[{"text": "Enviropact Inc. said it entered into an agreement in principle to sell its pump and tank division and drilling division to GSX Chemical Services for $4 million."}, {"text": "The Miami-based environmental engineering concern said GSX Chemical also will assume about $1.6 million in debt related to those divisions."}, {"text": "Further, GSX will buy $1 million of Enviropact common stock, at $2.625 a share, plus an option to acquire an additional $1.5 million of common at the same price, the company said."}, {"text": "In American Stock Exchange composite trading yesterday, Enviropact closed at $3 a share, up 25 cents."}, {"text": "Enviropact said the two divisions account for about $8 million of the company's $20 million in annual revenue."}, {"text": "The transaction is expected to close within about 20 days, the company added."}, {"text": "Enviropact said the proceeds will be used as working capital for expansion and to pay its existing tax liability of about $1.5 million that was due Sept. 15."}, {"text": "GSX is a unit of Laidlaw Transportation Ltd. of Burlington, Canada."}]