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Exhibit 99.1
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Friday December 22, 12:38 pm Eastern Time
Press Release
Enviro-Clean of America Inc. To Explore Strategic
Alternatives, Completes Sale of Subsidiary, Moves Corporate
Headquarters and Adds New Board Member
SAN ANTONIO--(BUSINESS WIRE)--Dec. 22, 2000--Enviro-Clean of America Inc.
(OTCBB:EVCL - news), today announced, the Board of Directors, has voted
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unanimously that it would be in the best interest of its shareholders to
discontinue the acquisition of janitorial supply companies due to changes in the
marketplace and competition.
The Board has formed a special Mergers and Acquisition committee to the Board to
explore strategic alternatives, which will include acquisitions outside of the
janitorial supply industry and mergers with private or public companies.
Randall K. Davis, president, stated, "The formation of the special committee
will allow Enviro-Clean to formally pursue strategic alternatives available to
the Company. We will continue to reduce debt and raise capital to acquire, merge
or make investments in companies, outside of the janitorial supply space, that
can utilize our existing management and infrastructure."
Davis continued, "we continue to monitor our 37% equity stake in equip2move Inc.
and our 930,000 share investment in b2bstores.com Inc. (Nasdaq:BTBC - news) and
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its recently announced executed merger agreement with IVAX Diagnostics, a
subsidiary of IVAX Corporation (AMEX:IVX - news)."
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Additionally, the Company announced that it has completed the sale of June
Supply Corp for $1,400,000 to York Supply LTD. Enviro-Clean expects to take a
non-cash charge against current earnings of approximately $1,800,000 on the
transaction. Enviro-Clean had owned June Supply Corp. since its September 1999
acquisition.
In as separate announcement the Board of Directors has voted unanimously to move
the headquarters of Enviro-Clean to San Antonio, Texas. The corporations
operations will be based in San Antonio on a permanent basis.
The Board of Directors voted unanimously to add Melvin Schreiber CPA, to the
Board of Directors and to accept the resignation of Mark A. Rice. Schreiber is
the Managing Partner in the firm of Moses and Schreiber, LLP. His years of
accounting practice include over thirty years of financial planning, estate
planning and participation in mergers, acquisitions and public offerings.
Schreiber has valued enterprises ranging in value from $100,000 to over $20
million dollars.
Randall K. Davis, president, stated, "We are very fortunate to have Mel
Schreiber join our Board of Directors. His years of experience in accounting and
in the valuing of companies will be an asset to Enviro-Clean as we explore
strategic alternatives." Davis continued, "I want to thank Mark Rice for serving
on our Board over the past year an wish him well in his future endeavors." Rice
resigned from the Board of Directors to devote more time to the managing of his
hedge fund, The DotCom Fund LLC. Rice, through his hedge fund, remains a
shareholder of Enviro-Clean.
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Enviro-Clean of America Inc., headquartered in San Antonio, Texas is a
manufacturer and distributor in the janitorial and sanitary maintenance supply
industry. Its wholly owned subsidiaries comprise 13 operating locations which
currently include Cleaning Ideas Corp (San Antonio, Texas); Sanivac/Davis
Manufacturing Company (San Antonio, Texas); Kandel & Son (Hicksville, N.Y.);
Superior Chemical & Supply (Bowling Green, Ky.). The Company additionally owns
37% of equip2move Inc. a development stage online industrial and commercial
equipment Internet auction site and 11% of b2bstores.com Inc. (Nasdaq:BTBC -
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news). The Company's common stock trades on the Over-the-Counter Bulletin Board
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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.
Contact:
Enviro-Clean of America Inc., San Antonio
Randall K. Davis, 210/293-1232, ext. 100
[email protected]
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www.evclean.com
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