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To: Cary C who wrote (4614)	2/19/2004 12:29:46 PM
From: - with a K	Read Replies (2) \| Respond to of 23958

Cary, re: BEL, Westminster Securities of Atlanta came out with a "strong buy" reiteration of BEL 2/17/04. Snips: 6 mo. target/gain: $28.80 / 52% 12 mo: $35.10 / 85% BEL is one of only four N. American providers of high-temperature detoxification services for soil polluted by various industrial contaminants. BEL's new storage facilities are significantly reducing the weather-related delays in processing winter operations in the past. St. Ambroise is the only NA facility east of Ohio that can decontaminate multi-ton batches of soil of all organic contaminants in a high-temp. process that the US EPA has desiginated as "Six Nines." Re: concern from others about replacing Saglek business after first phase is done: We believe this concern is misplaced, not least because a) there are 35 other sites that also need to be cleaned up and b) mangmnt has indicated the company is bidding on 7000,000 tons of new soil projects. In addition, BEL has announced it is in negotiations with Canada's Dept. of Nat'l Defense for the next phase at Saglek, which would take place over the next year or two. It's been known for some time that BEL was looking for a CEO to take the company forward. Bennett talked about that on the CC. He will continue on as Chairman, which is good. I agree, the new CEO appears to have the right background. We'll have to see in a few quarters what he's all about. I am especially interested to see what kind of expansion BEL will do in the US. The addition of the former Michigan governor to the BEL board, the plan to open two US offices, the search for sales people, and now the new CEO all point to some exciting growth possibilities over the next 5 years. PR: Mr. Allan Bulckaert has accepted the position effective February 18, 2004. Mr. Bulckaert is a proven senior executive with extensive international experience in business management. Most recently, Allan was President and Chief Executive Officer of Trojan Technologies Inc., a public company in the environmental industry with operations in Canada, Europe and the U.S. which specializes in the design, marketing and distribution of UV water disinfection systems. While at Trojan Technologies, Allan oversaw a tremendous growth in business through strategically sound acquisitions and organic growth with a focus on strengthening the sales and marketing functions. Prior to that, Mr. Bulckaert had a distinguished 14-year career at Siemens AG where he was Vice-President and General Manager for several automotive divisions including emissions management systems, responsible for R&D, sales and production for facilities located around the world. During part of this period he was also responsible for environmental issues at Siemens Canada.