SOURCE: COMMODORE APPLIED TECHNOLOGIES, INC.

May 18, 2005 17:14 ET

Commodore Applied Technologies, Inc. Reports First Quarter 2005 Results

Announces Progress on eDAM Contract

Names Walt Foutz as Vice President of Advanced Sciences

NEW YORK, NY -- (MARKET WIRE) -- May 18, 2005 -- Commodore Applied Technologies, Inc. (OTC BB: CXII), today announced financial results for the three-month period ended March 31, 2005 (see table below).

Commodore Applied Technologies, Inc. and Subsidiaries
Condensed, Consolidated Statements of Operations
Three Months Ended March 31,
(Unaudited - dollars in thousands, except per share data)

                         2005      2004
                       -------   -------
Revenues               $ 1,626   $   182
Net Loss               $  (477)  $  (678)
Net Loss Per Share
 -Basic and Diluted    $ (0.00)  $ (0.01)
Weighted Average
 Number of Shares
 Outstanding           136,335   118,587
Mr. Shelby Brewer, Chairman and CEO, stated: "Our Oak Ridge Environmental Sampling contract (EDAM) with Bechtel Jacobs began operations in January 2005, and is performing well. We did experience some one-time expenses in ramping up for these operations, and for eliminating some non-related historic liabilities from our balance sheet, but these extraordinary item costs are behind us." Mr. Brewer further stated: "The EDAM scope has grown significantly above expectations when we booked the contract. We have added a similar environmental monitoring services contract with Duratek Federal Services, Inc. to our backlog. Our plan is to extend this service into other Department of Energy sites and to Department of Defense sites as well."

Mr. Brewer further stated: "Our wholly owned subsidiary, Commodore Advanced Sciences, enjoyed a net profit in the first quarter. The engineering component of our portfolio is becoming stabilized and in the future, may provide additional resources to assist in deploying our Solvated Electron Technology (SET™)."

Additionally, Mr. Brewer stated: "We are pleased to announce that Walt Foutz has been named Vice President of Operations for Commodore Advanced Sciences, Inc. Walt joined Commodore in 2000, and has been a key success factor in the management of multi-million dollar projects at Rocky Flats and currently in Oak Ridge. This promotion is well earned."

Commodore Applied Technologies, Inc. is a diverse technical solutions company focused on high-end environmental markets. The Commodore family of companies includes subsidiaries Commodore Solution Technologies and Commodore Advanced Sciences. The Commodore companies provide technical engineering services and patented remediation technologies designed to treat hazardous waste from nuclear and chemical sources. More information is available on the Commodore web site at www.commodore.com.

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-Q and its annual report on Form 10-K.

Contact Information

  • Contact:
    James M. DeAngelis
    (212) 308-5800