Aquisition News...
biz.yahoo.com
Thursday January 22, 2:50 pm Eastern Time
Company Press Release
Midland, Inc. Announces Acquisition of Arcoenergy, Inc.
DALLAS--(BUSINESS WIRE)--Jan. 22, 1998--Midland, Inc. (Nasdaq/BB:MIDL - news) announced today that it has acquired Arcoenergy, Inc., in a transaction valued at $50,000,000.
The Board of Directors approved the acquisition at a regularly scheduled meeting this morning. Arcoenergy manufactures an octane and oxygen enhancer for blending with other hydrocarbons to produce motor gasoline. Its products are patented in countries around the world.
Arcoenergy is a Wyoming corporation with offices in Dallas and Houston. The company has production facilities in Victoria, Texas, Houston, and in Albany, Ky. Additional locations are currently under construction in Indiana, Illinois and Kentucky. The company also produces oil and gas in South Texas.
The acquisition was paid for with Midland Preferred Stock, and, in connection with the purchase, the company appointed new directors to fill vacancies created by the resignation of previous directors. Daniel W. Fisher, John H. Spriggs, James R. Clark and Edward R. Fisher were appointed to the Board.
Fisher was appointed as the new chairman/CEO of the company; Spriggs was appointed as president/COO; and Willard McAndrew III was appointed as senior vice president of Midland. R. Wayne Duke remained as a director of the company.
In addition, the Board approved the sale of New Departure and set the date for shareholders meeting at Feb. 27, 1998, to be held in Dallas at a location to be announced. At the meeting, the shareholders will be asked to ratify the actions of the Board. The company will be operating out of its new offices at 15303 Dallas Parkway, Suite 210, Dallas, TX 75248.
Contact:
Midland, Inc., Dallas
Will McAndrew, 888/247-3555 |
