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February 2, 2006
CECO ENVIRONMENTAL ANNOUNCES
BUSINESS COMBINATION WITH H. M. WHITE, LLC
NEW YORK, February 2, 2006 - CECO
Environmental Corp. (NASDAQ: CECE),
a leading provider of air pollution control and industrial ventilation
systems announced today that it has entered into an agreement with H. M.
White Company of Detroit, Michigan under which H.M. White will transfer
its business to CECO through the assignment of new business, the leasing
of property located in Detroit, and the licensing of relevant assets.
H. M. White is a $24 million supplier of engineering, design, manufacturing
and installation services in the air pollution control industry. The company
was founded in 1936 and employs 45 people.
The new entity, H. M. White, Inc., a wholly owned subsidiary of CECO Group,
has already secured a $2.5 million contract for ventilation systems for an
auto assembly plant in the Midwest and another $250,000 contract from a paint
manufacturer.
Phillip DeZwirek, Chairman and CEO of CECO stated, "This transaction will
enable CECO to expand on the growth that to date has been generated internally.
CECO has as its goal to become the leading company in our industry and this is
an important step in that direction."
David Blum, Senior Vice-President of CECO and Bill White, President of H. M.
White issued a joint statement saying, "CECO and H.M. White have very similar
business approaches and cultures. We are confident that, by combining our
efforts and by having all the resources in CECO Environmental available to
H. M. White and vice versa, we can enjoy a level of success that would not
be possible separately."
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