RYAN-MURPHY INC. ANNOUNCES LETTER OF INTENT WITH OIL RECOVERY LTD.
DENVER, Aug. 13 /PRNewswire/ -- Ryan-Murphy Inc. (NASDAQ: RMII) announced today that it has entered into a letter of intent to acquire the assets, management and operations of Oil Recovery Ltd. (ORL), a private Wyoming limited liability company. ORL is in the business of treating and recycling waste crude oil and rendering it into a marketable product. Located in one of the largest oil fields, the Powder River Basin near Gillette, Wyo., ORL has developed a strong client base and state of the art technology that solves the serious problem of disposal of waste crude oil. The closing is subject to both parties completing their due diligence on each other and the Registrant successfully completing a private placement of its securities. Management envisions that the acquisition will enhance and diversify Ryan-Murphy's remediation technology and fits into their strategic plan to create a complementary line of services in the environmental field. President Robert Jennings said, "By combining an innovative marketing strategy and exercising effective cost controls, ORL has a very large potential for solid profitable growth. We are looking forward to the tremendous potential this union will create." -0- 08/13/93 CONTACT: Dennis Murphy of Ryan-Murphy Inc., 303-427-4567 (RMII) CO: RYAN-MURPHY INC.; OIL RECOVERY LTD. SU: TNM ST: CO
-- LA023 -- X574 08/13/93
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|Date:||Aug 13, 1993|
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