Trc Companies, Inc. (TRR) ニュース

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TRC Signs Four Exit Strategy(R) Contracts Valued At $50.8 Million
Thursday May 29, 4:05 pm ET

LOWELL, Mass.--(BUSINESS WIRE)--TRC Companies, Inc. (NYSE: TRR - News) announced that it signed four Exit Strategy contracts during the past year. TRC’s Exit Strategy program provides comprehensive environmental liability transfer solutions and the following projects demonstrate a continuing client demand for the program in order to facilitate M&A transactions, expedite redevelopment of industrial sites, and achieve cost certainty for liabilities associated with discontinued operations. The total value of the four contracts is $50.8 million. Work under the contracts is expected to take several years to achieve substantial completion.

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New York City Waterfront Redevelopment – TRC signed an Exit Strategy contract for the second phase of remediation of the Queens West Stage 2 Site in Long Island City, Queens, New York. TRC’s contract includes remediation of approximately 10 acres of the site referred to as Operable Units 3 and 4. TRC had previously conducted remediation of Operable Units 1 and 2 at the Site, where high-rise residential buildings have since been constructed. To support TRC’s remedial obligations under the second phase of remediation, a Remediation Cost Cap Policy was issued by AIG Environmental to mitigate cleanup cost risks and supplement the environmental insurance policy developed for the first phase of the project.

Client Acquisition of Power Plant – TRC recently entered into a contract that fixed the environmental cleanup cost and liability associated with the 450-megawatt BL England power plant site in New Jersey, thus enabling Rockland Capital Energy Investments to move forward with the acquisition of this strategic energy asset. Under the Exit Strategy contract, TRC assumed responsibility and liability for the investigation and remediation of soil, groundwater, and sediments in wetlands for a fixed price in advance of remedy selection. The power plant will remain fully operational during the cleanup. TRC also obtained an environmental insurance policy from AIG Environmental to mitigate the risk associated with greater than expected contamination.

Joint Venture Acquisition of Brownfield Redevelopment Site – TRC and a joint venture partner recently acquired title to, and assumed environmental liability for, a northern New Jersey Brownfield property from a company in bankruptcy. A manufacturing facility was formerly operated at the 7-acre site located in the midst of a residential neighborhood. On behalf of the joint venture, TRC will conduct the environmental remediation of soil and groundwater media. TRC also will manage building demolition and the completion of land entitlement work in anticipation of a townhouse development.

Remediation in Support of Brownfield Development – TRC recently sold its share in a joint venture in a Brownfield Site in New Jersey. TRC has been conducting investigation and remediation activities at this former industrial site under the State’s Industrial Site Recovery Act (ISRA) since 1999. As part of the transfer, TRC entered into a guaranteed fixed price remediation contract with the owner to complete the cleanup of the Site in support of the planned commercial redevelopment.

“These projects reflect the versatility of our Exit Strategy Program and represent TRC’s continued focus on distressed asset management and the conversion of former industrial sites where environmental or land use planning issues are restricting redevelopment,” said Joe Yeasted, TRC Senior Vice President. “By remaining flexible and creative in the development of financial and risk management strategies to remove the uncertainties associated with environmental liabilities, TRC’s Exit Strategy Program has achieved broad market applications that sustain our leadership position and a steady backlog of new opportunities.”

About Exit Strategy®

TRC’s proprietary Exit Strategy Program is a liability and risk transfer mechanism that relieves corporate and public entities of their environmental obligations. Typical applications of the program include: (1) facilitating mergers, acquisitions and divestitures, including property sales, which might not otherwise occur because neither the buyer nor the seller wishes to be responsible for past environmental issues; (2) assuming responsibility for multi-party “Superfund” sites where the differing interests of a large number of potentially responsible parties result in extended project schedules and legal and administrative costs that significantly increase the life-cycle costs of site remediation; (3) relieving customers of the burden of maintaining environmental compliance support to closed or sold facilities; and (4) developing “brownfield” real estate sites after resolving environmental issues that have a significant impact on property market value. For more information, visit www.trcexitstrategy.com.

About TRC

TRC creates and implements sophisticated and innovative solutions to the challenges facing America’s energy, infrastructure, environmental and real estate markets. The Company also is a leading provider of technical, financial, risk management, and construction services to commercial and government customers across the country. For more information, visit TRC’s website at www.TRCsolutions.com.

Forward-Looking Statements

Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial condition, or state other "forward-looking" information. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, the availability and adequacy of insurance; the uncertainty of our operational and growth strategies; the challenges inherent in integrating newly acquired businesses; regulatory uncertainty; the availability of funding for government projects; the level of demand for our services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; recent changes in our senior management; the results of outstanding litigation; risks arising from either failure to identify, or from identified material weaknesses in our internal controls over financial reporting or our inability to effectively remedy such weaknesses; our inability to comply with the terms of our credit facility and our lenders' future unwillingness to waive our noncompliance; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See additional discussion in our Annual Report on Form 10-K for the fiscal year ended June 30, 2007, and other factors detailed from time to time in our other filings with the Securities and Exchange Commission.


Contact:

Investor Contact:
Sharon Merrill Associates
617-542-5300
trr@investorrelations.com
or
Company Contact:
TRC
Angela Cincotta, 978-656-3594
acincotta@trcsolutions.com