American Toxxic Control, Colorado Firm to Merge

Novan Energy, a small, Colorado-based manufacturer of ground-water purification systems for home use, said it has reached a tentative agreement to merge with privately held American Toxxic Control of Newport Beach to form a single firm to build on-site toxic waste cleanup plants for industry.

Gary Leger, founder and president of Novan, which is headquartered in Boulder, said the agreement calls for Novan to be renamed American Toxxic Control Inc. and to relocate to Newport Beach. The merged companies then would acquire private businesses already in the toxic control field. Leger said that if a definitive agreement is reached and the merger is approved by Novan’s directors and shareholders, Novan would issue up to 44.5 million shares of its currently authorized but unissued common stock to American Toxxic Control. Novan’s stock currently sells for about 22 cents per share.

On completion of the merger, ATC founder Louis Purmort will be chairman and chief executive officer and Leger will be president and chief operating officer of the merged companies.