AMCOR wiins contracts - stock volume/value up.
Waste News:ÿ "AMCOR Cuts Deal With TransPacific"ÿ
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AMCOR Capital Corporation Subsidiary Awarded Ongoing Contracts Valued At $1,130,000
Coachella, California (Tuesday, January 20, 1997) AMCOR Capital Corporation ("AMCOR" or "the Company", NASDAQ: ACAP) - today announced that it's TransPacific Environmental, Inc. ("TransPacific") division has been awarded $1,130,000 in contracts from six (6) municipalities and three (3) counties in California since the beginning of its 1998 fiscal year, September 1, 1997.
Included in these new contracts are the City of Los Angeles, the City of San Diego's Unified Port District and the County of Riverside, County of San Bernardino and the County of Los Angeles, as well as the cities of San Fernando, Fullerton, Commerce and Encinitas. This brings the total number of contracts under management to nineteen (19), totaling $3,250,000. TransPacific is bidding on additional contracts which could significantly add to the division's fiscal 1998 revenues.
Santa Fe Springs, California based TransPacific Environmental, Inc. was acquired in November 1997 as part of AMCOR's planned expansion of its "green waste" recycling business. TransPacific now manages AMCOR's entire biomass division which includes tree maintenance operations and green waste recycling.
TransPacific expects strong growth in the tree maintenance and management business as governmental agencies continue to privatize these services by awarding long term and renewable contracts. Revenues are also expected to rise significantly by the implementation of the California Integrated Waste Management Act of 1989 (AB 939) which mandates that municipalities must divert 50% of their waste stream, from the landfills, by the year 2000.
AMCOR has three operating divisions: a fully integrated agricultural division, which produces over 150 million pounds of food products annually in California and Oregon; a real estate development division which manages a portfolio of development properties in California and Texas and; a biomass division which is engaged in green waste recycling and municipal, county and State tree maintenance/management in California.
AMCOR maintains a presence on the Internet at amcorcapital.com.
This release contains ''forward-looking statements'' that state the Company's, or management's intentions, hopes, beliefs, expectations or predictions of the future. These statements, are subject to risks, including risks outside the Company's control, that could cause results to vary materially from the statements set forth herein.
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