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EXHIBIT 99.1
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Monday September 18, 6:27 pm Eastern Time
Press Release
Enviro-Clean of America Inc. to Sell NISSCO to ebuyxpress.com, Signs Letter of
Intent to Acquire Gemini Capital Corp.
SAN ANTONIO & NEW YORK--(BUSINESS WIRE)--Sept. 18, 2000-- Enviro-Clean of
America Inc. (OTCBB:EVCL) today announced that it has signed a binding letter of
intent for the sale of NISSCO Inc. to ebuyxpress.com, LLC.
Enviro-Clean expects to take a non-cash charge against current earnings of
approximately $2,500,000 on the transaction. Under the terms of the agreement,
NISSCO will be based in Dulles, Va., and continue operations under the NISSCO
brand name.
Enviro-Clean has owned the NISSCO buying Group since its January 1999
acquisition from Tom Haines. Haines operated the group for Enviro-Clean up until
his retirement on Aug. 15, 2000.
In addition, the Company announced the signing of a letter of intent to acquire
all of the outstanding stock of Gemini Capital Corp. a diversified finance and
equity investment company.
Randall K. Davis, president of Enviro-Clean, stated, "We have decided to sell
the GPO after determining that it lacked strategic fit with our existing
business and strategic investments. The decision to divest this business will
enable us to better focus on our core janitorial supply distributorships, our
recently announced equity investment in equip2move, the acquisition of Gemini
Capital Corp and our significant ownership in b2bstores.com Inc. (NASDAQ Small
Cap:BTBC). It is our intention to change the name of our holding company to
Gemini Capital Corp. while making Enviro-Clean of America an operating
subsidiary. The Board of Directors feels that Gemini will be the best public
vehicle to further our plan of acquiring companies, outside of the janitorial
supply space, that can utilize our existing management and infrastructure."
Further commenting on the NISSCO sale, Davis continued, "Throughout this
transition we will work diligently to provide a smooth transfer to the new
NISSCO team. I am confident that the NISSCO members will recognize the years of
industry expertise and experience that the ebuyxpress team brings to the Group
Purchasing Organization."
Referring to the impact on its core business, ebuyxpress CEO Chad MacDonald
said, "This acquisition marks an important shift in the ebuyxpress business
strategy. Our intention is to position ebuyxpress as a facilitator of both
traditional and e-commerce initiatives, further leveraging our relationships and
expertise in both traditional and Internet commerce. NISSCO will become the
foundation for our enhanced business concept that relies both on technology as
well as traditional distribution capabilities. Under this strategy, NISSCO
members will be able to deliver additional product lines from tens of thousands
of manufacturers with no inventory requirements, further increasing revenues,
profits and customer penetration. This is a powerful model, one that brings
value to our manufacturer and distributor partners and ultimately to our
customers."
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Kenny Cossaboon, president of the new NISSCO management team, stated, "This is
truly an exciting announcement. Building on our 50-year collective experience in
the janitorial service business, the new NISSCO is going to quickly deliver
greater levels of value to our distributors and manufacturers. To our current
members and those wishing to join, our past successes mean the ability to
leverage relationships and quickly grow their businesses. Our vision of the
future is compelling and we look forward to making this vision a reality."
Enviro-Clean of America Inc., with offices in San Antonio, Texas, and New York
is a manufacturer and distributor in the $15 billion janitorial and sanitary
maintenance supply industry. Its wholly owned subsidiaries comprise 17 operating
locations which currently include Cleaning Ideas Corp. (San Antonio);
Sanivac/Davis Manufacturing Company (San Antonio); Kandel & Son (Hicksville,
N.Y.); Superior Chemical & Supply (Bowling Green, Leitchfield and Beattyville,
Ky.); and June Supply Company (San Antonio and Dallas). The Company additionally
owns 30% of equip2move Inc., an online industrial and commercial equipment
Internet auction site, and 11% of b2bstores.com Inc. (NASDAQ SmallCap:BTBC). The
Company's common stock trades on the Over-the-Counter Bulletin Board under the
symbol "EVCL."
This press release includes statements that may constitute "forward-looking"
statements, usually containing the words "believe," "estimate," "project,"
"expect" or similar expressions. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include, but are not
limited to, continued acceptance of the Company's products and services in the
marketplace, competitive factors, dependence upon third-party vendors, and other
risks detailed in the Company's periodic report filings with the Securities and
Exchange Commission. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions or changes
after the date of this release.
Additional information on Enviro-Clean of America Inc. can be accessed on the
Internet at www.evclean.com <http://www.evclean.com>.
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Contact:
Enviro-Clean of America Inc., San Antonio
Randall K. Davis, 210/293-1232, ext. 100
[email protected] <mailto:[email protected]>
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or
NISSCO
Kenny Cossaboon, 800/229-9541
[email protected] <mailto:[email protected]>
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