HOUSTON, March 16 /PRNewswire/ -- Boots & Coots International Well
Control, Inc. ("Boots & Coots/IWC") (AMEX: WEL) said today that its Code 3
unit has been selected by Union Pacific Railroad Company to provide emergency
response services to the railroad on a nationwide basis in their areas of
operation and to handle the disposal of hazardous and non-hazardous wastes
from railroad property located in a five-state area.
Under terms of the emergency response contract, Code 3 will supply the
personnel and equipment necessary to respond in the event that a release of
hazardous materials where Union Pacific operates. The contract covers a two-
year period and is capped at $2 million with additional services requiring
contract supplement.
The clean-up contract is valued at $1 million, with work to begin
immediately toward scheduled completion in about 12 months. States covered by
the contract include Arizona, Arkansas, New Mexico, Oklahoma and Tennessee.
Code 3 already has a contract in Texas to provide identical services.
Code 3, which provides control containment and mitigation of hazardous
material and oil spills for the chemical manufacturing and transportation
industries, as well as various state and federal agencies, was recently
acquired by Boots & Coots/IWC.
Boots & Coots International Well Control, Inc., based in Houston, is a
global emergency response company that specializes, through its well control
unit, in responding to and controlling oil field emergencies, including oil
and gas well blowouts and well fires, as well as providing a complete menu of
non-critical well control services through its Well Control Alliance with
Halliburton Energy Services.
Since August 1997 Boots & Coots/IWC has significantly expanded through
acquisitions its capabilities to serve as an integrated emergency-response
company with the in-house ability to serve the worldwide needs of the oil and
gas and petrochemical industries.
Boots & Coots/IWC acquired ABASCO, Inc. in September 1997, ITS Supply
Corporation in January 1998 and Code 3, Inc. in February 1998. Based on their
most recent completed fiscal years ending in 1997, these companies had
combined revenues of approximately $51 million.
Forward looking statements contained in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, investors are cautioned that all forward looking statements involve
risks and uncertainties which may cause actual results to differ from
anticipated results, including risks associated with the timing and
development of, and market acceptance of, the Company's services and products
as well as risks of downturns in economic conditions generally, risks
associated with competition and competitive pricing pressures, and other risks
detailed in the Company's filing with the Securities and Exchange Commission,
including its latest Form 10-KSB and 10-QSB.
SOURCE Boots & Coots International Well Control, Inc.
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CONTACT: Thomas L. Easley, Chief Financial Officer, or Lee Thompson, President, both of Code 3 Inc., 713-621-7911
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