Cleaning & Restoration Breaking News

Enviro-Clean Explores Strategic Alternatives, Completes Sale of Subsidiary

San Antonio, Texas (Business Wire) -- Enviro-Clean of America Inc.’s board of directors has voted 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 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.

Additionally, the company 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 also 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.

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