TRANSAMERICAN WASTE SIGNS LETTER OF INTENT TO ACQUIRE CONTROLLED RECOVERY, INC.
TRANSAMERICAN WASTE SIGNS LETTER OF INTENT TO ACQUIRE CONTROLLED RECOVERY, INC. HOUSTON, Nov. 4 /PRNewswire/ -- TransAmerican Waste Industries, Inc. (TWI) (NASDAQ-NMS: WSTE) announced today that it has signed a letter of intent to acquire Controlled Recovery, Inc. (CRI), which owns and operates a non-hazardous special waste landfill located west of Hobbs, N.M. CRI specializes in the collection and disposal of a variety of non- hazardous oilfield waste on its 260 acre permitted facility. CRI also processes and disposes of contaminated soils from underground storage tank remediation projects. The site received its license to operate in November 1990 and has an estimated useful life of 20 years. The acquisition will expand the capabilities of TWI's industrial waste division, enabling it to handle a wide range of oilfield wastes. The division currently includes the sludge disposal operations of G.C. Environmental, Inc. and the oilfield waste reclamation operations of Inland Products, Inc. The acquisition of CRI by TWI will principally be through an exchange of stock. The transaction is subject to approval by the board of directors of TWI, the completion of financial and environmental due diligence, and the execution of a definitive agreement. TransAmerican Waste Industries, Inc. is engaged in a variety of waste management activities, including the processing and disposal of wastewater sludge, construction of special waste disposal sites, environmental engineering, consulting and design of water pollution control equipment. TransAmerican is also aggressively pursuing acquisitions in the solid waste management industry. The company's common stock is traded on the National Market System under the NASDAQ symbol WSTE. -0- 11/4/92 /CONTACT: Tommy Fatjo, vice president of TransAmerican Waste Industries, Inc., 713-956-1212/ (WSTE) CO: TransAmerican Waste Industries, Inc.; Controlled Recovery ST: Texas IN: SU: TNM
TS -- NY043 -- 2497 11/04/92 12:52 EST
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|Date:||Nov 4, 1992|
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