U S Liquids Inc. Announces Completion of Sale of Businesses
February 06 2004 - 5:56PM
PR Newswire (US)
U S Liquids Inc. Announces Completion of Sale of Businesses
HOUSTON, Feb. 6 /PRNewswire-FirstCall/ -- U S Liquids Inc. (OTC
Pink Sheets: USLQ) a provider of waste management services,
announced today that it has completed the previously announced sale
of (i) substantially all of the assets of its USL Detroit, USL
Florida and USL First Source businesses, and (ii) substantially all
of the assets of its Waste Research business other than a waste
processing facility in Macon, Georgia, to EQ - The Environmental
Quality Company. Gross proceeds from the sale, which are subject to
a post-closing working capital adjustment, were $12.235 million.
$1.0 million of the proceeds will be paid to the United States of
America in full and complete satisfaction of all amounts still
owing by USL Detroit under the terms of its settlement of the
investigation of its Detroit facility that was commenced by the EPA
and the FBI in August 1999. The remaining proceeds will be used to
pay transaction expenses and reduce debt outstanding under the
Company's credit facility. EQ - The Environmental Quality Company
is a Michigan-based environmental services organization that offers
a comprehensive range of high quality services to industrial and
municipal customers throughout North America. The organization has
approximately 500 employees and generates approximately $150
million in annual revenue from 30 locations in the United States
and Argentina. This document contains forward-looking statements
that are subject to certain risks, uncertainties and assumptions.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, estimated or projected. Key
factors that could cause actual results to differ materially from
expectations include, but are not limited to: (1) the Company's
inability to further extend its credit facility; (2) uncertainties
caused by the Company's failure to comply with the termsof its
credit facility; (3) the impact that the Company's financial
condition may have on its customers, suppliers and employees; (4)
the Company's general lack of liquidity; (5) the outcome of
litigation and administrative proceedings pending against the
Company; (6) obtaining or maintaining governmental permits and
approvals required for the operation of the Company's facilities;
(7) changes in the laws and regulations governing the Company's
operations; (8) the failure to comply with laws and regulations
governing the Company's operations; and (9) the insufficiency of
the Company's insurance coverage or the impact of the insolvency of
Reliance Insurance Company. These and other risks and assumptions
are described in the Company's reports that are available from the
United States Securities and Exchange Commission. DATASOURCE: U S
Liquids Inc. CONTACT: William DeArman, Chief Executive Officer of U
S Liquids Inc., +1-281-272-4511, or Web site:
http://www.usliquids.com/
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