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Technology Stocks : Molten Metal Technology -- Ignore unavailable to you. Want to Upgrade?

To: andris who wrote (374)	11/21/1997 5:55:00 PM
From: Richard N Lambert	Respond to of 421

Cut Cut Cut.... Molten Metal Technology Eliminates Jobs in Massachusetts and Texas WALTHAM, Mass., Nov. 21 /PRNewswire/ -- Molten Metal Technology, Inc. (Nasdaq: MLTN) today announced it eliminated 88 jobs from its Massachusetts facilities and 29 from its Bay City, Texas plant. Molten Metal had announced to employees earlier in the week that it expected a 25 percent layoff by early next week, primarily at its corporate headquarters in Waltham, Mass. and its research and development facility in Fall River, Mass. Thirty-one of 60 positions were eliminated at the company's corporate headquarters in Waltham and 57 of 109 positions were eliminated at the Fall River facility. Molten Metal also eliminated 29 of its 49 Texas- based employees, because the company decided to defer start-up of its Bay City, Texas plant until the company is able to find a strategic partner for the chemicals market. "The company is doing everything possible to conserve cash. We regret having to lay off employees, but at this point we have no choice," said F. Gordon Bitter, chief executive officer of Molten Metal Technology. The company expects to eliminate additional positions from its Oak Ridge operations next week. Molten Metal Technology is pursuing various financing opportunities, including equity and debt financing from private investors and is also seeking a strategic partner to support one or more of its business segments. Molten Metal Technology announced earlier this week that it has retained the Blackstone Group, an investment banking firm, to review strategic alternatives, including the possible sale of some or all of its assets. Based in Waltham, Massachusetts, Molten Metal Technology, Inc. is an environmental technology company commercializing pollution prevention and waste recycling methods that are broadly applicable to a wide variety of hazardous, non-hazardous, and radioactive wastes. The company's patented core technology, Catalytic Extraction Processing (CEP), takes waste and transforms it into reusable industrial products using a molten metal bath. The company operates two commercial facilities for processing radioactive waste in Oak Ridge, Tenn. Certain statements contained in this press release are forward-looking statements within the meaning of federal securities laws, including statements regarding the ability of the company to obtain financing, to find a strategic partner for one or more of its business segments, to sell some or all of its assets, and to otherwise address its short-term and long-term liquidity needs. These forward looking statements are based largely on the company's expectations and are subject to a number of risks and uncertainties, many of which are beyond the company's control, including that the company would not be able to obtain required financing on satisfactory terms or at all, which will cause the company to be unable to continue normal operations after November 1997. These risks and additional factors which may cause actual results to differ are described in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 1996. SOURCE Molten Metal Technology CONTACT: Michele Perry, 617-487-7639 or Kirsten Rankin, 617-487-7673 both of Molten Metal Technology