SOURCE: COMMODORE APPLIED TECHNOLOGIES, INC.

August 23, 2005 13:08 ET

Commodore Applied Technologies, Inc. Reports Second Quarter 2005 Results

Announces Progress on EDAM Contract

Competes for Additional Contracts

NEW YORK, NY -- (MARKET WIRE) -- August 23, 2005 -- Commodore Applied Technologies, Inc. (OTC BB: CXII) today announced financial results for the three and six months ended June 30, 2005 (see table below).

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


                      Three Months Ended             Six Months Ended
                            June 30,                      June 30,
                      2005           2004           2005           2004
                     ------         ------         ------         ------
Revenues             $2,733          $112          $4,359          $294
Loss from
 Operations           ($305)        ($681)          ($634)      ($1,267)
Net Loss              ($507)        ($778)          ($984)      ($1,447)
Net Loss Per
 Share - Basic
 and Diluted         ($0.00)       ($0.01)         ($0.01)       ($0.01)
Weighted Average
 Number of Shares
 Outstanding -
 Basic and
 Diluted            148,848       127,235         140,416       123,921

Commodore's Chairman and CEO Mr. Shelby Brewer stated, "I am pleased with the steady improvement in our financial performance over the past six months -- our wholly owned subsidiary Commodore Advanced Sciences is now profitable owing largely to our contract with Bechtel Jacobs at Oak Ridge for environmental monitoring and data management (EDAM). This contract has grown in scope significantly beyond our original expectations."

Brewer continued: "As we have noted in earlier statements, we are rolling out this engineering service to other Department of Energy and Department of Defense sites. We have bid, again with SAIC, a similar scope to the Department of Energy's Idaho Site."

Brewer continued: "It has been my experience, both as a contractor and a buyer, that once present on a site, other related or non-related work flows, provided that value is added. A company such as Commodore becomes a member of a 'family' of contractors serving that site. This has been true at Oak Ridge. It is our intent to penetrate this threshold at Idaho and other Energy Department sites. Site presence and operations also serves as a 'wicking agent' for our SET™ applications."

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