General Environmental Management, Inc. was pleased to announce this morning that its Stock Purchase Agreement with Luntz Acquisition (Delaware), LLC, a subsidiary of PSC Environmental Services, LLC, pursuant to which the Company has agreed to sell General Environmental Management, Inc. (DE) and its subsidiaries, continues to stay on track for a closing date on or prior to March 1, 2010.
GEM’s Board of Directors has unanimously approved the Purchase Agreement and adopted resolutions recommending shareholder approval. However, the closing of the sale is still subject to the approval of shareholders and other customary closing conditions. After the proxy vote is completed, the company will hold a shareholders’ meeting to submit the Purchase Agreement for approval on February 19, 2010.
Tim Koziol, GEM Chief Executive Officer, commented, “We are very pleased with our progress in shifting GEM’s focus from hazardous waste field services to the fast growing water treatment and waste-to-energy markets. We firmly believe this transition will lead to a dramatic improvement of our balance sheet as well as lay the foundation for long-term growth and profitability.”
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