NEWS RELEASE
December 1, 1998
AMERICLEAN INC. EXECUTES AGREEMENT TO ACQUIRE MAJOR DISTRIBUTOR
Vancouver, B.C.- Americlean Inc.(OTCBB:AMCX)- Andrew Hromyk, Chairman and CEO of Americlean Inc., is pleased to announce that the Company has executed the closing agreements for its acquisition of 100% of the shares of Boggs and Company.
Boggs and Company, incorporated in 1941, is one of North America's leading distributors of dry-cleaning and laundry, supplies and equipment. The company is headquartered in Charlotte, North Carolina, with branches in Jacksonville and St. Petersburg, Florida. The company sells all of the supply items consumed by cleaners and launderers. In addition to supply items and custom designed dry-cleaning and laundry plants, Boggs sells, installs, and services dry-cleaning and laundry plant equipment including shirt finishing presses, boilers, conveyors, and dry-cleaning machines. The company has a solid, established customer base of over 2000 dry-cleaners, laundries, hospitals, nursing homes, and hotels. Revenues for the company exceeded $15 million in 1997.
This acquisition provides Americlean with $2.15 per share in revenue and allows the Company to accelerate the proliferation of its hazardous waste recycling services and product lines through this acquired customer base. The addition of Americlean's hazardous waste services and products to the Boggs customer base will further diversify the company's existing product lines, enhance current revenue, and further reduce operating and distribution costs. Americlean is pleased to have secured the continued services of existing, senior management, who will continue to oversee the company's day to day operations as a wholly owned operating subsidiary. Additionally, Mr. Jay Shinn, President of Boggs & Company, has been nominated to the Americlean Board of Directors.
The purchase of Boggs provides Americlean with a major market presence in one of the three largest markets in the $7 Billion North American dry-cleaning industry. Closure of this transaction will be on or before December 18th, 1998, pending completion of the Company's Phase One Environmental Audit.
AMERICLEAN INC. (OTCBB:AMCX) services the North American dry-cleaning industry, a seven billion dollar annual market which has consistently grown an average rate of 10% each year. The Company has combined the supply of dry-cleaning products with hazardous waste services utilizing its proprietary recycling technology. Americlean's strategy is focused at consolidating this fragmented industry by supplying its products and services directly to the consumer.
Investor Relations: Mark Cohen Pinnacle Group
Telephone: 516-773-2477
Web Site: www.americlean.net
Americlean Inc. 800-585-0295
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