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Archive Begins August, 1999

 

 

 

COMMODORE APPLIED TECHNOLOGIES’ JOINT VENTURE ANNOUNCES $7.9 MILLION ARMY FUNDED CHEMICAL WEAPONS TEST 

ALBUQUERQUE, N.M. – Feb. 25, 2000 - Commodore Applied Technologies, Inc. (AMEX: CXI, CXI.WS) announced today that the U. S. Army has awarded $7.9 million to fund a demonstration of the company’s SET™ technology for the destruction of chemical weapons to its joint venture, Teledyne-Commodore, LLC. The demonstration, administered under the Assembled Chemical Weapons Assessment program (ACWA), will begin this month and continue until January 2001. The tests will take place at Dugway Proving Ground, and the Chemical Agent Munitions Disposal System (CAMDS), both in Utah.

The ACWA program is designed to identify technological alternatives to incineration, alternatives that are capable of safely and effectively destroying chemical weapons, as part of the Army's multibillion-dollar program to dispose of all chemical warfare weapons. Paul E. Hannesson, Chairman and CEO, said, "this funding starts a critical phase in the application of SET™ as a total solution to the nation’s and world’s chemical weapon stockpile."

Teledyne-Commodore’s technology includes the patented Solvated Electron Technology, or SET™, and a proprietary ammonia fluid-jet munitions access and washout system. The ACWA program’s goal is to identify an integrated system for the total solution for assembled chemical weapons, including chemical weapons access, washout, and destruction of the chemical agents, explosives and waste products. 

Previous tests on the SET™ technology in government-approved surety laboratories neutralized all hazardous components of the assembled chemical weapons, including chemical agents, propellants and explosives, to a level greater than the Army’s requirement of 99.9999 percent destruction. The SET™ process is designed to convert toxic chemicals into environmentally safe salts without incineration. The tests also confirmed the SET™ process was effective in decontaminating metal casings and other waste materials.

The Teledyne-Commodore fluid-jet technology is designed to allow operators to access, washout, and dissolve both chemical agents and explosive materials while removing them from chemical weapons at high rates of speed. The technology uses ammonia, at pressures up to 50,000 pounds per square inch (psi), to form a high-velocity fluid stream that can safely cut both steel and high explosives.

Teledyne-Commodore successfully tested a full-scale, integrated SET™ pilot plant at the Army’s Redstone Arsenal in Huntsville, Ala., in 1998. The system, combined with the ammonia fluid-jet systems, was successfully used to destroy live rockets containing propellant, chemical agent simulant, and explosives.

Teledyne-Commodore LLC, is a joint venture of Teledyne Brown Engineering Inc., a wholly owned subsidiary of Teledyne Technologies Inc. (NYSE: TDY), and Commodore Applied Technologies Inc. (AMEX: CXI, CXI.WS).

Teledyne Brown Engineering Inc. is a technology solutions company, headquartered in Huntsville, Ala., with core competencies in environmental, aerospace, defense, information technology, and energy product applications.

Teledyne Technologies Inc. is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace engines and components. Through Teledyne Electronic Technologies, Teledyne Brown Engineering, Teledyne Continental Motors, and Teledyne Cast Parts, the company is a leader in innovation and in the delivery of products to public and private-sector customers who place a premium on precision, reliability and performance. With 1999 revenues of $803.4 million, Teledyne Technologies employs 5,800 people in the U.S., the United Kingdom and Mexico.

Commodore Applied Technologies Inc., headquartered in Albuquerque, NM., is an environmental solutions company focused on processing and management of high end hazardous waste from nuclear, radioactive, toxic, and chemical sources. Through its wholly owned subsidiaries, Commodore Advanced Sciences and Commodore Solution Technologies, the company provides technical engineering services and proprietary remediation technologies (SET™) to the government and private sectors.

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Applied Technologies, Inc. Announces
MOU with Envirocare of Utah

New York, N.Y. December 13, 1999 – Commodore Applied Technologies, Inc. (ASE: CXI, CXI.WS), today announced that it has signed a Memorandum of Understanding with Envirocare of Utah, Inc. (Envirocare), a company providing a full range of low-level radioactive and mixed waste management and disposal services. The agreement is intended to provide a vehicle for both companies to expand their service offerings to the mixed waste (radioactive and hazardous) market. Commodore brings its patented SET™ process and its nationwide EPA, PCB permit and Envirocare its Clive, Utah treatment and disposal facility and over 20 years of experience in the mixed waste market.

Envirocare’s history begins in the mid-70’s when the Department of Energy (DOE) and the state of Utah began the cleanup of an abandoned uranium mill site. Today, Envirocare’s Clive, Utah facility offers a permanent disposal solution for low level radioactive and mixed wastes, as well as, mixed waste treatment. Envirocare plays a key role in major federal and private cleanup efforts across the country. Many of its customers are federal agencies such as the Department of Energy (having served over a dozen sites), the USEPA, and the Defense Department. Private companies include several Fortune 500 companies. The SET™ process will bring an added dimension to the site in the reduction of certain mixed waste to radioactive waste by converting the Resource Conservation and Recovery Act (RCRA) organic content of the waste into inert hydrocarbons.

"The commercialization of the SET™ process, demonstrated effectiveness of the process and marketing opportunities developed over the past 12 months makes the timing perfect for a collaboration with Envirocare, a premier waste management company in the mixed waste market," said Paul E. Hannesson, Chairman and CEO. "I believe this relationship will be long term and significantly profitable for both firms." 

The mission of Commodore Applied Technologies, Inc. is to develop and commercialize materials and processes that enable significant technological capabilities in a wide range of industries. Commodore Applied Technologies, Inc. is 49.9% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Applied Technologies Announces $2.5 Million Financing

New York, N.Y. November 8, 1999 – Commodore Applied Technologies, Inc. (ASE: CXI, CXI.WS), today announced results for the three and nine month periods ended September 30, 1999 (see table below).

Commodore Applied Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited – dollars in thousands, except per share data)

 

Three Months Ended
 September 30,

Nine Months Ended
September 30,
 

1999  

1998 

1999 

1998

Contract Revenues

$ 4,851

$ 4,585

$ 13,401

$ 13,212

Net Loss  (  944) (3,280) ( 2,350) ( 10,461)
Net Loss Per Share   (   .04)  (    .14) (     .10) (      .45)
Weighted Average Number Of Shares Outstanding 23,702,000 23,103,000   23,702,000 23,041,892

The mission of Commodore Applied Technologies, Inc. is to develop and commercialize materials and processes that enable significant technological capabilities in a wide range of industries. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Applied Technologies Announces $2.5 Million Financing Global Energy Investors Agreement Expires

New York, NY – November 5, 1999 Commodore Applied Technologies, Inc. (ASE: CXI, CXI.WS), ("Commodore"), announced today the completion of $2.5 million in financing through a private placement. The company issued 335,000 shares of a new Series E convertible preferred stock, convertible into the Company’s common stock at the market price, after April 30, 2000 and up through April 30, 2003 at which time it automatically converts to the Company's common stock. The Series E convertible preferred stock has a variable rate dividend averaging 8.15% over the term of the securities. The Company reserved the right to redeem all of the Series E preferred stock on or before April 30, 2000 by payment of $2,800,000 plus any accrued dividends. Depending upon the share price at the time of conversion, the issuance of the common shares relating to the conversion may be subject to shareholder approval.

Simultaneously, Commodore also announced that the Merger Agreement by and among the Company, Global Energy Investors, Inc. ("GEI") and its stockholders expired by its terms on October 31, 1999.

The Company’s Chairman, Paul Hannesson said that "The Company is continuing to move forward in ACWA to the testing of its proprietary SET™ process for neutralization of chemical weapons and in further commercial efforts to the treatment of radioactive, nuclear and mixed waste materials".

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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TELEDYNE-COMMODORE ANNOUNCES U.S. ARMY DEMONSTRATION PROJECT

Huntsville, Alabama, October 19, 1999,- Teledyne-Commodore, LLC has been notified that the U.S. Army intends to demonstrate Teledyne-Commodore’s technology for testing under the Assembled Chemical Weapons Assessment Program (ACWA). Testing Teledyne-Commodore’s technology was delayed last year due to Army funding limitations. The Teledyne-Commodore "Solvated Electron Technology" (SET™) process is one of six technologies that are expected to be demonstrated under the complete ACWA Program. Under the new ACWA demonstration timeline, Teledyne-Commodore expects to receive funding beginning in 1999 to demonstrate its SET™ system.

The ACWA program is designed to identify alternative technologies to the current baseline incineration process for the demilitarization of chemical weapons. Further information on ACWA is available at http://dialogue.pmacwa.org.

Teledyne-Commodore previously announced that tests in government-approved surety laboratories, neutralized all components of assembled weapons, such as chemical agents, propellants, and explosives to greater than the US Army’s requirement of 99.9999% destruction. The SET™ process is designed to convert toxic chemicals into environmentally safe salts without incineration. Materials, such as toxic chlorine gas, are then reduced to common sodium chloride table salt. Tests indicate that the SET™ process was also effective in decontaminating metal casings and other waste products.

Last year, Teledyne-Commodore successfully tested a full scale, integrated SET™ pilot plant at the US Army’s Redstone Arsenal in Huntsville, AL. The SET™ system integrated with the ammonia fluid jet was successfully used to destroy live rockets containing propellant, explosive, chemical agent stimulant, and pyrotechnic materials.

Since May 1997, Teledyne-Commodore has developed, tested and patented two additional advanced processes. These processes are the ammonia fluid jet cutting and ammonia fluid jet washout systems for chemical and conventional weapons. The fluid jet technologies are designed to allow high-speed munitions accessing, washout, and dissolving of both chemical agents and energetic materials. These two technologies use high-pressure ammonia, at pressures up to 50,000 psi, to form a high velocity fluid jet that can safely cut both steel and high explosives. The ammonia fluid jets were successfully tested and demonstrated effective on live munitions at Redstone Arsenal in May 1998.
 
Teledyne-Commodore, LLC is a joint venture of Teledyne Brown Engineering, an operating company in the aerospace and electronics segment of Allegheny Teledyne Incorporated (NYSE: ALT) and Commodore Applied Technologies Inc. (ASE: CXI, CXI.WS). Formed in August 1996, Teledyne-Commodore employs Commodore’s proprietary and patented SET™ process, a non-thermal chemical process designed to work at ambient temperatures and low pressures, as well as Teledyne-Commodore’s proprietary ammonia fluid jet technologies.

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Commodore Applied Technologies, Inc.
Reports Second Quarter, Six Month Results

New York, N.Y. August 13, 1999 – Commodore Applied Technologies, Inc. (ASE: CXI, CXI.WS), today announced results for the three and six month periods ended June 30, 1999 (see table below).

Commodore Applied Technologies, Inc. and Subsidiaries
Condensed, Consolidated Statements of Operations
(Unaudited – dollars in thousands, except per share data)

    Three Months Ended
June 30,
Six Months Ended
June 30,
      1999

1998

1999

1998
Contract Revenues

$ 4,754

$ 4,413

$ 8,550

$ 8,627

Net Loss

(526)

(3,785)

(1,406)

(7,181)

Net Loss Per Share

(.02)

(.16)

(.06)

(.31)

Weighted Average Number
Of Shares Outstanding
23,702,263 23,103,000 23,702,263 23,016,000

The mission of Commodore Applied Technologies, Inc. is to develop projects and commercialize services in the chemical weapons, nuclear, radioactive mixed waste, power generation and Department of Energy (DOE) markets where technology and engineering support are a prerequisite. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


Commodore Applied Technologies, Inc.
Awarded $890,000 Additional Work by the
Los Alamos National Laboratory

New York, NY – August 9, 1999 – Commodore Applied Technologies, Inc. (ASE: CXI, CXI.WS), today announced that its wholly owned subsidiary, Commodore Advanced Sciences, Inc. (CASI), has been awarded, through an existing contract, approximately $890,000 of additional work at the Los Alamos National Laboratory (LANL), Los Alamos, NM.

The new work awarded to CASI falls into two general categories. First, worker health and safety support related to operational use of chemicals and second, planning and engineering support for the decontamination and decommissioning of old, out-of-use facilities. In the first area of work, CASI is providing personnel to inventory the chemicals on-site at LANL, update the labs chemical inventory database, as well as, research and amend the worker protection information in the database.

In the second area of work, CASI is preparing the basic planning and implementation documents, including facility descriptions, site characterization, hazard analyses, engineering evaluations, regulatory compliance requirements, waste management and quality assurance plans in support of the decontamination and decommissioning of out-of-use facilities. CASI has completed the planning for the High Pressure Tritium Laboratory of LANL and is working on the plans for three other similar facilities.

The mission of Commodore Applied Technologies, Inc. is to develop projects and commercialize services in the chemical weapons, nuclear, radioactive mixed waste, power generation and Department of Energy (DOE) markets where technology and engineering support are a prerequisite. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Receives Second Step Contract
at Pearl Harbor Completes S-10, 10-ton Per Day, Mixed Waste Processing Equipment

New York, NY – August 5, 1999 – Commodore Applied Technologies, Inc. (ASE: CXI, CXI.WS), announced today that it has been awarded a contract by Tetra Tech EM Inc. (NASDAQ: WATR) to treat PCB contaminated soil as part of a study on three sites, each with several PCB contaminated locations, in Hawaii, including Pearl Harbor. This contract follows the successful completion of an initial treatability study and is the second step toward being included in a comparative study for the remediation of in excess of 10,000 cubic yards of PCB contaminated soils.

"This contract with Tetra Tech EM is further proof that the SET™ technology will be utilized in the treatment of hazardous waste at U.S. Department of Defense facilities and other facilities in the private sector," said Paul E. Hannesson, Commodore chairman & CEO.

Another significant achievement for CXI is the completion of the S-10, a ten-ton per day commercial PCB waste processing system. This equipment is shortly scheduled to treat PCB contaminated soils at a U.S. Department of Defense site, and will ultimately be located at a fixed-base waste treatment facility, making it the first SET™ treatment center in the United States. CXI also recently completed a $1,000,000 financing from FINOVA Capital Corp. on the S-10 equipment.

The mission of Commodore Applied Technologies, Inc. is to develop projects and commercialize services in the chemical weapons, nuclear, radioactive mixed waste, power generation and Department of Energy (DOE) markets where technology and engineering support are a prerequisite. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Applied Technologies, Inc.
Reports First Quarter Results

New York, NY – May 14, 1999 – Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), today announced financial results for the three-month period ended March 31, 1999 (see table below).

Commodore Applied Technologies, Inc. and Subsidiaries
Condensed, Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31,

   

1999

1998

Revenues

$3,345,000

$4,214,000

Net Loss

(880,000)

(3,395,000)

Net Loss Per Share –
Basic and Diluted

(.04)

(.15)

Weighted Average
Number of Shares Outstanding

23,702,263

22,950,000

The mission of Commodore Applied Technologies, Inc. is to develop projects and commercialize services in the nuclear, radioactive mixed waste, power generation and Department of Energy (DOE) markets where technology and engineering support are a prerequisite. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Applied Technologies, Inc. and
Global Energy Investors, LLC
Enter into Definitive Agreement to Merge

New York, New York, May 10, 1999, --- Commodore Applied Technologies, Inc. ("Commodore") (ASE: CXI, CXIW) announced today that it executed the definitive agreement between Commodore and Global Energy Investors, LLC ("Global") anticipated by a Letter of Intent that Commodore and Global entered into on March 25, 1999. The definitive agreement now has been ratified by the Boards of both Commodore and Global. Pursuant to the definitive agreement, Commodore will initially acquire 50% of Global and has, under certain circumstances, the right and obligation to eventually acquire 100% of Global. Global’s principal officers and shareholders include Robert C. McFarlane, the former National Security Advisor to President Ronald Reagan, and Robert Traylor, a 40-year veteran in the nuclear industry and co-founder and former CEO of Management Analysis Company, a leading nuclear power consulting firm.

Global creates and manages power projects in emerging foreign markets. Global’s business involves identifying profitable, existing power plants and purchasing them from the government of emerging market countries and operating and/or expanding those plants. Additionally, Global identifies unmet predictable needs for power and works with government to modernize existing plants or to develop, own and operate new plants. Currently, Global is in the process of, developing a 330 megawatt hydroelectric generating plant in Brazil; developing a 600 megawatt coal-fired electric generating station in China; planning to rehabilitate, operate and maintain an 850 megawatt plant in the Philippines; and, the acquisition of a 1,000 megawatt coal fired plant in China. Global also has plans to focus on the acquisition and operation of nuclear plants in the United States.

Immediately following Commodore’s initial acquisition of 50% of Global, the combined companies will focus their attention primarily on the following:

Expansion of Global’s existing business for the development of independent power generation projects which currently consists of the development of more than 2,000 megawatts of power plant projects in emerging foreign markets.

Expansion of Commodore’s existing businesses, including Commodore Advanced Sciences, Inc., with approximately $80 million of contract backlog including the WIPP contract at Carlsbad, NM and the application of Commodore’s SET™ Technology to the decontamination of radioactive mixed wastes.

Acceleration of Global’s plan for the acquisition of nuclear power plants located in the United States.

Acceleration of Commodore’s plan for the treatment of nuclear waste.

Under the terms of the definitive agreement, Commodore will acquire a 50% interest in Global for an investment into Global of 50,000 shares of Commodore convertible preferred stock and for an investment into Global of $2.5 million in cash. The convertible preferred stock will have a conversion price of $.50 per share, will be non-dividend bearing and Global will be obligated to convert the preferred stock into Commodore’s common stock upon the earlier of March 31, 2001 or when Commodore’s common stock trades above $.50 per share for twenty (20) days. Each share of the convertible preferred stock is convertible into 200 shares of Commodore’s common stock. Commodore’s acquisition of Global is conditioned upon the raising of $10 million in new working capital for Commodore, $2.5 million of which will be invested into Global as part of the purchase price for Commodore’s 50% interest in Global. Under the definitive agreement Commodore must raise $10 million in new working capital by August 31, 1999. Commodore is optimistic that it can successfully raise the new working capital within that timeframe. In the event Commodore fails to raise the additional working capital by August 31, 1999, either Commodore or Global may terminate the definitive agreement.

Upon completion of Commodore’s acquisition of 50% of Global, Commodore expects to elect Mr. Robert McFarlane, as Chairman of the Board and Mr. Robert Traylor and Mr. Paul Hannesson, as Vice Chairmen.

Commodore also has the right and will be obligated to acquire the remaining 50% interest of Global from the Global unit holders for 12.5 million shares of Commodore’s common stock at such time that Commodore’s common stock trades for at least $2.00 per share for twenty (20) days. Commodore's right and obligation to acquire the remaining 50% of Global will expire if Commodore's common stock does not trade for at least $2.00 for twenty (20) consecutive days within three (3) years of the date of the definitive agreement.

Expressing his enthusiasm following the approval of each company’s Board, Mr. McFarlane stated: "This merger brings together two solid companies whose sum will be far greater than their individual parts. The complementarity between us is very strong. I am optimistic that by this time next year we will have closed two or more solid power projects and two large contracts for the SET™ process, which we hope will put us solidly on the board as leaders in power development and mixed waste remediation."

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Applied Technologies 
Reports Fourth Quarter, Year End Results

New York, New York, April 15, 1999 – Commodore Applied Technologies, Inc. (ASE:CXI, CXIW), today announced audited financial results for the fiscal year ended December 31, 1998. (See Table)

Condensed Statement of Operations (Audited)
Fiscal Year Ended December 31,

  

1998

1997

Revenues

$17,470,000

$19,493,000

Net Loss

(5,535,000)

(15,694,000)

Net Loss Per Share –
Basic and Diluted

(.24)

(.73)

Weighted Average Number of Shares Outstanding

23,194,000

21,844,000

The report of the Company’s independent accountants with respect to the financial statements of the Company, from which the financial data included in this press release is excerpted, includes an explanatory paragraph stating there are matters which raise substantial doubt about the Company’s ability to continue as a going concern.

The Company’s 1999 forecasted corporate expenses are anticipated to exceed annual cash flows from operations by approximately $1.6 million. The Company is hopeful that it will raise additional financing in the near future. However, the Company believes it has, as of December 31, 1998, sufficient cash and cash equivalents ($1,798,000), and unused borrowing capacity (approximately $1 million) to fund ongoing activities through the end of 1999.

The mission of Commodore Applied Technologies, Inc., is to develop projects and commercialize services in the nuclear and radioactive mixed waste, Department of Energy (DOE) markets where technology and engineering support are a prerequisite. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company’s markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Carlsbad Site Receives First Radioactive Waste Shipment Says Commodore Applied Technologies, Inc.

New York, New York, March 30, 1999, Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) announced today that on Friday, March 26, 1999 the first shipment of transuranic nuclear waste arrived safely at the U.S. Department of Energy’s (DOE) Waste Isolation Pilot Plant (WIPP), the nation’s first deep nuclear waste disposal site, located in Carlsbad, NM.

WIPP is a transuranic radioactive waste repository located one-half mile below the surface in a massive 250 million-year-old salt formation. Transuranic waste consists of clothing, tools, rags, equipment, debris, residues, and other disposable items contaminated with radioactive elements, mostly plutonium.

"Our staff has been dedicated to the successful delivery of the first nuclear waste to WIPP for nearly a decade," said Pete E. Harrod, P.E., president of Commodore Advanced Sciences, Inc. (CAS). "We will continue our work as the DOE’s technical assistance contractor to help pave the way for the resolution of the country’s nuclear waste disposal problem. We have helped the DOE take a giant step toward protecting human health and the environment from the harmful effects of nuclear waste.

"Paul E. Hannesson, chief executive officer of Commodore Applied, said, "We’re very proud of CAS’s role in developing the world’s first deep geologic repository for transuranic waste. The project gives us unique credentials, not only in analyzing and evaluating the capabilities of a nuclear waste disposal site but also in helping DOE achieve regulatory compliance with a wide range of environmental regulations and developing recommendations that recognize the concerns of states, the general public, and of special interest groups.

"Commodore recently announced that a 2-year, $20 million option had been exercised by the government for the DOE’s technical support contract with its wholly owned subsidiary, Commodore Advanced Sciences, Inc. CAS, with its 100 professional and technical staff, is providing technical assistance in areas such as technology evaluation, environmental compliance, quality assurance, project controls, permitting, and public involvement support.

The mission of the Commodore group of companies is to commercialize new process technologies. The Commodore family includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) and its wholly owned engineering subsidiary, Commodore Advanced Sciences, Inc. Commodore Applied Technologies, Inc. is approximately 35 percent owned by Commodore Environmental Services, Inc. (OTCBB: COES).

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Commodore Applied Technologies, Inc. Signs Letter of Intent to Purchase Global Energy Investors, LLC

New York, New York, March 25, 1999, -- Commodore Applied Technologies, Inc. ("Commodore") (ASE: CXI, CXIW) announced today that it had entered into a Letter of Intent with Global Energy Investors, LLC ("Global") pursuant to which Commodore will initially acquire 50% of Global and eventually acquire 100% of Global. Global's principal officers and shareholders include Robert C. McFarlane, the former National Security Advisor to President Ronald Reagan, and Robert Traylor, a 40-year veteran in the nuclear industry and co-founder and former CEO of Management Analysis Company, a leading nuclear power consulting firm.

Immediately following Commodore's acquisition of 50% of Global, the combined companies will focus their attention primarily on the following:

Expansion of Global's existing business for the development of independent power generation projects which currently consists of the development of four (4) power plant projects in emerging foreign markets.

Expansion Commodore's existing business, Commodore Advanced Sciences, Inc., with approximately $100 million of contracts with the DOE including the WIPP contract at Carlsbad, NM.

The application of Commodore's SET( Technology to the decontamination of radioactive and nuclear mixed wastes and continuing Commodore's focus with Teledyne on commercializing the SET( process for neutralizing explosives, narcotics and chemical weapons.

Acceleration of Global's plan for the acquisition of nuclear power plants located in the United States.

Under the terms of the Letter of Intent, Commodore will acquire a 50% interest in Global for $5.0 million worth of Commodore Convertible Preferred Stock and $2.5 million in cash. The convertible preferred stock will have a conversion price of $.50 per share, will be non-dividend bearing and Global will be obligated to convert the preferred stock into Commodore's common stock upon the earlier of March 31, 2001 or when Commodore's common stock trades above $.50 per share for twenty (20) days.

Commodore will also be obligated to acquire the remaining 50% interest of Global from the Global shareholders for 12.5 million shares of Commodore's common stock at such time that Commodore's common stock trades for at least $2.00 per share for twenty (20) days.

Commodore's acquisition of Global is conditioned upon the signing of definitive agreements, due diligence and the raising of $10 million in new working capital for Commodore and Global. The parties expect to execute definitive agreements within the next few weeks.

Upon Commodore's acquisition of Global, Commodore expects to elect Mr. Robert McFarlane, as Chairman of the Board and Mr. Robert Traylor and Mr. Paul Hannesson, as Vice Chairmen.

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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General Accounting Office Denies Teledyne-Commodore, LLC Protest

New York, New York, March 10, 1999 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) announced today that its 50/50 joint venture with Teledyne Environmental, Inc., Teledyne-Commodore, LLC (T-C), has been notified by the U.S. General Accounting Office that its protest of the Army's decision in the ACWA program has been denied.

T-C's Solvated Electron Technology (SETTM) was one of six technologies selected in May, 1998 to move into the demonstration phase to identify alternative approaches to incineration for disposal of the United States' stockpile of chemical weapons. However, in late July, 1998 the Army said it had discovered it was short of funds. The Army then selected the three technologies that cost the least to demonstrate. The three technologies omitted from demonstration testing included the SET™ technology.

"SET™ was one of the highest rated technologies of all six technologies considered in the ACWA program, because it is the only technology which has been proven to offer a complete solution that both neutralizes and destroys all agents and energetics," said William C. Burns, T-C President. "In fact, other countries are actively pursuing the use of SET™ in the destruction of their chemical weapons material. Therefore SET™ is ideal for the other U.S. Chemical Weapons Demilitarization programs and is still under active consideration for use."

He noted that Congress intended that all six technologies be tested to determine which offers the safest, most effective, and best alternative to incineration. Last Fall, Congress authorized an additional $25 million in the FY 99 Defense Appropriations Bill to permit demonstration of SETTM and the other two technologies which were not selected for the ACWA demonstrations. But none of those funds have been allocated to permit those demonstrations.

"Now, unless funds are provided very soon, we could see the SETTM technology being used in other countries well before the U.S. gets around to recognizing it as the most mature, fully-integrated system available," he said.

Teledyne-Commodore, a joint venture of Teledyne Environmental, Inc. and Commodore Applied Technologies, Inc., was formed in August 1996. It employs Commodore's proprietary, patented SETTM process, a non-thermal chemical process that works at ambient temperatures and low pressures.

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Dames & Moore Group and Commodore Applied Technologies Team for Use of 
Commodore's SoLVTM Process 
Commodore's SoLVTM Process to Treat Contaminated Metals

NEW YORK, NY, January 13, 1999 - Dames & Moore Group (NYSE: DM) announced today that it has entered into a formal agreement with Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) for the exclusive use of its proprietary technology to destroy radioactive contaminated sodium and sodium potassium mixtures (NaK) at several Department of Energy (DOE) sites domestically, and selected international locations, where Dames & Moore Group is already participating in site cleanup of cold war legacy waste.

Dames & Moore Group will have exclusive rights in the application of the proprietary SoLV™ process based on the solvated electron technology (SET™) to destroy radioactively contaminated metals at several domestic sites. Internationally, Dames and Moore Group will apply the SoLV process at the Dounreay site in Scotland, Winfrith site in England, Harwell site in England and the Phoenix and Super Phoenix sites in France. Dames & Moore Group is identifying sodium metal stores that can be combined with mixed waste contamination projects where this proven technology can be reliably and cost effectively applied. Under the agreement, Dames & Moore Group would provide the site engineering, cleanup operations, health and safety, and project management for the applications of the SoLVTM technology. As a subcontractor to Dames & Moore Group, Commodore would provide the technology and training, including application engineering, equipment installation, and technology technical support through operations.

George O'Brien, senior vice president in charge of Dames & Moore Group Federal Programs noted, "We have entered into this agreement with Commodore to provide the unique and cost-effective treatment developed by Commodore for radioactive contaminated sodium and NaK metal destruction as well as destroying it in conjunction with mixed waste problems facing our clients. Several projects have been identified where the SoLV process offers a cost-effective solution to these difficult waste streams."

Dames & Moore Group, a global engineering and construction services firm, has capabilities that include general engineering and consulting, process and chemical engineering, transportation planning and design, and construction services. Headquartered in Los Angeles, the group has over 7,800 employees and offices in over 30 countries. The Dames & Moore Group companies are major providers of engineering and construction services to the Department of Energy and other Federal agencies.

Dames & Moore Group and Commodore share a common mission in seeking to apply new process technologies in environmental cleanup. The Commodore family of companies includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly owned subsidiary, Commodore Advanced Sciences, Inc. Approximately 35 percent of Commodore Applied Technologies, Inc. is owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Applied Technologies, Inc. 
Completes Debt Restructuring
* Restructuring adds approximately $9 million new equity

New York, N.Y., December 31, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), announced today that it has consummated a debt restructuring plan with its creditor and 35% stockholder, Commodore Environmental Services, Inc. (OTCBB: COES) following the completion of the fairness opinions
.
As a result of the restructuring, CXI has repaid all of its $6,755,864 debt to COES by exchanging the debt for (i) all of the company's shareholdings in Commodore Separation Technologies, Inc. (NASDAQ:CXOT,CXOTP, CXOTW) as repayment of $1,250,000 of debt; (ii) the issuance of 20,909 shares of a new 6% Series B Convertible Preferred Stock as repayment of $2,090,870 of debt; (iii) the issuance of 10,189 shares of a new 6% Series C Convertible Preferred Stock as repayment of $1,018,864 of debt; (iv) the issuance of 20,391 shares of a new 6% Series D Convertible Preferred Stock as repayment of $2,039,130 of debt (v) assignment to COES of an account receivable due to the company from CXOT in the amount of $357,000 as repayment of $357,000 debt; and (vi) amendment of an existing warrant owned by COES to purchase 1,500,000 shares of common stock of the company which amendment reduced the exercise price from $10.00 to $1.50.

This sale and debt repayment plan should result in an increase of approximately $9 million in equity on the Company's balance sheet.

Paul E. Hannesson, Chairman, President and Chief Executive Officer, and James M. DeAngelis, Treasurer of CXI, will maintain their current management positions in CXOT following this restructuring.

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

General Accounting Office Reinstates
Teledyne - Commodore, LLC Protest

New York, New York, November 25, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) announced today that the U.S. General Accounting Office (GAO) has reversed its September 15, 1998, dismissal and has reinstated the protest lodged by Teledyne-Commodore LLC, its joint venture with Teledyne Environmental, Inc.

The GAO will now rule on Teledyne-Commodore's protest which stated that there were major errors in the evaluation process omitting Teledyne-Commodore's technology from the U.S. Army's Assembled Chemical Weapons Assessment (ACWA) program technology demonstration.

One of the errors made in the selection process was the failure to follow ACWA's own evaluation criteria, including properly calculating "best value" and allowing for a "total system solution." For example, the company learned at the debriefing that, even though the evaluation criteria established technical rankings as the most important factors, two of the three winning companies had the lowest technical evaluations of the original six. In addition, other errors in the process included failure to properly consider government financial support for tests carried out by two of the announced winners, and the opportunity for some bidders to reduce costs after the submission of bids.

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Applied Technologies, Inc.
Reports Third Quarter, Nine Month Results 

New York, N.Y. November 13, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), today announced results for the three and nine month periods ended September 30, 1998 (see table below). 

Commodore Applied Technologies, Inc. and Subsidiaries Condensed, Consolidated Statements of Operations
 (Unaudited - dollars in thousands, except per share data)

 

Three Month Ended
September 30,

Nine Month Ended
September 30,

 

1998

1997

1998

1997

Contract Revenues

$ 4,604

$ 5,794

$ 13,231

$ 15,613

Net Loss

(3,280)

(4,101)

(10,461)

(11,038)

Net Loss Per Share

( .14)

( .19)

( .45)

( .51)

Weighted Average
Number of Shares
Outstanding

23,103,000

21,650,000

23,041,896

21,650,000

Commodore is directly commercializing the solvated electron technology (SET™) process. This important process technology has been ushered through the research and development phases and is now being utilized in commercial contracts.

In its largest market, the Department of Energy's (DOE) radioactive and hazardous waste management program, Commodore's SET™ process has been increasingly successful and, as a result, now has several new commercial opportunities. They include contracts with major DOE contractors such as Morrison Knudsen (NYSE: MK), ICF Kaiser (NYSE: ICF), Ogden Corp. (NYSE: OG) and Lockheed Martin (NYSE: LMT). Commodore also recently signed a memo of understanding with a majority-owned subsidiary of Valhi, Inc. (NYSE: VHI), Waste Control Specialists, Inc. (WCS).

The WCS agreement will establish Commodore's first permanent, fixed SET™ process site at a fully licensed and permitted waste management facility. Currently, the Company's S/4 machine, that was at the DOE's Weldon Spring, Mo. facility, is deployed at WCS's West Texas site. Early next year, a third generation machine, the S-10, will replace the S/4 at this site. Radioactive and/or mixed waste can be shipped from any of the DOE sites to a properly licensed and permitted site; e.g., the WCS site.

In addition, the Company recently announced that its wholly owned subsidiary, Commodore Advanced Sciences (CAS), had been awarded two contracts. The first is a $20 million, two-year extension from the DOE on its existing Carlsbad Area Office Technical Assistance Contract. CAS will provide technical assistance to the DOE's Carlsbad Area Office in support of the permitting and operation of the Waste Isolation Pilot Plant (WIPP), the nation's first deep nuclear waste disposal site. The second is a $3 to $5 million, five-year subcontract under Tetra-Tech's (NASDAQ:WATR) $20 million dollar contract with Bechtel Jacobs Company LLC for general engineering support in environmental management work at the DOE's Oak Ridge, TN site.

The Company also recently announced that, subject to the receipt of a fairness opinion, it intends to transfer its 87% interest in Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP) to its creditor, Commodore Environmental Services, Inc. (OTCBB: COES) in consideration for reduction in indebtedness of $1,250,000. As part of the debt restructuring plan to eliminate $6.7 million in debt, CXI and COES have agreed to, among other things, exchange CXI's remaining indebtedness to COES of $5.5 million into convertible preferred stock. In addition, CXI also agreed to a price reset for the COES warrant that it owns to purchase 1.5 million shares of the Company's common stock from $10.00 to $1.50. While the Company expects to incur some non-recurring reorganization costs, these efforts should result in a significant reduction of monthly operating expenses.

Paul E. Hannesson, Commodore's chairman and CEO said, "This sale and debt repayment plan should result in an increase of approximately $9 million of equity on the Company's balance sheet and make future efforts to secure additional financing for Commodore more likely."

The mission of Commodore Applied Technologies, Inc. is to develop and commercialize materials and processes that enable significant technological capabilities in a wide range of industries. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Applied Technologies, Inc. Awarded Five-Year Contract at Oak Ridge, TN. Tetra Tech Awards Company Engineering Support Contract at DOE Site

New York, New York, November 9, 1998 -- Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) announced today that its wholly owned subsidiary, Commodore Advanced Sciences, Inc. (CAS) has been awarded a five-year subcontract under Tetra Tech's (NASDAQ: WATR) $20 million contract with Bechtel Jacobs Company LLC for general engineering support in environmental management work at the U.S. Department of Energy's (DOE) Oak Ridge, TN site. This subcontract has an estimated value of $3 to $5 million over a five-year period.

The subcontract is significant because it is the first to incorporate the transition of Oak Ridge workers from Bechtel Jacobs, the current manager of the DOE's environmental cleanup program at Oak Ridge, to a subcontractor. CAS has transitioned an initial five personnel to their Oak Ridge office staff. Their initial work assignments include decontamination and decommissioning support for conversion of DOE facilities in Oak Ridge to other uses.

Pete Harrod, President of CAS, commented "We are pleased to be in the forefront of the workforce transition efforts at Oak Ridge. This new way of doing business strengthens both our skills and our contribution to the real economy." Paul E. Hannesson, Chairman & C.E.O. of Commodore Applied, said, "We are proud to be awarded this subcontract which added to our existing subcontracts at Oak Ridge. Tetra Tech's subcontract to CAS increases our presence and support in the management and cleanup of the nation's defense program legacy wastes."

The mission of the Commodore group of companies is to commercialize new process technologies. The Commodore family includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly owned engineering subsidiary, Commodore Advanced Sciences, Inc. Commodore Applied Technologies is approximately 34 percent owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Applied Technologies, Inc. Awarded
Two-Year Extension for WIPP Support at Carlsbad, NM.
Company to Provide Continued Technical Assistance
to the Department of Energy - $20 Million Extension

New York, New York, November 5, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) announced today that its wholly owned subsidiary, Commodore Advanced Sciences, Inc. (CAS) has been awarded a two-year extension by the U.S. Department of Energy (DOE) on its existing Carlsbad Area Office Technical Assistance Contract (CTAC). CAS will provide technical assistance to the DOE's Carlsbad Area Office in support of the permitting and operation of the Waste Isolation Pilot Plant (WIPP), the nation's first deep nuclear waste disposal site. CAS anticipates revenues of approximately $10 million per year over the next two years as a result of the extension of the WIPP contract.

CAS is currently the technical assistance contractor to DOE for this site and manages a support team of more than 100 professional and technical staff. They provide project controls, technology evaluation, environmental compliance, quality assurance, permitting and public involvement support for this Transuranic waste repository. Transuranic waste is typically trash and equipment that has been contaminated by trace amounts of plutonium and other radioactive elements that are heavier than uranium.

Mike McFadden, Acting Manager of Carlsbad Area Office, DOE, noted, "The support of the CAS team assembled under the CTAC has been essential in our efforts to obtain the necessary permits to open and operate WIPP." CAS President Pete Harrod stated "We are pleased to be given the opportunity to continue supporting DOE at Carlsbad. As a result of this extension, CAS continues our seven year history of providing high quality service to DOE in the commissioning of this unique facility."

Paul E. Hannesson, Chairman & C.E.O. of Commodore Applied, said, "We are proud the DOE continues to recognize the excellence of technical support that CAS provides. The contract extension further validates CAS' capabilities of operating in the complex field of handling the various aspects of nuclear waste."

The mission of the Commodore group of companies is to commercialize new process technologies. The Commodore family includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly owned engineering subsidiary, Commodore Advanced Sciences, Inc. Commodore Applied Technologies is approximately 34 percent owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Applied Technologies Streamlines Operations

NEW YORK, NEW YORK, September 29, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) said today that it is restructuring its operations to focus its commercialization strategy for its SET™ technology on the highest potential markets identified by its corporate partners and government agencies. In connection with this reorganization, the Company announced a reduction in work force and consolidation of facilities.

Simultaneously, the Company announced a debt restructuring and partial debt repayment. The Company announced that, subject to the receipt of a fairness opinion, it intends to transfer its 87% interest in Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP) to its creditor, Commodore Environmental Services, Inc. (OTCBB: COES) in consideration for reduction in indebtedness of $1,250,000. As part of the debt restructuring plan to eliminate $6.7 million in debt, CXI and COES have agreed to, among other things, exchange CXI's remaining indebtedness to COES of $5.5 million into convertible preferred stock. In addition, CXI also agreed to a price reset for the COES warrant that it owns to purchase 1.5 million shares of the Company's common stock from $10.00 to $1.50. While the Company expects to incur some non-recurring reorganization costs, these efforts should result in a significant reduction of monthly operating expenses.

Paul E. Hannesson, Commodore's chairman and CEO said, "This sale and debt repayment plan should result in an increase of approximately $9 million of equity on the Company's balance sheet and make future efforts to secure additional financing for Commodore more likely."

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

U.S. Army Clears Commodore On Debarment Issue

NEW YORK, N.Y., September 25, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) is pleased to announce that its subsidiary, Commodore Advanced Sciences, Inc. (CASI) has been notified that it is entirely relieved of any risk of debarment by the U.S. Government relating to the August 1996 bid to the Army by a group of contractors of which CASI was a member.

In its notification to the company, the Department of the Army's Legal Services Agency complimented the company on its "thorough investigation" and the CASI Board of Directors' responsive actions relating to this matter.

###

Two Commodore Companies and Global Technologies Propose Treatment Plan for Spent Nuclear Fuel Rods.

  • Commodore Applied Technologies' SET™ Process To Dry and Decontaminate Rods

  • Commodore Separation Technologies' SLiM™ Process To Treat Radioactive Water

NEW YORK, N.Y., September 18, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) and Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), announced today that they had entered into a teaming arrangement with Global Technologies, Inc. to process spent nuclear fuel materials at Idaho National Laboratories, Idaho Falls.

Commodore Applied will use a combination of proprietary technologies, including the solvated electron (SET™) process, to dry and decontaminate the nuclear fuel rods, preparing them ultimately for safe storage. Commodore Separation will use its patented liquid membrane (SLiMÔ) process to remove radionuclides from the water from which the nuclear rods have been extracted.

"Global Technologies asked Commodore to join it in a consolidated proposal, " said Paul E. Hannesson, CEO of the Commodore companies. "It is expected to be a nine-month demonstration project, which could qualify the Commodore technologies for additional Department of Energy (DOE) remediation work."

Global Technologies is a high-technology company engaged in environmental cleanup and management projects. GTI has offices in Idaho Falls and in Hanford, Wash.

"The Commodore companies possess unique technologies that we hope will play a significant role in cleaning up the residue from the production of nuclear weapons and fuel," said Francis Tsang, GTI's president and CEO. "If successful, this Idaho National Laboratories project could very well lead to further DOE work. We believe this teaming arrangement will be important in this essential government cleanup."

The mission of the Commodore group of companies is to commercialize new process technologies in the environmental and material sciences arena. The Commodore family includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly-owned subsidiary, Commodore Advanced Sciences, Inc. Approximately 35 percent of Commodore Applied Technologies, Inc. is owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Applied Technologies Says 
GAO Rejects Protest

NEW YORK, N.Y., September 16, 1998 - Commodore Applied Technologies, Inc. (ASE:CXI, CXIW) announced today that the U.S. General Accounting Office has rejected a protest lodged by Teledyne-Commodore LLC, its joint venture with Teledyne Environmental, Inc., of the U.S. Army's funding decisions in the Assembled Chemical Weapons Assessment (ACWA) program. The company said that the GAO decision was based on administrative procedural issues, in particular, a lack of jurisdiction, not on the substantive issues involved. Therefore, the dismissal is without prejudice.

Commodore said that Teledyne-Commodore LLC is considering other options to challenge whether the Army acted properly and within its Congressional mandate when it decided not to fund Teledyne-Commodore LLC for demonstration testing in a program designed to find alternative technologies to incineration.

The Company also said that six members of the U.S. Senate have called on Secretary of Defense Cohen to fund all six technologies that the Army previously determined qualified for the testing phase of the ACWA program. Last month, following the Army's decision, the Senate added $43 million to the Defense Appropriations Bill to fund the additional ACWA testing in Fiscal 1999. Congress is expected to consider this bill within the next three weeks.

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Concludes Internal Investigation

NEW YORK, N.Y., August 21, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI,CXIW) announced today that its Board had completed its own internal as well as independent investigation of the circumstances of an August 1996 bid to the Army from a group of contractors of which its subsidiary, Commodore Advanced Sciences, Inc. (CASI) was a team member. The bid in question was submitted to the Army prior to Commodore's acquisition of CASI and did not result in a contract award. This internal and independent investigation was prompted by the Army's notification that it was reviewing the circumstances surrounding an inappropriate bid by the team members that could lead to a recommendation of debarment proceedings.

Based on the results of its investigation, Commodore believes that CASI is innocent of any wrongdoing or inappropriate conduct and, in fact, was a victim in the process. CASI is currently operating as a responsible contractor for purposes of Federal Acquisition Regulations.

Commodore is therefore optimistic that its response to the Army's July 23, 1998 letter, which Commodore expects to file during the week of August 24, 1998, will be favorably received and that the Army will discontinue its consideration of proposing CASI for debarment. The Army has advised CASI that it will probably make its decision on Commodore's response within two weeks from the date of submission of CASI's response.

The mission of the Commodore group of companies is to commercialize new process technologies. The Commodore family includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly-owned subsidiary, Commodore Advanced Sciences, Inc. Approximately 35 percent of Commodore Applied Technologies, Inc. is owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Receives Contract to Remediate PCBs at Air National Guard Site

NEW YORK, N.Y., August 19, 1998 - Commodore Applied Technologies, Inc. (ASE:CXI, CXIW) announced today that it had been awarded a contract by Operational Technologies Corp. (OpTech) to utilize the solvated electron technology (SET™) process to treat PCB-contaminated soil located at a Pennsylvania Air National Guard facility, Harrisburg International Airport, Pa.

Commodore's wholly-owned subsidiary, Commodore Advanced Sciences, Inc., Albuquerque, N.M., negotiated the $255,000 contract for the clean-up of a PCB transformer spill with OpTech, a privately-owned San Antonio, Tx., waste management company.

"This contract calls for the first deployment of the third generation of SET™ (solvated electron technology) process equipment, the S-10," said Paul E. Hannesson, Commodore's chairman and CEO. "While this contract is relatively small, it is of great significance to Commodore as it is a true commercial contract with implications in both the defense and electric utilities industries.

"Specifically, the OpTech contract calls for the remediation of 133 bank cubic yards of PCB-contaminated soil. Excavated soils will be treated on site and used as backfill.

Commodore's patented SETÔ process has been proven in government tests to destroy or neutralize PCBs, CFCs, HCFCs, dioxins, pesticides and chemical warfare agents. It holds the only non-thermal, nationwide operating permit from the EPA for the destruction of PCBs in soils and on metallic surfaces. In June, Commodore's SET™ process was also approved for the destruction of PCBs in oils.

The mission of the Commodore group of companies is to commercialize new process technologies. The Commodore family includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly-owned engineering subsidiary, Commodore Advanced Sciences, Inc. Commodore Applied Technologies, Inc. is approximately 35 percent owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Applied Technologies, Inc. Reports Second Quarter, Six Month Results

New York, N.Y. August 14, 1998 - Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), today announced results for the three and six month periods ended June 30, 1998 (see table below).

Commodore Applied Technologies, Inc. and Subsidiaries
Condensed, Consolidated Statements of Operations
(Unaudited - dollars in thousands, except per share data)

 

Three Months Ended
June 30,

Six Months Ended
June 30

 

1998

1997

1998

1998

Contract Revenues

$ 4,413

$ 4,792

$ 8,627

$ 9,819

Net Loss

(3,785)

(3,738)

(7,181)

(6,937)

Net Loss Per Share

( .16)

( .17)

( .31)

( .32)

Weighted Average Number
Of Shares Outstanding

23,103,000

21,650,000

23,016,000

21,650,000

Commodore is directly commercializing the solvated electron technology (SET™) process, and through a subsidiary, the supported liquid membrane (SLiM™) process. These important process technologies have been ushered through the research and development phases to where both proprietary technologies have commercial relevance and both are operating under commercial contracts in affiliated companies.

In business matters, Commodore is assisting its joint venture with Allegheny Teledyne Incorporated (NYSE: ALT), Teledyne-Commodore, LLC, with a protest to the U.S. General Accounting Office (GAO) of a U.S. Army decision not to include Teledyne-Commodore in the demonstration testing of the Assembled Chemical Weapons Assessment (ACWA) program. In the protest, Teledyne-Commodore said that the Army had ranked its SET™ process as one of the top three technology teams, based on the ACWA performance criteria. The protest also said that the Army had inaccurately concluded that the Teledyne-Commodore system was among the three most expensive.

In a related matter, in early August the U.S. Senate amended the Defense Department appropriations bill to add $43 million to the ACWA program. The legislation's language is intended to provide sufficient funds so that all six-not the three least expensive technologies included in the ACWA program-can proceed to demonstration testing. Congress is expected to pass the bill in September, after which it will be forwarded to the White House for President Clinton's signature.

In its largest market, the Department of Energy's radioactive and hazardous waste management program, Commodore's SET™ process has been increasingly successful and, as a result, now has several new commercial opportunities. They include contracts with major DOE contractors such as Morrison Knudsen (NYSE: MK), ICF Kaiser (NYSE: ICF), Ogden Corp. (NYSE: OG) and Lockheed Martin (NYSE: LMT). Commodore also recently signed a memo of understanding with a majority-owned subsidiary of Valhi, Inc. (NYSE: VHI), Waste Control Specialists, Inc. (WCS).

The WCS agreement will establish Commodore's first permanent, fixed SET™ process site at a fully licensed and permitted waste management facility. Initially, the S-4 that had been at the DOE's Weldon Spring, Mo. facility will be deployed at WCS's West Texas site, but later this year a third generation machine, the S-10 (ten tons/day), will be installed. Under DOE regulations, radioactive and/or mixed waste can be shipped from any of hundreds of DOE sites to a properly licensed and permitted site; e.g., the WCS site.

In a third market, the supported liquid membrane technology is the basis of the SLiM™ process, a chemical extraction process that has wide applications in many industries and for environmental cleanup. The SLiM™ process is being commercialized by Commodore Separation Technologies, Inc. (NASDAQ: CXOT) an 87% owned public subsidiary of Commodore Applied Technologies.

The first commercial application of the SLiM™ process is currently being installed at two sites at the Port of Baltimore, where it will process Chromium VI water leachates from two sites. The SLiM™ process removes the contaminating Chromium VI from the leachates, cleansing the water to drinking standards before it is deposited into Chesapeake Bay. The process removes the Chromium VI and concentrates it for sale or disposal. It is expected to be operational this quarter.

The mission of Commodore Applied Technologies, Inc. is to develop and commercialize materials and processes that enable significant technologies capabilities in a wide range of industries. Commodore Applied Technologies, Inc. is 35% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

###


 

Commodore Names Edward L. Palmer to its Board

New York, NY - August 14, 1998- Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), announced today that Edward L. Palmer, former chairman of the Executive Committee and director of Citicorp and Citibank, N.A., has been named to the company's board of directors. Mr. Palmer will be replacing Ed L. Romero, who resigned from the board after being named U.S. Ambassador to Spain.

"We look forward to having Ed Palmer with us," said Paul Hannesson, chairman and chief executive officer. "He will bring broad financial and operating insights to our business."

In commercial banking for more than forty years, Mr. Palmer served in various positions at Citibank for twenty-three years. While chairman of the Executive Committee, he shared responsibility for general management of the bank and served as chairman of the Finance and of the Asset and Liability Policy Committees. As executive vice president at Citibank, he organized the Corporate Banking Group, the unit responsible for credit and service functions for all wholesale, commercial, specialized industry, financial institutions and governmental banking.

Mr. Palmer is a trustee emeritus of Brown University, the New York Philharmonic Society, and The Metropolitan Museum of Art. He is also affiliated with the boards of the Devon Group, Inc., FondKlec Group Inc., IRI International Corporation, and SunResorts, N.V.

A graduate of Brown University, he served as lieutenant commander in the U.S. Naval Reserve between 1942-1946.
The Commodore family of companies includes Commodore Applied Technologies, Inc., (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly-owned engineering subsidiary, Commodore Advanced Sciences, Inc. Commodore Applied is approximately 42% owned by Commodore Environmental Services, Inc. (OTCBB: COES).

###


 

Waste Control Specialists and Commodore Applied
Technologies Sign Agreement

  • Valhi, Inc., Subsidiary Fully Permitted And Licensed to Process Radionuclides

  • Site to be First Permanent Installation For Commodore SET™ Process

New York, NY - August 10, 1998- Commodore Applied Technologies, Inc. (ASE:CXI, CXIW), announced today that its subsidiary, Commodore Advanced Sciences, Inc., had signed a memorandum of understanding with Waste Control Specialists, LLC (WCS), a waste disposal and transportation company based in Pasadena, Texas. The agreement is intended to establish the first permanent SET™ process installation at a facility that is permitted and licensed by all levels of government to remediate mixed waste, which is radioactive material mixed with a hazardous contaminant.

By reducing the hazardous component - often PCBs or dioxins -- the radionuclides can be concentrated into much smaller volumes to enable safe, permanent disposal.

Waste Control Specialists, a majority-owned subsidiary of Valhi, Inc. (NYSE: VHI), operates a broad-based waste treatment, storage and disposal facility in Andrews County, Texas. The intention of the agreement is to enable the remediation of mixed waste now located at the WCS site and other waste streams from any of the scores of Department of Energy facilities.

"As a result of Commodore's success in neutralizing the hazardous components of mixed waste at the DOE's Weldon Spring, Mo., site, the SET™ process is being viewed by other DOE contractors as a necessary technology to remediate previously untreatable waste streams," said Paul E. Hannesson, Commodore's chairman and chief executive officer. "The company believes that the WCS facility will be the first of many fixed SET™ locations around the U.S.

"Commodore has announced major contracts with DOE contractors including Morrison Knudsen (NYSE: MK), ICF Kaiser (NYSE: ICF), and Lockheed Martin (NYSE: LMT). Mr. Hannesson said he expects that the Texas site will facilitate yet more contracts with other major DOE contractors.

The WCS facility includes 11.2 million cubic yards permitted disposal, a 5,000-drum capacity warehouse, a 150-bin container storage building; truck and rail unloading capabilities, and laboratory facilities.

Commodore' patented SET™ process has been proven in government-licensed laboratory tests to neutralize PCBs, CFCs, HCFCs, dioxins, pesticides and chemical warfare agents.

Commodore holds the only non-thermal, nationwide permit from the EPA for the destruction of PCBs in soils, oils and on metallic surfaces.

The mission of the Commodore group of companies is to commercialize new process technologies. The Commodore family includes Commodore Applied Technologies, Inc. (ASE: CXI, CXIW), Commodore Separation Technologies, Inc. (NASDAQ: CXOT, CXOTW, CXOTP), Commodore Solution Technologies, Inc. and its wholly-owned subsidiary, Commodore Advanced Sciences, Inc. Approximately 42 percent of Commodore Applied Technologies, Inc. is owned by Commodore Environmental Services, Inc. (OTCBB: COES).

These materials contain forward-looking statements based on a series of projections and estimates regarding economics within the company's markets, the industries in which the company operates, the effects of legislation and regulations, as well as business and competitive outlook.

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Commodore Applied Technologies CFO Resigns to Join
New York Area HMO

New York, NY - August 7, 1998- Commodore Applied Technologies, Inc. (ASE: CXI, CXIW) announced that Michael D. Fullwood, senior vice president, chief financial officer and general counsel, has resigned to accept an executive position at a New York health care organization. Paul E. Hannesson, Commodore chair