Tox Free to acquire tank cleaner for $4.4m 11:54, Thursday, 29...

Tox Free to acquire tank cleaner for $4.4m
11:54, Thursday, 29 June 2006

Sydney - Thursday - June 29: (RWE Australian Business News) -
Tox Free Solutions Ltd (TOX) has entered into an agreement to acquire
Specialized Tank Cleaning Services Pty Ltd.
The acquisition further cements Tox Free's position in the
Industrial Services and Waste Management sector particularly in the
commercial ship maintenance and port infrastructure services market in
Western Australia.
STCS also has operations in New South Wales which will provide
Tox Free with an entry into the Australian east coast market to launch
the full compliment of Tox Free's integrated services.
STCS physical assets, including land and buildings, have an
estimated value of $2,500,000.
Financials provided to Tox Free indicate STCS is presently
earning profits of $500,000 (EBITDA) pa.
With the commissioning of the new premises management of STCS
are confident they can develop and grow the business over the coming 2
years to produce a profit far in excess of the 2006 financial year.
The initial purchase consideration for the acquisition is
$4,400,000 of which $2,500,000 is for the assets.