MWDS News
Subject: MWDS Acquisitions
Date: Thu, Jun 11, 1998 09:54 EDT
Message-id: <1998061113541400.JAA14631@ladder01.news.aol.com>
Med/Waste, Inc. Signs Definitive Agreement for Three Acquisitions
MIAMI LAKES, Fla.--(BUSINESS WIRE)--June 11, 1998--Med/Waste, Inc. (NASDAQ:MWDS) today announced that it has signed definitive agreements to acquire three privately owned medical waste companies.
Closings of these three transactions, which are subject to completion of due diligence, are expected by the end of this month.
The three companies that Med/Waste plans to acquire are:
-- Med-waste, Inc. (unaffiliated with Med/Waste, Inc.) of Decatur,
Alabama, is a medical waste hauler serving hospitals and small
quantity medical waste generators in Alabama, Tennessee and
Florida. In connection with its hauling business, it also
operates a treatment facility and two transfer stations. The
proposed purchase price, comprised of a combination of cash,
Med/Waste common stock and notes was undisclosed.
-- Target Medical Waste Services, LLC of Mobile, Alabama is a
medical waste hauler, serving both large and small medical waste
generators in Alabama, Mississippi, Louisiana and Florida. It
also operates a transfer station and treatment facility. The
definitive agreement provides for an all cash payment at closing;
the amount has not been disclosed.
-- Biotech Disposal Incorporated, based near Ft. Lauderdale,
Florida, is a medical waste hauler serving small quantity
generators throughout Broward County. Upon closing, the seller
will receive consideration in Med/Waste common stock.
Commenting, Daniel A. Stauber, President and CEO of Med/Waste, Inc. stated, "With these and the previously announced proposed acquisition of Biomade Plastics' reusable sharps container assets, we are accomplishing multiple goals. We are continuing to achieve geographic expansion of our customer base within our targeted, East of the Mississippi market. We believe that we will not only be able to grow these businesses, but improve their overall
operating margins through the elimination of redundant costs. With these businesses under Med/Waste's corporate umbrella, we expect to achieve a dominant competitive position as the medical waste organization of choice on the strength of our range of services and the efficiencies that we bring to bear by virtue of our vertical integration and experienced waste management executive team. We are also gaining two treatment facilities that will lend
themselves to cost synergies for further acquisitions in the area."
Med/Waste, Inc. provides medical waste management services to more than 15,000 healthcare facilities for customers in the Eastern United States. The Company also provides disposal, incinerator and autoclave services for medical and special waste.
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