American Eco signs $15.0 million financing agreement with H.J. Meyers

Business Wire, April 4, 1995

HOUSTON, Texas--(BUSINESS WIRE)--April 4, 1995--American Eco CORPORATION (AMEX:ECG, TSE:ECX) announced that it has signed a letter of intent with H.J. Meyers & Co. Inc. of New York to privately raise a US$15.0 million convertible subordinated debenture on a best efforts basis.

Mark White, Chairman of American Eco and a former Governor of Texas, stated, "The proceeds will be used for plant expansion, computer system upgrades, working capital for contract bonding and construction bridge financing, and to restructure debt."

American Eco recently announced results for the twelve month period ended November 30, 1994 of US$35.9 million of revenue and earnings of US$0.15 per share compared to US$7.5 million and US$0.07 per share for the same period in 1993.

In other developments, American Eco announced that its wholly- owned subsidiary C.A. Turner Construction Company has entered into a three year industrial maintenance contract with Huntsman Corporation of Park City, Utah. Huntsman operates chemical plants throughout North America, Europe and the Pacific Rim. The contract, which is substantial, includes renovation, expansion of facilities, general maintenance and turnaround work.

American Eco Corporation, is a leading provider of single source construction, project management, maintenance, demolition, and environmental remediation. Their clients are in the refining, petrochemical, government, commercial, manufacturing, and utility industries.

CONTACT: American Eco Corporation, Houston

Michael E. McGinnis, 713/647-0505

or

J.C. Pennie, 416/368-5325 (Toronto)