HEBRON, Ohio, April 14 /PRNewswire-FirstCall/ -- In connection with the written offer by Monte R. Black to buy the outstanding public shares of MPW Industrial Services Group, Inc. not controlled by Mr. Black or his immediate family for $2.55 per share that was approved by the Board of Directors on April 5, 2006, the company announced today that it has entered into an Agreement and Plan of Merger between the company and Noir Acquisition Corporation, a newly created corporation controlled by Mr. Black. The agreement is subject to various customary conditions, including the approval of the holders of 66-2/3% of the outstanding shares of MPW and the simultaneous closing of debt financing arrangements with LaSalle Bank. Mr. Black and his family control approximately 59% of the outstanding shares.
Founded in 1972, MPW Industrial Services Group, Inc. is a leading provider of integrated, technically-based industrial cleaning and related facilities support services in North America. MPW offers four principal service lines that are integral to a wide variety of manufacturing processes. These four service lines are industrial cleaning, facility maintenance and support services, industrial container cleaning and industrial process water purification.
The statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, competitive and other market factors, customer purchasing behavior, general economic conditions and other facets of the Company's business operations. Additional information about these and other risks and uncertainties can be found in "Investment Considerations" in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2005; and in other documents the Company files or has filed with the Securities and Exchange Commission. Further information may also be obtained at the Company's Internet site: http://www.mpwservices.com/.
