SOURCE: COMMODORE APPLIED TECHNOLOGIES, INC.

November 06, 2007 16:24 ET

Commodore Applied Technologies, Inc. Elects New Board Members

RICHLAND, WA--(Marketwire - November 6, 2007) - Commodore Applied Technologies, Inc. (OTCBB: CXIA) today announced that the Board of Directors of Commodore Applied Technologies, Inc. elected three members to the Board and accepted the resignation of an existing board member, all actions effective November 1, 2007. The new members are Ted R. Sharp, who also serves as an executive officer of the Company, Jan C. Huly, and Thomas J. Colatosti. Mr. Huly and Mr. Colatosti have no other affiliation with the Company and are independent board members. The Board reluctantly accepted Frank Coffman's resignation from the Board, which was tendered at the request of his full-time employer in keeping with that company's corporate policy to limit board membership and similar activities by members of its executive management.

Ted R. Sharp has served as the Company's Chief Financial Officer since January 1, 2007. He is a Certified Public Accountant in Washington and Idaho, and has a BBA in Accounting from Boise State University. He has more than 25 years of experience in treasury management, internal financial controls, international business and management, U.S. Security and Exchange compliance and Corporate Governance. Since 2003, he has been President of Sharp Executive Associates, Inc., a privately held accounting firm providing Chief Financial Officer and Sarbanes-Oxley compliance services to clients. Several of those clients have had international subsidiaries, for which Mr. Sharp has provided an array of services. Prior to 2003, he worked for 14 years in positions of Chief Financial Officer, Managing Director of European Operations and Corporate Controller for Key Technology, Inc., a publicly traded manufacturer of capital goods with headquarters in Walla Walla, Washington (KTEC on the Nasdaq microcap exchange). Mr. Sharp's earlier career experiences included financial management positions in industry and service in the tax department of a regional accounting firm.

In 2006, Jan C. Huly retired as Lieutenant General in the U.S. Marine Corps with over thirty years of experience as a leader and administrator, holding such positions as Deputy Commandant, Plans, Policies and Operations, Washington, DC from 2003 to 2006; Commanding General, Marine Corps Recruit Depot, San Diego, CA from 2000 to 2003; Director of Operations, U.S. Marine Corps, Washington, DC from 1998 to 2000; and Deputy Commander, U.S. Marine Reserves, New Orleans, LA from 1996 to 1998. Prior to 1996, Mr. Huly held several positions with the Marine Corps, variously responsible for operations and planning, security and force protection, recruiting and training, public relations, budgeting and programming, and human resources. He received a BS degree from the University of California, Berkeley and an MA degree from Central Michigan University.

Thomas J. Colatosti has been the President and Chief Executive Officer of American Security Ventures (ASV) since 2002. ASV provides strategic management services and capital resources to emerging and developing companies in the biometric and homeland security industries. Since August 2005, Mr. Colatosti has been President and Treasurer and a Director of Good Harbor Partners Acquisition Corp. Mr. Colatosti is also the Chairman of the Board of Directors and Co-CEO of BIO-Key International, Inc., an OTC Bulletin Board listed company that develops advanced biometric finger identification and wireless mobile technologies. Prior to founding American Security Ventures, from 1997 to May 2002, Mr. Colatosti was President and Chief Executive Officer of Viisage Technology, Inc., a Nasdaq listed company that provides biometric face-recognition technology and highly secure identification documents and systems. Before joining Viisage, from 1995 to 1997, Mr. Colatosti was President and Chief Executive Officer of CIS Corporation, a provider of software solutions for higher education. From 1973 until 1995, Mr. Colatosti worked at Digital Equipment Corporation (DEC), a large multinational computer company. As Vice President of the Government Systems Group, a billion dollar revenue division of DEC, he was responsible for all products and services to the federal government, aerospace, electronics and manufacturing industries. Mr. Colatosti also currently serves on the board of several privately held companies and non-profit organizations. He also served on the Board of Advisors of Saflink Corporation, a Nasdaq listed provider of software security solutions. Mr. Colatosti is a decorated Vietnam veteran. He received a BS and an MBA from Suffolk University.

CEO and Chairman of the Board, Shelby T. Brewer, expressed his pleasure with these additions to the Board. "We thank Dr. Coffman for his valuable service over the years, and look forward to continuing our relationship as a friend to the Company. Frank and I go back several decades. He was my deputy for Environmental Management when I was in the Reagan Administration. We welcome the fresh insight and energy these new additions bring to our Board as we continue to execute on our growth strategies. Tom Colatosti is an enormously successful businessman, with a particularly good track record in small and startup businesses, roll-ups, and finance. General Huly has had a brilliant career in the U.S. Marine Corps. His experience includes the equivalent of the Chief Operating Officer of the USMC, reporting to the Commandant, and interacting with intelligence agencies, Congress, and the White House. These gentlemen are well-qualified and prepared to share direction based upon a wealth of pertinent experience. Ted Sharp joined the company last year, as our new Chief Financial Officer, and his record with the company, as well as his career in general has been exemplary."

This Press Release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which Commodore Applied Technologies, Inc. and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Commodore's actual results to be materially different from any future results expressed or implied by these statements. Actual results may differ materially from what is expressed in these statements, and no assurance can be given that Commodore can successfully implement its core business strategy and improve future earnings.

The factors that may cause Commodore's actual results to differ from its forward-looking statements include: Commodore's current critical need for additional cash to sustain existing operations and meet ongoing existing obligations and capital requirements; Commodore's ability to implement its commercial waste processing operations, including obtaining commercial waste processing contracts and processing waste under such contracts in a timely and cost-effective manner; the timing and award of contracts by the U.S. Department of Energy for the clean-up of waste sites administered by it; the acceptance and implementation of Commodore's waste treatment technologies in the government and commercial sectors; and other large technical support services projects. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in Commodore's SEC filings, including its quarterly reports on Form 10-QSB and its annual report on Form 10-KSB.

Contact Information

  • Contact:
    Ted R. Sharp
    (208) 697-1641