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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange) -- Ignore unavailable to you. Want to Upgrade?

To: Eric O. who wrote (2273)	3/27/1998 2:24:00 PM
From: srvhap	Respond to of 2841

Friday March 27, 11:11 am Eastern Time Company Press Release Dominion Bridge Discloses Relevant Facts Why American ECO Corporation was Unable to Complete its Proposed Transaction With Dominion Bridge Corporation MONTREAL, Canada--(BUSINESS WIRE)--March 27, 1998--Dominion Bridge Corporation (NASDAQ/NMS: DBCO - news; VSE: DMO.U - news), today announced that, pursuant to the news releases of March 23, 1998, issued by Dominion Bridge Corporation (DBC) and American Eco Corporation (Nasdaq:ECGOF - news; AEC), and to certain allegations made to the media by representatives of AEC, DBC wishes to clarify for its shareholders, employees, clients and suppliers that the transaction negotiations were terminated firstly due to AEC's failure to provide any waivers from its Bank syndicate for its US$5 million equity investment in DBC or for its US$25 million loan transaction to DBC and, secondly, due to AEC's inability to provide the US$10 million required for the first tranche of the loan transaction. AEC had requested and had been granted numerous extensions with the last deadline expiring on March 26, 1998. However, in light of the current deadlock on AEC's financing, AEC indicated that it was unable to complete the transaction. All of these facts are fully documented in DBC's corporate and legal records. DBC cooperated fully with AEC to complete the transaction, as confirmed by AEC's chief executive officer, Michael McGinnis, during his March 5, 1998, shareholder conference call. As a result of the termination, the company has resumed its negotiations with previously identified parties to finalize a private placement to provide the company with up to US$20 million of working capital as well as with additional credit facilities. Dominion Bridge reported that ''despite the distractions and the unfortunate delays of these negotiations with AEC, the company continues to be a major participant in engineering and infrastructure projects worldwide. In Asia Pacific our backlog remains at record levels, and our 63 percent owned McConnell Dowell Corp. subsidiary is geared to build further its record first half results. ''In North America great progress has been made in building backlog in the pipeline division and in Davie Industries, which has received additional funding to allow it to accelerate the construction activities on the Spirit of Columbus offshore platform project.'' Dominion Bridge was established in 1879. The company is active in the international engineering and infrastructure markets. It manages projects and operates facilities in North and South America, Europe and the Asia Pacific. Dominion Bridge Corporation's subsidiaries are Dominion Bridge, Inc., Steen Becker, Inc. and Davie Industries. Its Australian subsidiary, McConnell Dowell Corporation, is a major Asia Pacific engineering firm.