Enviro-Energy Corporation, J.W. Reed, Inc. Reach Agreement in Principle Regarding Enviro-Energy Subsidiary ERI
SPOKANE, Wash., Mar 20, 2002 (BUSINESS WIRE) -- Enviro-Energy Corporation (OTCBB:ENGY) (Germany:676401-EVM.BER) and J.W. Reed, Inc. of West Chester, Pa., today jointly confirmed that they have reached an agreement in principle concerning the development and recapitalization of Environmental Reclamation, Inc. (ERI), a subsidiary of Enviro-Energy Corporation. The parties anticipate concluding the agreement on or before June 30, 2002.
Negotiations are focused on increasing the capitalization of ERI, positioning ERI to acquire new contracts and establishing formalized joint ventures between ERI and companies capable of enhancing ERI's technical and operating resources. J.W. Reed anticipates taking a primary role in arranging and participating in the joint ventures, and will acquire a controlling interest in ERI pursuant to the agreement.
J.W. Reed is a private investment company based in West Chester, Pa.
Enviro-Energy Corporation is a consolidator and operator of environmentally related businesses, focusing on acquisitions within the energy, air and water sectors.
ERI is a full service design-to-build company specializing in environmental remediation and reclamation.
CONTACT: Enviro-Energy Corporation Galen Loven, 509/921-9150 gdl@enviro-energycorp.com www.enviro-energycorp.com or J.W. Reed, Inc. Alfonso Knoll, 610/429-0817 Alfonsonknoll@aol.com
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