CAMBRIDGE ENVIRONMENTAL RECEIVES APPROVAL FROM VSE FOR PRIVATE PLACEMENT.

CALGARY, Alberta--(BUSINESS WIRE)--Jan. 26, 1995--CAMBRIDGE ENVIRONMENTAL (VSE: CVY O.T.C. NASDAQ BULLETIN BOARD: CNVSF)-- Cambridge Environmental Systems Inc. ("Cambridge") today received the approval of the Vancouver Stock Exchange to its certified filing for a private placement of 1,128,000 Units containing warrants to acquire up to 994,000 additional common shares for a maximum total number of 2,122,000 common shares issuable.

The private placement closed and was completed with subscriptions for 698,000 $1.00 Units comprised of one common share together with one warrant entitling subscribers to purchase one additional common share for each two warrants at a price of $1.50 for a period of twelve months from closing, and 430,000 $1.00 Units comprised of one common share together with one half warrant entitling subscribers to purchase one additional common share for each two warrants at a price of $1.50 for a period of twelve months and one full warrant entitling subscribers to purchase one additional common share for each warrant at a price of $0.62 for a period of twenty-four months from closing. Closing, for purposes of this private placement, was deemed to have occurred on Jan. 17, 1995. The common shares issued, or to be issuable, under the private placement of Units are subject to statutory hold provisions expiring on Jan. 17, 1996.

Proceeds of $1,128,000, which were received by Cambridge from this private placement financing, will be used in purchasing equipment and to expand the waste elimination and resource recovery facilities at Skimmer's Marwayne, Alberta plant, as well as to add to Cambridge's working capital.

The company also announced that on Jan. 16, 1995, it received the Vancouver Stock Exchange's approval to the issuance of 437,367 common shares of Cambridge to participating creditors of Skimmer Oil Separators Ltd., Cambridge's wholly owned subsidiary, in full satisfaction of monies owing to these creditors by Skimmer under a shares for equity proposal arrangement reached by Cambridge. Common shares being issued to creditors are not subject to any statutory hold provisions.

Cambridge also disclosed that it has recently acquired several new customers for its waste elimination and resource recovery services provided by it at its Skimmer plant located near Marwayne, Alberta. Due to recent improvements to its plant, Cambridge has been able to substantially increase the volume of product being received and processed. Additional equipment is being installed in response to increased plant utilization through significant increases in heavy oil production by Cambridge's existing major heavy oil production customers.

In addition, Cambridge is also progressing with installation of additional resource recovery equipment and expects to commence sales of fine silica sand in the current quarter.

CAMBRIDGE ENVIRONMENTAL SYSTEMS INC.

LAWRENCE G. RYCKMAN, Director

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CONTACT: Jim Crowley, 403/269-2492 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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