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

To: david james who wrote (2693)	7/21/1998 10:59:00 AM
From: Louie Romano	Read Replies (1) \| Respond to of 2841

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: AMERICAN ECO CORPORATION TSE SYMBOL: ECX NASDAQ SYMBOL: ECGOF JULY 21, 1998 American Eco Names Frank Fradella President & COO; Announces Other Executive Changes HOUSTON, TEXAS--The Board of Directors of AMERICAN ECO CORPORATION (NASDAQ:ECGOF, TSE:ECX) announced today a change in the executive structure of the Company. Effective immediately, Frank J. Fradella is appointed President, Chief Operating Officer and a Director of the Company. Michael E. McGinnis will remain as Chairman. The Board of American Eco further stated that, "We believe that Mr. Fradella's leadership and control over the day-to-day operations will enhance productivity from revenues, while Mr. McGinnis focuses on corporate governance, strategic alliances, and improvement of shareholder relations." Mr. Fradella, 42, is leaving US Industrial Services, Inc. (NASDAQ-OTC: USIS, formerly EIF Holdings) where he served as Chairman & CEO. He moved to USIS in May 1997 shortly after American Eco made an investment into the remedial contracting concern. Within 12 months, under Mr. Fradella's leadership, USIS reduced fixed costs, liquidated non-performing assets, and completed a restructuring including a significant acquisition move into the specialized industrial maintenance market. As a result, USIS is on track to more than double revenues at a profit. Prior to his former responsibilities at American Eco, Mr. Fradella served as President & CEO at NSC Corporation, a public environmental remediation concern with over $130 million in revenues. At NSC, he also engineered a cash turnaround by reducing debt from $32 million to a positive cash balance of over $9 million in just two years. This combination of strong operating experience and leadership skills coupled with Mr. Fradella's knowledge of American Eco's operations and management team, will allow him to develop the Company's potential to the next level. Mr. Fradella commented, "We will now focus on improved operating controls, cash management, and internal growth from the excellent base that American Eco has built in the fabrication and services sectors. We will also seek external strategic planning advice to enable American Eco to realize its potential as a global provider of specialty fabrication and industrial services." American Eco also announced that David Norris, until recently the Company's Chief Administrative Officer, has accepted a position to head up a private energy management company. This change is effective immediately. American Eco is a leading North American provider of single-source industrial support and specialty fabrication services in the energy, pulp & paper, and power generating industries. Except for the historical information in this press release, the press release includes forward looking statements that involve risks and uncertainties including, but not limited to quarterly fluctuations in results, the management of growth, competition and other risks detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from such information set forth herein. -30- FOR FURTHER INFORMATION PLEASE CONTACT: American Eco Corporation - Toronto, Ontario J.C. Pennie Vice-Chairman (416) 340-2727 or American Eco Corporation - Houston, Texas Cindy Jackson Director of Investor Relations (888) 774-3246 cindy@americaneco.com or VMW Inc. - New York, New York Sylvia Dresner Senior Vice President (212) 605-3140 VMWeiner@aol.com