FOR IMMEDIATE RELEASE
KENNY INDUSTRIAL SERVICES, L.L.C. CANISCO RESOURCES, INC.
MICHAEL G. ROTHMAN TED MANSFIELD
PHONE: (312) 645-9000 PHONE: (850) 477-6437
EMAIL: [email protected] EMAIL: [email protected]
Kenny Industrial Services, L.L.C. to acquire Canisco Resources, Inc.
CHICAGO, Illinois and WILMINGTON, Delaware--June 28, 2000/PRNewswire/--Kenny
Industrial Services, L.L.C. ("Kenny") and Canisco Resources, Inc. ("Canisco")
today announced that their companies have entered into a definitive merger
agreement under which Kenny will acquire all of the outstanding shares of
Canisco Resources, Inc.
Under the terms of the agreement, a wholly owned subsidiary of Kenny will
commence a tender offer to purchase all outstanding shares of Canisco common
stock for $1.00 per share in cash. Canisco's board of directors has recommended
that Canisco stockholders tender their shares. Following completion of the
tender offer, Kenny intends to consummate a cash merger to acquire any shares
not previously tendered. Canisco has approximately 2,536,565 shares outstanding.
The tender offer is conditioned, among other things, upon a minimum tender of a
majority of the outstanding Canisco shares on a fully diluted basis and receipt
of regulatory approvals, including approval under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976.
Kenny is a leading provider of industrial services, particularly industrial
cleaning and coating services, to over 700 customers in a broad range of
industries, including steel, utility, general contracting, pulp and paper,
petrochemical and other heavy manufacturing. Kenny's services, which require the
use of Kenny-owned equipment and specially trained personnel, are typically
provided at the customer's facilities during plant operations, regularly
scheduled plant outages and emergency situations. Kenny currently has 25 offices
located in the South, Midwest, and West.
Canisco Resources, Inc. provides versatile services supporting operations and
facility maintenance for the power generation, pulp & paper and petro-chemical
markets as well as general industry.
Kenny maintains its headquarters at 414 North Orleans Street, Suite 202,
Chicago, Illinois 60610, and its telephone number is (312) 645-9000. Kenny's
website address is www.kennyis.com.
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Kenny to acquire Canisco Resources, Inc.
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FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the definition of the
Securities Act of 1933 and the Securities Exchange Act of 1934. Although the
companies believe that these statements are based on reasonable assumptions,
they can give no assurance that their goals will be achieved. The words
"estimates," "believes," "expects," "anticipates," "plans," and "intends,"
variations of such words, and similar expressions are intended to identify
forward-looking statements that involve risk and uncertainty. These statements
are necessarily based upon various assumptions involving judgments with respect
to the future including, among others, the ability to achieve synergies and
revenue enhancements; national, international, regional and local economic,
competitive and regulatory conditions and developments; technological
developments; and other uncertainties, all of which are difficult to predict and
many of which are beyond the control of the companies. Accordingly, while the
companies believe that the assumptions are reasonable, there can be no assurance
that they will approximate actual experience, or that the expectations will be
realized. Other risk factors are detailed from time to time in Canisco's SEC
reports.
Tender Offer Documents
At the time the tender offer is commenced, Kenny will file a tender offer
statement (including an offer to purchase, a related letter of transmittal and
other offer documents) with the Securities and Exchange Commission (SEC), and
Canisco will file a solicitation/recommendation statement with the SEC.
Investors and security holders are strongly advised to read both the tender
offer statement and the solicitation/recommendation statement regarding the
tender offer, when they become available, because they will contain important
information. The offer to purchase, the related letter of transmittal and
certain other offer documents, as well as the solicitation/recommendation
statement, will be made available to all stockholders of Canisco at no expense
to them. In addition, investors and security holders may obtain a free copy of
these statements (when available) and other documents filed by Kenny and Canisco
at the SEC's website at www.sec.gov.
