Heckmann Corporation (stock symbol: [t]HEK[/t]) has closed on the acquisition of China Water and Drinks:
Heckmann Corporation Announces Completion of Merger with China Water and Drinks, Inc. and Discretionary Buy Back Plan for its IPO Warrants
Friday October 31, 11:05 am ET
PALM DESERT, Calif.--(BUSINESS WIRE)--Heckmann Corporation of Palm Desert, California (NYSE: HEK - News, HEK.U - News, HEK.WS - News) (“Heckmann” or the “Company”) announced the completion of its merger with China Water and Drinks Inc. (“China Water”). The transaction was approved by more than 95% of the stockholders of Heckmann at its special meeting on October 30, 2008 and was effectively consummated after markets closed on October 30, 2008. China Water became a wholly-owned subsidiary of Heckmann Corporation and China Water’s common stock has ceased trading under the ticker symbol “CWDK” on the Over-the-Counter Bulletin Board. Heckmann’s common stock, units, and warrants will continue to trade on the New York Stock Exchange under the ticker symbols “HEK,” “HEK.U,” and “HEK.WS,” respectively.
Heckmann also announced that its Board of Directors approved a discretionary buy-back plan for the Company’s four year warrants issued as part of its IPO units in November of 2007. Under the plan, the Company may purchase warrants in open market and private transactions through December 31, 2009.
“We are excited to close our merger with China Water on schedule, and we look forward to building the company into a worldwide water enterprise. We also believe periodic buy back of our warrants when market conditions present a favorable opportunity will be beneficial to the long term interests of our stockholders,” stated Dick Heckmann, the Company’s Chairman and CEO.
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