BOVAR Inc. reports 1994 results.

CALGARY, Alberta--(BUSINESS WIRE)--Feb. 21, 1995--BOVAR Inc. (TSE:BVR) reported that revenues increased 60 percent in 1994 to $80.5 million compared to $50.4 million in 1993.

Net income for the year ended December 31, 1994 grew to $7.1 million ($0.09 per share) from a loss of $0.1 million ($0.00 per share) for 1993.

The fourth quarter was strong with a revenue increase of 78 percent to $25.0 million compared to $14.1 million in the fourth quarter of 1993. Income in the quarter increased to $2.5 million from a loss of $0.1 million in the same quarter in 1993.

Cash flow from Operations for the year increased to $17.8 million from $6.6 million in 1993. -0-

                        4th Quarter Ended       Year Ended
($ millions)           12/31/94  12/31/93  12/31/94  12/31/93
                       ------------------  ------------------

Revenue                  25.0      14.1      80.5     50.4
Net Income                2.5      (0.1)      7.1     (0.1)
Per Share
  in Dollars              0.03     (0.00)     0.09    (0.00)
Cash Flow from
  Operations              5.9       1.7      17.8      6.6
Per Share
  in Dollars              0.07      0.02      0.23     0.10

-0-

Revenues from BOVAR's 60 percent interest in the Alberta Special Waste Management System (ASWMS) increased 75 percent over 1993. In November 1994, the Alberta Natural Resources Conservation Board recommended that the ASWMS be allowed to import waste from other provinces for treatment at the Alberta Special Waste Treatment Centre in Swan Hills, Alberta. The Alberta Cabinet approved this recommendation in February 1995, greatly increasing the ASWMS's market area for hazardous wastes.

BOVAR Biomedical Services Inc. revenues increased 79 percent in its first full year of operations but still incurred losses reflecting utilization rates that were below breakeven for the year.

BOVAR Engineered Products (BEP) revenues increased 41 percent over 1993 due largely to an increase in sale of products to international markets. In 1993 and 1994, BEP introduced a number of new products, including the Model 241 DewPoint Monitor and Model 900 Air Demand Analyzer which made strong gains in the market throughout 1994.

BOVAR-CONCORD Environmental Services revenues increased 54 percent due to the acquisition of Concord Corporation in January 1994. However, this consulting and testing operation incurred a loss for the year as a result of the integration and consolidation of businesses required to establish a national consulting service.

BOVAR Inc., which is listed on the Toronto Stock Exchange under the symbol BVR, is one of Canada's leading international providers of environmental and waste management products and services. BOVAR operates and is 60 percent owner of Canada's only fully integrated hazardous waste treatment facility which is located at Swan Hills, Alberta. BOVAR conducts its environmental operations through Chem-Security (Alberta) Ltd., BOVAR Engineered Products, BOVAR-CONCORD Environmental and BOVAR Biomedical Services Inc.

CONTACT: BOVAR Inc.

Paul S. Fee, 403/235-8301 (President & CEO)

Monty L. Davis, 403/235-8302 (Chief Operating Officer)