-- Commodore Environmental Services, Inc. Becomes Majority Shareholder of --
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS AND ENVIRONMENTAL EDITORS:
Commodore Environmental Services, Inc. Becomes Majority
Shareholder of Commodore Separation Technologies, Inc.
NEW YORK, Dec. 31 /PRNewswire/ -- Commodore Environmental Services, Inc.
(OTC Bulletin Board: COES) announced today that it has become the majority
shareholder of Commodore Separation Technologies, Inc. (Nasdaq: CXOT, CXOTW,
CXOTP) as part of a debt repayment plan with Commodore Applied Technologies,
Inc. (Amex: CXI, CXIW). The Company will own 87% of CXI stock.
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 CXI's
shareholdings in Commodore Separation Technologies, Inc. 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 CXI 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
CXI which amendment reduced the exercise price from $10.00 to $1.50.
The mission of the Commodore companies is to develop and commercialize
materials and processes that enable significant technological capabilities in
a wide range of industries.
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.
SOURCE Commodore Environmental Services, Inc.
/CONTACT: Melissa C. Berkowitz, Shareholders, of Commodore
EnvironmentalServices, Inc., 212-3O8-5800/
Symbols:
US;COES US;CXOT US;CXI US;CXIW
Source PRN - PR NewsWire
Categories:
NWR/NY NWI/ENV NWS/RCN
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