Commodore Environmental Services, Inc. Announces Second Quarter Results

Business Wire, August 14, 1995

NEW YORK--(BUSINESS WIRE)--Aug. 14, 1995--Commodore Environmental Services, Inc. (OTC:COES) today announced results for the second quarter ended June 30, 1995. (See table below)

The decrease in revenues for the three and six month periods were primarily the result of the extinguishment of a mortgage receivable during 1994 which resulted in a reduction of ongoing income. The net loss of ($1,797,000), or ($.03) per share for the six months ended June 30, 1995 was primarily attributable to additional research and development expenses for Commodore's patented and patent-pending technologies in each of the first two quarters.

According to Paul E. Hannesson, President and CEO of Commodore, "The Company is in the process of developing important relationships in the refrigerant management business. Through Commodore's direct mail and sales efforts, as well as our recently announced non-exclusive alliance with Refron, Inc., a major nationwide distributor of CFC refrigerants, we began receiving mixed CFC materials for both selective destruction and outright destruction during the quarter. We expect that revenues from these initial processing orders will be booked in the second half of the year." -0-