Date:Mar 2, 1992
Words:281
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