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InAmerica To Sell Ferguson International Unit to Thermatrix, Inc.
Enhances Thermatrix's DeNOx Capabilities
Dallas, TX - March 15, 1999 - InAmerica Corporation (NASDAQ BB:INAO), a turnaround specialty firm, announced today that it has signed a letter of intent with Thermatrix Inc. (NASDAQ: TMXI), a global provider to industry and utilities of equipment and systems for dealing with environmental pollutants, to purchase Ferguson International Inc., a leading supplier of ammonia storage and handling systems used by power companies to reduce emissions of oxides of nitrogen (NOx), a major contributor to smog formation.
For over 40 years, Ferguson International has been recognized as a leader in the design, engineering and fabrication of aqueous and anhydrous ammonia handling and storage systems. These systems are in increasingly widespread use by utilities to reduce NOx emissions through the application of SCR (Selective Catalytic Reduction) and SNCR (Selective Non-Catalytic Reduction) technology. Its equipment and systems are also used in the operation of fertilization plants and in industrial and chemical processing.
Founded in the 1950's and based in Dallas, TX, Ferguson International was acquired by InAmerica Corporation in the fourth quarter of 1996. Ferguson will be relocated and integrated into the Wahlco Air Systems Division of Thermatrix Inc., based in Santa Ana, CA. Revenues of Ferguson International in 1998 were under $5 million.
"The acquisition of Ferguson International, a recognized leader in the ammonia equipment field, is a further step in the development of Wahlco Air Systems as a leading supplier of SCR and SNCR systems to the power industry for NOx control," said John T. Schofield, Thermatrix Chairman, President and CEO. "This market is expected to grow to $1 billion over the next three to five years," he said.
“It’s gratifying to see such a powerfully strategic fit for one of our turnarounds” said C. Gus Cristo, Chairman and CEO of InAmerica. “Ferguson can only enhance Thermatrix’s dominance in its primary markets.” Terms of the transaction were not disclosed. Closing is subject to the signing of a definitive agreement and appropriate due diligence.
InAmerica is a diversified holding company that specializes in developing leading edge innovative technologies and the acquisition, reorganization and turnaround of distressed businesses that retain dramatic potential once a recovery is completed. The company typically seeks to divest itself of the revived businesses through spin-off or outright sale to a company with a strategic need and fit.
Thermatrix is an industrial technology company that provides a range of products for the destruction or treatment of volatile organic compounds and hazardous air pollutants, including its patented flameless thermal oxidation technology to provide the world's leading flameless solution for destroying these pollutants and compounds. Thermatrix is currently focusing its development activities on the application of its FTO technology to treat emissions from diesel engines, both mobile and stationary.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934.The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events.
Press Contacts:
C. Gus Cristo,
CEO
InAmerica
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(918)622-3300
John Schofield,
CEO
Thermatrix, Inc.
(408) 453-0490
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