OMNICORP MERGES WITH NORTH AMERICAN TIRE RECYCLING LTD.
NEW YORK, April 12 /PRNewswire/ -- Omnicorp Limited (NASDAQ: OMNI), a provider of industrial maintenance and environmental cleaning services and a transporter of hazardous and non-hazardous waste, today announced that through a wholly owned subsidiary Omnicorp has completed the previously announced merger with North American Tire Recycling Ltd. (NATRL), a corporation whose stock was formerly publicly traded on the Vancouver Stock Exchange (trading symbol: NTY). The existing management of Omnicorp will continue to manage the combined business. The merger was accomplished through an exchange of shares on a one- for-one basis. As of the effective time of the merger, NATRL had outstanding 11,079,530 shares of common stock and Omnicorp had outstanding 6,199,451 shares of common stock. Accordingly, in connection with the merger, 11,079,530 shares of common stock of Omnicorp were issued to the former stockholders of NATRL, thereby bringing the total number of shares of Omnicorp issued and outstanding to 17,278,981. NATRL represented that its net worth at the effective time was approximately Can. $2,500,000. NATRL is a development stage company, established to manufacture, sell and operate pyrolysis (indirect heat) and gasification systems and related environmental technologies in waste disposal and waste-to-energy businesses. The first of these systems to be marketed is the Multi- Purpose Disposer (MPD) Batch Pyrolysis System, which NATRL has the exclusive right to market and manufacture in North America. The MPD system was developed and is owned by the United Kingdom Atomic Energy Authority and Herbert Bevin & Co. Ltd., a British waste technology firm. NATRL expects its first MPD to become operational in the near future in Fredericksburg, Va., and will be operated in conjunction with Spratt Recycling, Inc. According to Tom Forrest, chairman and chief executive officer of Omnicorp, and Paul McClory, president and chief executive officer of NATRL, "Together Omnicorp and NATRL now have the ability to provide a comprehensive range of waster?eatment, transportation and recycling services to an expanding customer base throughout North America. The combined entities will be able to capitalize on Omnicorp's extensive governmental permits." -0- 4/12/93 /CONTACT: Steven A. Saide, secretary of Omnicorp, 212-830-9442/ (OMNI)
CO: Omnicorp Limited; North American Tire Recycling Ltd. ST: New York IN: ENV SU: TNM
CK-LR -- NY035 -- 0510 04/12/93 11:24 EDT
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|Date:||Apr 12, 1993|
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