MORE ON A-Z Consultants
19-year-old college student has obtained controlling interest in Canton Industrial Corp. and plans to bring hundreds of jobs to Canton
CONTROLLING INTEREST BELONGS TO 19-YEAR-OLD A Utah consulting company headed by a 19-year-old college student has obtained controlling interest in Canton Industrial Corp. and plans to bring hundreds of jobs to Canton.
"What we do for a living is solve problems. We intend to send someone down there to look at it, and within 90 days we want to start putting in various types of businesses there,"
Journal Star (Peoria, IL) June 20, 1992 1992 CITY DESK NEWS ALL A1 DAYNA R. BROWN COMPANY IN UTAH BUYS CIC<CONTROLLING INTEREST BELONGS TO 19-YEAR-OLD A Utah consulting company headed by a 19-year-old college student has obtained controlling interest in Canton Industrial Corp. and plans to bring hundreds of jobs to Canton.
A-Z Professional Consultants Inc. of Salt Lake City received almost 50 percent -- 2,744,026 shares -- of CIC stock from majority stockholder Nelson Carlo on June 9, said Richard Surber, president of A-Z Consultants and the new secretary/treasurer of CIC. In exchange for the stock, Carlo received 2,000 shares of Logos International Inc., which also is owned by A-Z Consultants, said Surber, 19, who is completing a degree in finance.
"What we do for a living is solve problems. We intend to send someone down there to look at it, and within 90 days we want to start putting in various types of businesses there," Surber said Friday.
Surber said A-Z, the fourth owner CIC has had in its nine years, purchases troubled companies in an attempt to work out their problems.
Plans call for the plant to serve as a tire recycling center, he said.
CIC ceased operation in October when company officials said they could no longer afford to pay the high operation costs.
Originally, CIC officials planned to reopen the company in the spring, but Carlo, the president, and vice president Thomas Hacker resigned in May, saying there was no future for CIC. As late as last week, even after A-Z officials said the exchange had occurred, Hacker and Carlo continued to say there was no future for the company.
"As late as six or eight weeks ago there were a few investment leads. But then the last of our hopes to try to work with the company failed," Hacker told the Journal Star last week.
Carlo refused to comment on the exchange Friday.
John Brewer, an A-Z engineering consultant, said the new owners plan to shred rubber tires in the plant and ship the material elsewhere to be processed. He said the company would employ about 100 people initially.
Alan Wolfson, a company spokesman, said all of the people A-Z hires, with the exception of some upper management, will be from the Canton area. He said almost everything in the plant will deal with assisting the environment.
During the second year in operation, Wolfson said, the company hopes to begin another section to manufacture and fix tire casings, which he said would employee another 100 people. With the success of the company, more employees would be added, officials said.
"This will be a hub, and from here we will reach into other states and get recycled material and turn it into something," Wolfson said.
He said A-Z officials would eventually also like to see plastics and newspapers recycled there.
City officials said they were pleased, yet surprised, by the acquisition.
"Last Friday afternoon I got a call from A-Z and it just floored me. It was an unexpected surprise. We're glad to see there is another firm interested. I guess time will tell how things work out," said Chris Spears, community development director.
He said city officials are working with A-Z, gathering information about financial programs and opportunities. He said the city has no intention of giving the company any additional money, because CIC already owes the city $400,000. "We don't have any more money. There just isn't any more money to lend out," Spears said.
Surber said A-Z has acquired all of CIC's debts and it also has purchased some of the liens against the company's property.
Company officials said they plan to keep the CIC name. |
