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THERMO PROCESS SYSTEMS SELLS INTEREST IN VIRGINIA SOIL-RECYCLING CENTER IN PRIVATE PLACEMENT

 THERMO PROCESS SYSTEMS SELLS INTEREST IN VIRGINIA SOIL-RECYCLING
 CENTER IN PRIVATE PLACEMENT
 WALTHAM, Mass., Jan. 23 /PRNewswire/ -- Thermo Process Systems Inc. (AMEX: TPI) announced today that its newly formed subsidiary, TPST Soil Recyclers of Virginia Inc. (Soil Recyclers), recently sold approximately 20 percent of its common stock to a group of investors in a private placement. The private placement consisted of 95 units comprising an aggregate of 95,000 shares of common stock of Soil Recyclers and warrants to purchase 237,500 shares of Thermo Process Systems common stock at $10 per share. Gross proceeds from the sale were approximately $2 million. Soil Recyclers operates a center for the thermal treatment of petroleum-contaminated soil near Richmond, Va.
 Walter J. Bornhorst, chairman and chief executive officer of Thermo Process Systems, said, "The Virginia site is the second facility that we have established in an effort to expand our soil-recycling services business. We recently began construction of another such facility in California, and plan to continue to develop additional sites in other regions of the country."
 Thermo Process Systems designs, manufactures, and sells advanced custom-engineered thermal-processing systems for the treatment of toxic wastes and the automated heat treating of metal parts. The company also provides services for the remediation of petroleum-laden soils, in addition to a comprehensive range of metallurgical processes. Thermo Process Systems is a public subsidiary of Thermo Electron Corporation (NYSE: TMO).
 -0- 1/23/92
 /CONTACT: John N. Hatsopoulos of Thermo Process Systems, 617-622-1111/
 (TKN TMO) CO: Thermo Process Systems Inc.; TPST Soil Recyclers of Virginia Inc.;
 Thermo Electron Corporation ST: Massachusetts, Virginia IN: SU:


LJ -- NE008 -- 2702 01/23/92 10:26 EST
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Publication:PR Newswire
Date:Jan 23, 1992
Words:275
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