POMONA, CA -- 09/05/08 --
General Environmental Management, Inc. (OTCBB: GEVI), a leading environmental and waste remediation company announced
today it has completed the acquisition of Island Environmental Service,
Inc. (IES), a California-based environmental transporter. GEM also entered
into a material definitive agreement with CVC California, LLC, a subsidiary
of The ComVest Group for a $13.5m financing of revolving and term debt.
IES, who generated $7.7 million in revenue in 2007, maintains geographic
service coverage in the western region. IES will significantly increase
GEM's environmental equipment resources and support the company's continued
growth throughout the western United States.
"GEM derives multiple benefits from the IES acquisition and we believe with
our combined resources this acquisition has the potential to drive growth
for our company moving forward," commented Tim Koziol, GEM CEO. "With the
addition of IES, GEM will increase our reach into new customer bases, while
broadening service capabilities throughout GEM's customers with IES' core
competencies in logistics, bulk movement of waste, and storm water
management services. IES will operate as a division of GEM."
"The IES family is excited to join GEM and I look forward to working with
the GEM team to further expand this company," said Randy Costales, IES
President. "We both share a common-sense approach to customer service and
many years of combined experience in this industry. With GEM's systems
applied to the IES service group, we expect to continue GEM's momentum in
future quarters."
The new financing was funded by CVC California, LLC, a subsidiary of The
ComVest Group, who funded the purchase as well as the refinancing of all
existing corporate debt.
About General Environmental Management, Inc.
General Environmental Management, Inc. (www.go-gem.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, California, GEM operates
seven field service locations and one Treatment, Storage, Disposal facility
(TSDF), servicing all markets in the Western U.S.
Statements made in this press release that are not historical in nature
constitute forward-looking statements within the meaning of the Safe Harbor
Provision of the Private Securities Litigation Reform Act of 1995. Such
statements are based on the current expectations and beliefs of the
management of GEM. No forward-looking statement can be guaranteed. GEM
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Forward-looking statements in this press release should be evaluated
together with the many uncertainties that affect GEM's business.
Company Contact:
General Environmental Management (GEM)
Tim Koziol
909-444-9500
Email Contact
