WSFI news!!!! PR inside
B: WSF Corp. Acquires Environmental Firm
B: WSF Corp. Acquires Environmental Firm
HONOLULU, Oct 31, 2000 (BUSINESS WIRE) -- Wall Street Financial Corporation, a
Delaware Corporation (NASD OTCBB:WSFI) announced today that it has completed its
acquisition of AirCare Environmental Services, Inc., a privately held company.
In this action, WSF is consistent with its mission, "The management of Special
Assets" including it's approximately 32,000 acre property in the Belize City
District, Belize, Central America. The Company is adhering to its principles of
revenue generation, either through the management and development of its major
assets, or through the acquisition of successful companies with growing revenues
and capabilities to enhance the development of these assets.
AirCare Environmental Services, Inc. is a company that primarily engages in
Indoor Air Quality (IAQ) management in tropical environments, providing a full
range of consulting, engineering and remediation services since 1989. Exclusive
focus on indoor environments has enabled the company to emerge as one of the
most respected IAQ firms in the Pacific Rim area. It has offices in Hawaii and
also operates in California. AirCare is also engaging in the area of IAQ
Compliance and Reporting. As governmental regulations become increasingly more
arduous and demanding, AirCare is responding with staff to provide necessary
diagnostics, decontamination, ongoing testing and reporting to satisfy
compliance needs.
Revenues in 1999 were approximately US $685,000. Jason Princenthal, President &
CEO of AirCare said, "We expect revenues of US $800,000 for the year ending
December 31, 2000."
Mr. Princenthal is a graduate from Penn State University with a BS in Chemistry
in 1977. AirCare and its team have numerous certifications, qualifying them as
experts in the area of IAQ, biological contaminant identification, removal and
control in tropical climates. Mr. Princenthal has published articles and has
spoken to numerous industry and corporate groups on the identification and
removal of toxigenic microorganisms from contaminated mechanical systems and
building surfaces. He has specialized in hospital and hotel air quality
improvement.
Mr. Princenthal said, "While AirCare is well established in Hawaii, for the past
several years we have been doing work in California. We recognize the California
market is vastly larger than the Hawaiian market and presents a virtually
non-competitive area for our work. AirCare is considering the acquisition of a
similar business that is well established in the Silicon Valley area. With the
expected Federal and Sate legislative changes requiring OSHA to enforce IAQ
evaluation and reporting by all major buildings, we feel that California is a
ripe market for growth. We expect to see revenues to increase beyond US $3
million with earnings of 25% in year 2001."
Mr. Walch, Chairman of WSF said, "We are enthusiastic about this addition to our
capabilities as it will enhance implementation of the development plan of our
assets in Belize and other areas. We are especially concerned about protecting
the fragile environment of our property and therefore demand sustainable and
ecologically sound development from our strategic partners. AirCare
Environmental Services will assure adherence to these principles."
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995. The matters discussed in this press release contains forward looking
statements regarding the company's business that involve high risks and
uncertainties. The company's actual results may differ materially from those
discussed herein. Factors that could contribute to such differences include, but
are not limited to, those items noted and included in the Company's SEC filings
(See "Risk Factors").
CONTACT: WSF PR Dept.
Jim Boersema, 808/528-3159
jboersema@starrtech.com or
gwwwsf@aol.com
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KEYWORD: HAWAII CALIFORNIA
INDUSTRY KEYWORD: ENVIRONMENT
MERGERS/ACQ
