CET Environmental Services, Inc (ENV)-What a future Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : CET Environmental Services, Inc (ENV)-What a future

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: MakeMoney who wrote (21)	12/17/1998 2:18:00 PM
From: Paul Lee	of 50

guess they sold it--any idea if they made any money on it? CET Environmental Announces Sale of Water Subsidiary ENGLEWOOD, Colo, Dec. 17 /PRNewswire/ -- CET Environmental Services, Inc. (Amex: ENV) today announced that it has sold, for $12.5 million in cash, all of the stock in its water treatment subsidiary Water Quality Management Corporation (WQM) to Houston-based AquaSource, Inc., a subsidiary of Pittsburgh-based utility holding company DQE (NYSE: DQE). In addition to the $12.5 million in cash, additional consideration may be paid based on the final audit of working capital levels. According to CEO Steven H. Davis, "The divestiture of the subsidiary at this valuation provides a significant and immediate value to shareholders and a substantial return on a two-year investment, and proceeds from the sale dramatically improve the capital structure of CET moving forward. The additional working capital and decrease in bank debt that result from this sale enhance our ability to operate profitably and allow the Company to take advantage of new opportunities for profitable growth."

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next