General Environmental Management Announces Upcoming Proxy Vote for Sale of Waste Management Business
February 03 2010 - 4:30AM
Business Wire
General Environmental Management, Inc. (“GEM”) (OTCBB: GEVI) is
pleased to announce that its Stock Purchase Agreement with Luntz
Acquisition (Delaware), LLC, a subsidiary of PSC Environmental
Services, LLC, pursuant to which the Company has agreed to sell
General Environmental Management, Inc. (DE) and its subsidiaries,
continues to stay on target for a closing date on or prior to March
1, 2010.
However, the closing of the sale is still subject to the
approval of shareholders and other customary closing conditions.
GEM’s Board of Directors has unanimously approved the Purchase
Agreement and adopted resolutions recommending shareholder
approval. Following the proxy vote, the Company will hold a
shareholders' meeting to submit the Purchase Agreement for approval
on February 19, 2010.
Tim Koziol, GEM Chief Executive Officer, stated, “We are very
pleased with our progress in shifting GEM’s focus from hazardous
waste field services to the fast growing water treatment and
waste-to-energy markets. We firmly believe this transition will
lead to a dramatic improvement of our balance sheet as well as lay
the foundation for long-term growth and profitability.”
About General Environmental Management, Inc.
General Environmental Management, Inc.
(http://www.GeneralEnvironmental.com) is a full-service hazardous
waste management and environmental services firm providing
integrated environmental solutions managed through its proprietary
web-based enterprise software, GEMWare, including the following
service offering: management and transportation of waste; design
and management of on-site waste treatment systems; management of
large remediation projects; response to environmental incidents and
spills; and environmental, health and safety compliance.
Headquartered in Pomona, Calif., GEM operates five field service
locations and one Treatment, Storage, Disposal facility (TSDF),
servicing all markets in the Western U.S.
FORWARD-LOOKING STATEMENTS
This press release may include "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
included in this press release that address activities, events or
development that the company expects, believes or anticipates will
or may occur in the future are forward-looking statements. These
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause the Company's actual results to differ materially
from those implied or expressed by the forward-looking statements.
The Company assumes no duty whatsoever to update these
forward-looking statements or to conform them to future events or
developments.
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