Silicon Investor (SI) -- The First Internet Community

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.

Microcap & Penny Stocks : EGVRD -- Ignore unavailable to you. Want to Upgrade?

To: E.B. who wrote (12)	2/19/1999 4:10:00 PM
From: E.B.	Read Replies (1) \| Respond to of 55

Tuesday, February 16, 1999 Company Press Release Eagle Environmental Withdraws Offer To Purchase Swan Lake Facility, Texas City, Texas RENO, NEV. - Brian Wilmot, chief executive officer, announced today that, following extensive discussions and re-evaluation, Eagle Environmental Technologies Ltd. has withdrawn its offer to purchase the Swan Lake Facility in Texas City, Texas. According to Wilmot, though the $20 million facility would have been an appropriate and prudent investment for the company under the purchase agreement as originally approved, changes to the agreement imposed by the bankruptcy court's February 11, 1999 hearing have made the acquisition unfeasible at the present time. Eagle withdrew its offer to purchase with the caveat that it would reconsider the purchase if the trustee or the courts restored the agreement to its original conditions. Eagle continues to investigate waste processing facilities and is proceeding with plans for the development of a new "Technology Development Center" at a site to be determined from among several possible acquisitions under consideration. "Though we have chosen to withdraw our purchase offer for the Swan Lake facility, we continue to see growth opportunities in other areas of the company, especially as our newly developed technologies begin to enjoy wider market acceptance in the face of more stringent environmental legislation and heightened public awareness," Wilmot said. Wilmot said that, based upon contract awards to date, he expects Power Environmental Inc., a wholly owned subsidiary, to generate revenue of approximately $8 million during 1999. Additionally, Wilmot reported that the company is proceeding with the marketing of WaterClear, Eagle's proprietary water purification system, within the western United States. He indicated that the company has made contacts with numerous water districts and has presented its California approved system to the water district boards. "Eagle stands ready to deliver a water quality solution for immediate implementation, as mandated by the new rules of the Safe Drinking Water Act and state Environmental Protection Agencies. Eagle Environmental Technologies Ltd. is an acquisition-oriented environmental systems and technologies integration company. For more information on Eagle, contact our website at www.egvr.com or call shareholder relations at 702-348-7448. Note: Statements herein contained that are not strictly historical are forward-looking statements within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based upon information available as of the date hereof, and the company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties and that the company's actual results may differ from these forward-looking statements. Such risks and uncertainties include but are not limited to demand for the company's products and services, the company's ability to continue to develop its market, general economic conditions and other factors that may be more fully described in reports to shareholders and future periodic filings with the Securities and Exchange Commission. Regards, E. B.