InfraCor acquisition of North Carolina company put on hold

RICHMOND, Va., May 23, 2002 -- InfraCor Inc. announced recently that its proposed acquisition of a privately held North Carolina water and sewer construction company in exchange for a combination of cash and shares of InfraCor's common stock has been placed on hold by mutual agreement.

On November 6, 2001, InfraCor announced in a press release that it had signed a non-binding letter of intent to acquire the North Carolina company. The parties will address the proposed transaction in the future when economic conditions improve.

InfraCor Inc. is a construction company specializing in design, build and rehabilitation of subsurface infrastructure corridors, utilizing trenchless technologies and conventional methods on behalf of municipalities, utilities and industries requiring pipelines for water, sewer, gas, and cable. The corporate website is http://www.InfraCor.net.