May 2005

BUSINESS/ORGANIZATIONAL BRIEFS

Senate committee approves Johnson as EPA chief

Stephen Johnson cleared another hurdle in his endeavor to become the head of the U.S. Environmental Protection Agency. April 13, 2005, his nomination was approved by the Environment and Public Works Committee. The vote was 17-1 in favor of Johnson´s nomination, with Senator Tom Carper, D-Del., as the lone dissenter.

Johnson´s nomination will now go to the Senate for consideration.

PA DEP announces latest round of grants

Harrisburg, PA— Pennsylvania Environmental Protection Secretary Kathleen A. McGinty announced the availability of Recycling Development and Implementation Grants to help finance municipal programs that give more than 10 million Pennsylvanians access to recycling.

Pennsylvania’s recycling program mandated recycling in Pennsylvania’s larger municipalities, required counties to develop municipal waste management plans and created the Recycling Fund, supported by a $2 per ton tipping fee on all landfilled materials in the state to provide grants to offset local government expenses.

Recycling Development and Implementation Grants reimburse local governments for the cost of municipal recycling and composting programs. Municipalities are eligible for 90 percent funding of approved recycling program costs. Grants of up to $500,000 are available.

East Trailers appoints new dealer in Wisconsin

Randolph, OH— Entrepreneur Jerry Kraft capitalized on his extensive experience in the trailer business and started his own company, Wisconsin/UP Trailer Sales, LLC, in September, 2004. Located in Francis Creek, Wisconsin, they are the newest Green Bay area authorized dealership for East Manufacturing’s full line of aluminum dump and flatbed trailers and heavy duty trucking accessories.

“There are cheaper lines out there,” said Kraft, president of Wisconsin/UP Trailer Sales, “but none are as well built as East - they do so many more things right. We’re proud to be an East dealer.”

Xerox names Calkins to lead environmental VP

Stamford, CT— Xerox Corporation has named Patricia A. Calkins as vice president of Environment, Health and Safety, effective April 1. Calkins is responsible for policy and strategy development and implementation of all EH&S programs at Xerox worldwide. A pioneer in environmental management, Xerox saves hundreds of millions of dollars annually through its initiatives. Its goal of “waste-free products from waste-free factories” filters through all aspects of the company’s operations.

Calkins joined Xerox EH&S as a manager of resource conservation in 1993. She has assumed increasingly responsible management positions in quality and business process, EH&S market support, and Design for Lean Six Sigma programs in the Xerox Engineering Center. She most recently served as vice president, EH&S Operations.

Zen Pottery changes name to Xethanol Corporation

New York— Zen Pottery Equipment, Inc., which had been operating as Xethanol Corporation since the closing of its reverse merger and concurrent private offering in February, announced that it has formerly changed its corporate name to Xethanol Corporation and reincorporated in the state of Delaware. Additionally, the trading symbol for the company’s shares has been changed to XTHN.OB, where the shares are quoted on the OTC Bulletin Board.

Christopher d’Arnaud-Taylor, Xeth-anol’s chairman and chief executive officer, remarked: “This move represents another milestone in our evolution as one of the fastest growing small public ethanol producers in the nation.”

Sheehan named interim CEO of Flowserve

Dallas, TX— Flowserve Corp. said its board of directors and C. Scott Greer have jointly agreed to accelerate the company’s previously announced CEO transition. Greer resigned as chairman, president, CEO and director of Flowserve, effective immediately, but will remain employed with the company in a consulting role through June 30, 2005, to help insure a smooth transition.

Kevin E. Sheehan, a director and most recently chairman of the board’s Corporate Governance and Nominating Committee, was named interim chairman, president and CEO. He will assume Greer’s former responsibilities until a permanent successor is appointed, in accordance with the board’s transition plan. The company said the process for recruiting a permanent CEO is well underway, though no timetable has been set to name a successor.

Sheehan, has been a director of Flowserve, and one of its predecessor companies, since 1990. He is a partner in CID Equity Partners in Indianapolis, which he joined in 1994 after more than 22 years in senior level management and executive positions with Cummins Engine Co. Inc. The company announced on February 7, 2005, that its board and Greer had jointly agreed not to renew Greer’s contract with the company when it expires on June 30, 2005.

Rulmeca produces motorized pully movie

Wilmington, NC— Rulmeca Corporation, a manufacturer of bulk handling idlers and pulleys, recently produced a movie explaining the company’s motorized pulleys.

The second in a series of movies, this five minute presentation explains how Rulmeca Motorized Pulleys (formerly known as JOKI pulleys) offer superior performance in abrasive and corrosive environments. Available in DVD format and downloadable from the company’s website, the movie also presents an animated explanation of how the company’s regreasable labyrinth seals work.

The movie shows how the drive’s sealing system prevents ingress of dust and liquid contamination in environments such as salt mining, coal mining and preparation, ore mining and processing, ocean dredging, fertilizer production, and fossil-fuel power production. The hermetically sealed enclosure increases system reliability while the self-lubricating gearbox reduces costly maintenance expense.

To order a copy of the movie or more information about Rulmeca Corporation, visit www.rulmecacorp.com.

David Hunt elected as Newpark’s chairman

Metaire, LA— Newpark Resources, Inc., a provider of integrated fluids management, environmental and oilfield services to the exploration and production industry, announced that its board of directors has chosen to separate the roles of chairman of the board and chief executive officer. Effective immediately, David P. Hunt, a seven-year member of Newpark’s board of directors, will assume the duties of the chairman of the board. Hunt joined Newpark as a director in 1995 following a 32-year career at CNG Producing Company where he retired as president and chief executive officer. James D. Cole, who formerly served as Newpark’s chairman, continues in his role as the company’s chief executive officer.

Perma-Fix receives extension on credit line

Atlanta, GA— Perma-Fix Environmental Services, Inc. has received an extension on its $25 million asset-based line of credit, through May 31, 2008, as reported in the Company’s Form 10K filed with the Securities and Exchange Commission on March 31, 2005.

Dr. Louis F. Centofanti, chairman and CEO, commented, “Having reduced our debt by over $10 million in 2004, this agreement will further reduce our interest payments and reinforces the progress we continue to make in strengthening our balance sheet.”

As previously reported, on March 15, 2005, the Company entered into a commitment letter with PNC Bank (PNC), whereby PNC agreed to renew and extend the agreement and to increase the term loan back up to $7.0 million. As a result of the signed amendment, the Company’s balance sheet, as filed in the company’s Form 10K with the Securities and Exchange Commission on March 31, 2005, reflects the $8.6 million long-term portion of PNC debt properly classified as long-term debt.

McCarthy made business development manager

Irvine, CA— Tierra Verde Industries (TVI) and E-Recycling of California (ERC) announced the hiring of Kevin P. McCarthy as business development manager for its recycling operations. He will report directly to Arthur Kazarian, president of TVI and ERC.

McCarthy was previously with Waste Management for over 12 years. Recently he served as vice-president of Government Affairs for Recycle America Alliance, Waste Management’s 90% owned recycling subsidiary. Prior to that he was the director of Electronics Recycling.

EPA orders shutdown of Indiana facility

Chicago, IL— U.S. Environmental Protection Agency Region 5 has issued an administrative order to Wabash Environmental Technologies LLC prohibiting it from resuming operations until it gets and complies with an approved Clean Air Act operating permit for its wastewater treatment facility at 1331 S. First St., Terre Haute, Indiana.

Last December, the Indiana Department of Environmental Management issued an order to the company that barred it from accepting any wastewater until certain conditions were met. Prior to that, EPA had issued two Clean Air Act findings of violation to the company.

In January, Wabash began installing covers for some of the facility’s tanks, but EPA has informed the company that the covers do not comply with federal regulations.

The EPA order requires Wabash to submit an operating permit application that specifies how the facility will comply with national emission standards for hazardous air pollutants for off-site waste and recovery operations. The permit must also specify how the plant will ensure biological treatment capability and state its criteria for deciding what wastewater to accept.

Veridium announces 2004 financial results

Paterson, NJ— Veridium Corporation (“Veridium”), an environmental services provider that specializes in the recycling and reuse of industrial wastes, announced its financial results for the year ended December 31, 2004.

Veridium reported revenues of $13.2 million for the year ended December 31, 2004, up $1.2 million, or 10.2%, as compared to revenues of $12.0 million for the year ended December 31, 2003. This increase was due to a full year’s accounting for revenues in 2004 as compared to eight months of revenues in 2003 for the companies acquired during 2003.

The company reported a 2004 net loss of $7.0 million, or $0.26 per share, as compared with a 2003 net loss of $14.2 million, or $0.93 per share. Veridium realized impairment charges of intangible assets of $3.5 million, an idle asset write off of $1.3 million, a deferred finance charge write off of $0.6 million, severance of $0.4 million, and a forfeited building purchase deposit of $0.1 million. The net loss for the year ended December 31, 2004, before above discussed items, was $1.1 million, or 8.3% of revenue, as compared to $1.5 million, or 11.8%.

 

 


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