A recent Press Release...
Thursday January 22, 2:50 pm Eastern Time
Company Press Release
Midland, Inc. Announces Acquisition of Arcoenergy, Inc.
DALLAS--(BUSINESS WIRE)--Jan. 22, 1998--Midland, Inc. (Nasdaq/BB:MIDL -
news) announced today that it has acquired Arcoenergy, Inc., in a
transaction valued at $50,000,000.
The Board of Directors approved the acquisition at a regularly scheduled
meeting this morning. Arcoenergy manufactures an octane and oxygen
enhancer for blending with other hydrocarbons to produce motor gasoline.
Its products are patented in countries around the world.
Arcoenergy is a Wyoming corporation with offices in Dallas and Houston.
The company has production facilities in Victoria, Texas, Houston, and
in Albany, Ky. Additional locations are currently under construction in
Indiana, Illinois and Kentucky. The company also produces oil and gas in
South Texas.
The acquisition was paid for with Midland Preferred Stock, and, in
connection with the purchase, the company appointed new directors to
fill vacancies created by the resignation of previous directors. Daniel
W. Fisher, John H. Spriggs, James R. Clark and Edward R. Fisher were
appointed to the Board.
Fisher was appointed as the new chairman/CEO of the company; Spriggs was
appointed as president/COO; and Willard McAndrew III was appointed as
senior vice president of Midland. R. Wayne Duke remained as a director
of the company.
In addition, the Board approved the sale of New Departure and set the
date for shareholders meeting at Feb. 27, 1998, to be held in Dallas at
a location to be announced. At the meeting, the shareholders will be
asked to ratify the actions of the Board. The company will be operating
out of its new offices at 15303 Dallas Parkway, Suite 210, Dallas, TX
75248.
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Contact:
Midland, Inc., Dallas
Will McAndrew, 888/247-3555 |
