Bennett Environmental To Acquire
Subsidiary of ELI Eco Logic Inc.
Oakville, On.- Bennett Environmental Inc., a North American leader in
the high-temperature treatment of contaminated soil, is pleased to announce that it is in final
negotiations to acquire ELI Eco Logic International Inc, a subsidiary of ELI Eco Logic Inc.
(TSX:ELI). The transaction is expected to close on December 1st 2003. Through this purchase,
Bennett acquires a license from ELI Eco Logic Inc. for the GPCR™ technology that effectively
treats gases and contaminated liquids and is a complementary service to the treatment of
contaminated soil and construction debris in Bennett’s existing Saint Ambroise, Quebec and
Cornwall, Ontario facilities respectively. The permit to operate the assets purchased from ELI Eco
Logic Inc. is valid in Ontario only. The acquisition of ELI Eco Logic International will cost Bennett
approximately CDN$1.725 million. In addition to the technology and synergy gained by this
acquisition, ELI Eco Logic International has significant tax losses, which the Company expects to
apply against its income resulting in cash tax savings of up to CDN$7.0 million.
“This acquisition fits with the Company’s goal of developing alternative technologies for the
environmentally safe treatment of contaminated residues. The GPCR™ technology is the perfect
complement to Bennett’s high temperature treatment services. Bennett now has the potential of
offering a complete range of turnkey environmental safe remediation services,” stated John
Bennett, Chairman and Chief Executive Officer of Bennett Environmental Inc. “With the closing of
this transaction expected by December 1, 2003, Bennett Environmental Inc. is now positioned to
capture a greater share of the recycling and treatment markets.”
About Bennett Environmental Inc.
Bennett Environmental Inc. is a North American leader in high temperature treatment services for
the remediation of contaminated soil and has provided thermal solutions to contamination
problems throughout Canada and the US. Bennett Environmental’s proprietary technology
provides for the safe, economical and permanent solution to contaminated soil. Independent
testing has consistently proven that the technology operates well within the most stringent criteria
in North America.
Bennett Environmental is listed on the Toronto Stock Exchange (Trading Symbol “BEV”) and the
American Stock Exchange (Trading Symbol “BEL”). For information, please visit the Bennett
Environmental website at www.bennettenv.com, or contact Rick Stern in Oakville at (905) 339-
1540.
Note for Investors:
This news release includes statements about expected future events and/or financial results that
are forward looking in nature and subject to risks and uncertainties. For those statements, we claim
the protection of the safe harbour for forward-looking statements provisions contained in the
Private Litigation Reform Act of 1995. The company cautions that actual performance will be
affected by a number of various factors, many of which are beyond the company’s control.
Discussions of the various factors that may affect future results are contained in the company’s
filings with the Securities and Exchange Commission and Ontario Securities Commission.
Press Release PR 128 - 2003 11 26
|