Commodore Environmental announces completion of initial public offering of Commodore Applied Technologies, Inc.; New Company Listed on American Stock Exchange.NEW YORK--(BUSINESS WIRE)--July 3, 1996--Commodore Environmental Services, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : COES COES College of Engineering and Science COES Committee on Open Electronic Systems COES Clinical Operational Equipment Sets ) today announced that the initial public offering of 5,000,000 shares of Common Stock and 5,000,000 Redeemable Common Stock Purchase Warrants of its 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) , CXIW) ins completed today. Commodore Environmental Services, Inc. has retained 75% ownership of Commodore Applied Technologies, Inc. The shares of Common Stock in the offering were priced at $6.00 per share and the Warrants were priced at $.10 per Warrant. Each Warrant entitles the registered holder to purchase one share of Common Stock at an initial exercise price of $8.40, subject to adjustment, at any time commencing June 28, 1997 until June 28, 2001. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering will be used to fund Commodore Applied Technologies, Inc.'s proposed collaborative ventures, additional research and development costs, repayment of a portion of outstanding debt and for working capital and other general corporate purposes. This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities. Any such offer will be made only by means of a prospectus. A written prospectus relating to the securities may be obtained from National Securities Corp., 520 Madison Avenue, 11th Floor, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10022. CONTACT: Commodore Environmental Services, Inc. Melissa C. Berkowitz (212) 308-5800 -or- INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Terry M. Hosmer (212) 836-9610 Robert Goldstein (212) 371-8660 |
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