COMMODORE ENVIRONMENTAL SERVICES, INC. AND LANXIDE CORPORATION IN MERGER DISCUSSIONS.NEW YORK--(BUSINESS WIRE)--July 29, 1996--Commodore Environmental Services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, , Inc. [OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : COES COES College of Engineering and Science COES Committee on Open Electronic Systems COES Clinical Operational Equipment Sets ] and Lanxide Corporation [OTC Bulletin Board: LNXI] today announced that the two companies are in discussions regarding a possible business combination. As currently proposed, Commodore and Lanxide would each merge into a new holding company to be formed to accomplish this transaction, with stockholders of Lanxide and Commodore each receiving 50% of the shares of the holding company. The transaction would be subject to certain conditions, including a financing of approximately $150 million for the new holding company and the approval of the stockholders of both Commodore and Lanxide. The Board of Directors of both Commodore and Lanxide have appointed special committees to independently review the proposed transaction and report their recommendations to each respective Board. No assurances can be given that this transaction will be consummated as proposed or at all. Commodore Environmental Services, Inc. has been involved in environmental material process technology since 1986. On June 28, 1996, Commodore Environmental Services' formerly wholly-owned subsidiary, Commodore Applied Technologies, Inc. (AMEX AMEX See: American Stock Exchange : CXI CXI Common X-Windows Interface (Unix) CXI Color Mixer (Wyron, stage lighting) ), successfully completed its initial public offering of common stock and redeemable warrants, raising gross proceeds of $35,075,000. Commodore Applied Technologies, Inc. is commercializing its patented solvated electron A solvated electron is a free electron in (solvated in) a solution. Solvated electrons are widely occuring and are commonly proposed for reactions that occur in water. Solutions of alkali metals in ammonia are brightly coloured due to the presence of solvated electrons: blue when process, which has been awarded the U.S. EPA's first ever portable, non-thermal, nationwide permit for PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. destruction. This process also destroys chemical warfare chemical warfare, employment in war of incendiaries, poison gases, and other chemical substances. Ancient armies attacking or defending fortified cities threw burning oil and fireballs. A primitive type of flamethrower was employed as early as the 5th cent. B.C. agents and concentrates certain radioactive wastes for more effective disposal. Commodore Environmental Services has retained 72% ownership of Commodore Applied Technologies, Inc. Lanxide was founded in 1983 to develop and commercialize novel materials processing technology. The Company's initial focus centered on unique approaches to the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. of ceramic-reinforced ceramics and metals, and has more recently expanded to include processing of polymeric materials. The Company's patented technology has enabled it to engineer a new class of high-performance materials, LANXIDE(TM) composites, which combine many of the features of ceramics and metals, providing a new class of structural materials. They exhibit combinations of strength, damage tolerance, shape versatility, hardness, stiffness, chemical stability and temperature tolerance previously unavailable in a single class of materials. Products introduced to date include electronic components, optical components, automotive engine and brake components, refractories, armor, industrial pump and cyclone components, components for gas turbine engines, rocket engines and certain other aerospace applications, and sporting goods. CONTACT: Commodore Environmental Services, Inc. Melissa Berkowitz, 212/308-5800 -or- The Equity Group Terry Hosmer, 212/836-9610 Robert Goldstein, 212/371-8660 -or- Lanxide Corporation R. Michael Rice, 302/456-6219 |
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