Some CXI news:
Start-up sails into new phase with port contracts
Mark Hilpert
Commodore Solution Technologies Inc. is making the transition from start-up to full-fledged money-making business.
The McLean-based environmental technology company, founded last year, recently won two contracts from the state of Maryland to help clean up hazardous waste at the Port of Baltimore.
Commodore's total payout will be determined by the amount of money it saves the state from having to send polluted water out of Maryland for treatment, company President Ken Adelman said. But Adelman estimated the contracts' value in the hundreds of millions of dollars.
"This shows there is a viability to this company and its technology," Adelman said. "It moves us from being a research and development start-up to being a real commercial enterprise."
Commodore, a subsidiary of Commodore Applied Technologies Inc. in New York (AMEX: CXI), has 120 employees in McLean.
Adelman declined to discuss Commodore's finances. For the nine months ended Sept. 30, the parent company reported a loss of $13 million, or 51 cents a share, on contract revenue of $15.7 million. That compares with a loss of $3.1 million, or 18 cents a share, on contract revenue of $35,000 for the same period in 1996.
In addition to traditional remediation of toxic agents such as PCBs, Commodore's technology is designed to destroy chemical warfare agents.
Adelman's background could help grease the skids for future government contracts. During the Reagan administration, he served as the United States' assistant representative to the United Nations and headed the U.S. Arms Control and Disarmament Agency.
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