WCA Waste Corporation to Acquire Two Landfills, a Transfer Station, and Three Hauling...
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WCA Waste Corporation to Acquire Two Landfills, a Transfer Station, and Three
Hauling Operations From Emerald Waste
HOUSTON, Dec. 15, 2010 (GLOBE NEWSWIRE) -- WCA Waste Corporation (Nasdaq:WCAA)
announced today that it has signed a purchase agreement to acquire certain
assets of Emerald Waste Services. The assets include two landfills, one transfer
station and three hauling operations.
The landfills are the MacLand I commercial and industrial municipal solid waste
landfill and MacLand II construction and demolition landfill located in
Mississippi. The landfills service five counties in Mississippi and Alabama. The
transfer station and hauling operations located in central Florida consist of
115 residential, commercial and roll-off routes servicing seven counties in the
Gainesville, Orange City and Daytona Beach market areas. The assets being
acquired generate approximately $37 million in annual revenue and consist of 220
employees. The closing of the transaction is subject to normal customary closing
conditions.
WCA has identified further growth opportunities within these market areas
including numerous hauling contracts that will be up for bid over the next
several years in the central Florida market. In addition there are many
opportunities in Biloxi, Mississippi and the industrial complex of Mobile,
Alabama which offer potential sources of new volume for the landfill operations.
Tom J. Fatjo, Jr., Chairman and Chief Executive Officer stated, "We are excited
about the acquisition and the opportunities for growth in these market areas. We
remain focused on growing WCA by acquiring tuck-in operations in our existing
markets, and acquiring companies in new markets. We are actively pursuing other
acquisition candidates and hope to announce additional transactions in the near
future."
RISK FACTORS AND CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release and other communications, such as conference calls,
presentations, statements in public filings, other press releases, include
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities and Exchange Act of 1934.
Forward-looking statements generally include discussions and descriptions other
than historical information. These forward-looking statements can generally be
identified as such because the context of the statement will include words such
as "may," "should," "outlook," "project," "intend," "seek," "plan," "believe,"
"anticipate," "expect," "estimate," "potential," "continue," or "opportunity,"
the negatives of these words, or similar words or expressions. The
forward-looking statements made herein are only made as of the date of this
press release and we undertake no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
We are subject to a number of risks with respect to our acquisition activities
generally, and the proposed acquisition of the Emerald Waste assets, including
the following: the transaction is subject to regulatory approval, the receipt of
which cannot be assured and if not obtained would require the unwinding of a
portion of the transaction; we may be unsuccessful in efficiently integrating
the combined operations of our company and the Emerald Waste assets that we
would acquire; our inability to expand the permitted area of the MacLand
Landfills in the future would have an adverse effect on the results of
operations of the Landfills; and we will be subject to other operational and
transaction risks inherent to acquisitions generally. Furthermore, we may not be
successful in identifying and consummating additional acquisition candidates and
any acquisitions we make may not be successful.
Our results will be subject to a number of operational and other risks,
including the following: general economic conditions may impact our business; we
may not be successful in expanding the permitted capacity of our current or
future landfills; our business is capital intensive, requiring ongoing cash
outlays that may strain or consume our available capital; increases in the costs
of disposal, labor and fuel could reduce operating margins; increases in costs
of insurance or failure to maintain full coverage could reduce operating income;
we may be unable to obtain financial assurances necessary for our operations; we
are subject to environmental and safety laws, which restrict our operations and
increase our costs, and may impose significant unforeseen liabilities; we
compete with large companies and municipalities with greater financial and
operational resources, and we also compete with alternatives to landfill
disposal; covenants in our credit facilities and the instruments governing our
other indebtedness may limit our ability to grow our business and make capital
expenditures; changes in interest rates may affect our results of operations;
our success depends on key members of our senior management, the loss of any of
whom could disrupt our customer and business relationships and our operations.
We describe these and other risks in greater detail in the sections entitled
"Risk Factors" and "--Cautionary Statement about Forward-Looking Statements"
included in our Form 10-K for the year ended December 31, 2009, to which we
refer you for additional information.
Questions and other inquiries may be directed to Tommy Fatjo.
The WCA Waste Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1736
CONTACT: WCA Waste Corporation
Houston, Texas
Tommy Fatjo
713-292-2400
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