Reg, and everyone: I thought when the news popped up on my screen,
it was the long-awaited financing. No such luck, but here it is
anyway.
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Environmental Remediation Holding Corp. Acquires VinVirotec
BROUSSARD, La.--(BUSINESS WIRE)--February 18, 1998--Environmental
Remediation Holding Corporation (OTC BB:ERHC) today announced the
acquisition of 70% of the outstanding shares of Louisiana-based
VinVirotec, a privately-held company, from Recycling Remedis, Inc.
Terms include cash and the assumption of a $300,000 bank note.
VinVirotec holds one of the two N.O.R.M. (naturally accruing
radioactive material) solid waste disposal sites in the State of
Louisiana. In addition, the Company is permitted, under state and
federal regulations, the disposal of saltwater (brine) and N.O.W. (naturally occurring waste) by products.
VinVirotec has successfully and profitably operated a salt water
injection facility for the past three years.
Samuel Bass, President & CEO, commented, "The acquisition of Vin
Virotec is key to our strategic growth plan of positioning ERHC
as a full service "cradle to grave" environmental remediation company to the oil and gas industry."
"We anticipate net income of approximately $300,000 in 1998 from
VinVirotec without the expansion and development of its solid waste
facility," added, Noreen Wilson, Chief Financial Officer.
In conjunction with the acquisition of VinVirotec, ERHC has entered
into negotiations with the Department of Energy (DOE) for the disposal
of saltwater (brine) in the Strategic Petroleum Reserve (estimated at
21,000,000 gallons) in Houma, Louisiana. VinVirotec's disposal well
provides the solution to the requirements of the DOE to remediate
this environmentally hazardous waste site. The Company anticipates,
due to its status as a "permitted contractor" of obtaining a
substantial portion of the contract, thus increasing VinVirotec's
income potential over the next twelve months.
For more information concerning ERHC, please visit our website at
www.erhc.com.
Certain matters discussed in this news release are forward-looking
statements, as it is defined in the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are subject
to a number of known and unknown risks and uncertainties including,
but not limited to, fluctuations in the price of crude oil and
natural gas, the success taught of exploration efforts, the timeliness
of development activities in Texas, Utah, and the Gulf of Guinea,
West Africa, changes in the political and economic environment in
which ERHC has international operations, as well as availability of
human and financial resources; which may cause actual results to
differ materially from those expressed in any forward-looking
statements made by or on behalf of ERHC.
CONTACT:
Investor Contacts:
James Griffin
Corporate Secretary
Environmental Remediation Holding Corp.
516-433-4730
or
Cynthia DeMonte
212-473-3700
cdemonte@aol.com
KEYWORD: LOUISIANA NEW YORK
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Regards to the patient ones--
Jeff |
