CLEVELAND--Detrex Corporation (OTCQX:DTRX) announced today that it has settled the lawsuit brought by Environmental Liability Transfer Inc., a Missouri corporation (“ELT”), Commercial Development Company Inc., a Missouri corporation (“CDC”), Trex Properties LLC, a Missouri corporation, Thomas E. Roberts, Karin L. Roberts, Michael J. Roberts and Melody A. Roberts. The lawsuit related to an Environmental Liabilities Transfer Agreement (the “ELTA Agreement”) entered into by Detrex, ELT and CDC on June 18, 2013, pursuant to which ELT assumed responsibility for the remediation of environmental conditions at sites formerly owned and/or operated by Detrex and/or its former affiliates.
The lawsuit was settled on confidential terms mutually agreeable to all parties. Pursuant to the terms of the settlement, ELT, CDC and Trex will continue to perform under the ELTA Agreement.
“We are pleased to have been able to the settle this matter amicably and on terms having no material adverse effect on the current or future business, financial condition and operations of Detrex or The Elco Corporation,” said Tom Mark, CEO of Detrex.
About Detrex Corporation
Founded in 1925, Detrex Corporation through its subsidiary The Elco Corporation is a leading manufacturer of high performance specialty chemicals including additives for industrial petroleum products and high purity hydrochloric acid.
Forward Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). The words “believe,” “expect,” “anticipate,” “estimate,” “guidance,” “target” and similar expressions identify forward-looking statements. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements. Certain risks and uncertainties are identified from time to time in the Company’s reports. Some factors that could cause results to differ materially from those projected in the forward-looking statements include: market conditions, environmental remediation costs, pension expense and funding requirements, liquidation value of assets, and marketability of real estate and the market value and future liquidity of Detrex stock. The Company claims the protection of the safe harbor for forward-looking statements contained in the 1995 Act.