Aster Plans to Acquire Toxic Waste Cleanup Firm

Aster Development Enterprises Ltd. said it has signed a letter of intent to acquire P.A.N. Environmental Services, a holding company for several hazardous-waste cleanup and disposal firms.

Aster, a Laguna Beach mergers and acquisitions company, would take the P.A.N. name if the acquisition is completed. Aster would issue 5 million shares of its common stock to acquire the company. Its shares have been valued between 75 cents and $1.375 apiece.

P.A.N. Environmental, based in Washington state, reported $12 million in sales last year and could reach $20 million this year, President Kirt James said.

Aster also would acquire P.A.N. Environmental’s three privately held subsidiaries: Phoenix Construction Services Inc., Advantage Sealing Systems Inc. and Northwest Specialties Inc. The companies specialize in hazardous-waste removal, plant and mine reclamation, slurry manufacturing and general contracting.

Aster was formerly Nutec Transmission Ltd., which acquired the rights to a transmission for golf carts and wheelchairs. Its stock was delisted in June, 1992, so it no longer files earnings reports with the Securities and Exchange Commission.