<<<POTENTIALLY RELATED NEWS>>
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: AMERICAN ECO CORPORATION
CBOE SYMBOL: EOQ
NASDAQ SYMBOL: ECGOF
TSE SYMBOL: ECX
SEPTEMBER 10, 1997
Institutional Investors Purchase Equity Position in
American Eco
HOUSTON, TEXAS--AMERICAN ECO CORPORATION announced that Deere Park
Capital Management, Inc. has converted the remaining debentures of
American Eco's original USD$18.0 million offering and has placed
those shares with Institutional Investors through Groome Capital
Advisory Inc. The Debentures were not due until January 24,
2007. As a result of this conversion, American Eco's
Shareholder's Equity has increased to $90.0 million.
Michael E. McGinnis, Chairman, President and CEO of American Eco,
stated, "We are pleased to report to our shareholders that the
potential for additional shares being available in the market has
been eliminated by strategically placing the remaining shares
associated with the convertible debentures with Institutional
Investors who are committed to American Eco for the long term. As
a result, the American Eco Balance Sheet is stronger than ever,
and when combined with our new bank facility of $65.0 million,
American Eco is strategically positioned for growth in the
immediate future".
American Eco is a leading North American provider of single-source
construction, management, maintenance, engineering and
environmental remediation services in the refining, petrochemical,
utility, forest products and offshore manufacturing industries.
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FOR FURTHER INFORMATION PLEASE CONTACT:
American Eco Corporation - Houston, Texas
David Norris
Senior Vice-President and CFO
(888) 774-3246
or
American Eco Corporation - Houston, Texas
Cindy Jackson
Director of Investor Relations
(888) 774-3246
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JACK KANAK |
