$1.5M here $6.7M there. Pretty soon we're talking money.
AMCOR Capital Corporation Subsidiary Begins First Phase of University Green Waste Clean-up Contract
AMCOR Capital Corporation PRESS RELEASE
Shareholder Service
1600 Washington Street For Release: August 11, 1998
Stoughton, MA 02072
AMCOR contact: Barry Goverman, Vice President
(781) 341-1348
email: HYPERLINK mailto:bgoverman@worldnet.att.net bgoverman@worldnet.att.net
Fred H. Behrens, Chairman
(760) 398-9520
overseas
investors contact: Jacques Genicot
(U.S. Access)+1+760 630 7472
AMCOR Capital Corporation Subsidiary Begins First Phase
Of University Green Waste Clean-up Contract
Coachella, California -- AMCOR Biomass, Inc. ("AMCOR Biomass" or "the Company"), a subsidiary of AMCOR Capital Corporation ("AMCOR", ACAP: Nasdaq) today announced that it has commenced work on a new green waste clean-up contract awarded by the California State University, San Marcos (`the University"). The contract, for which phase one has been funded, is estimated to be worth approximately $1,500,000.
Under the terms of the contract, AMCOR Biomass will grind and process green waste (grass, leaf and tree trimmings) which has been accumulated on the University campus and incorporate it back into the property. The aggregate volume of green waste to be processed at the University is estimated to be approximately 150,000 cubic yards.
AMCOR Biomass recently consummated an exclusive five-year ($6.7 million annual) transport services contract with USA Waste in California, with options for two consecutive five-year extensions. The contract is scheduled to begin around September 30. Under a second agreement, AMCOR Biomass is currently handling the diversion of a portion of the green waste collected by USA Waste away from California's landfills. The Company also provides green waste and tree maintenance services for a number of cities, counties, school districts, State agencies and private developers in the State of California.
The Board of Directors has recently approved plans to institute a formal corporate name change and new Nasdaq trading symbol prior to the August 31, 1998 fiscal year-end, to reflect a change in strategic direction to pursue the expansion of its contract revenue-driven biomass operations, while lessening its reliance on its historic real estate and agricultural-based businesses.
AMCOR's Internet site can be found at www.amcorcapital.com.
This press release contains forward-looking statements pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. - With the exception of historical information, the matters discussed in this press release are "forward-looking statements" that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements due to factors including, but not limited to: risks associated with the ability to profitably perform on its contracts; managing the Company's growth; the continuation in the growth of the Company's biomass business, the continuation in general economic conditions; various conditions specific to the agribusiness, real estate development, municipal tree trimming and green waste processing industries; and factors discussed in the Company's annual report on Form 10-KSB for the fiscal year ended August 31, 1997 and quarterly reports on Form 10-QSB for May 31, 1998.
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