Consolidated Envirowaste Closes Private Placement.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 24, 1996-- CONSOLIDATED ENVIROWASTE (VSE:CWD) The Company is pleased to announce the closing today of the private placement to Environmental Research and Development Capital Limited Partnership of Toronto, Ontario of 1,666,666 units, each consisting of one common share and 0.6 of one transferable common share warrant, at a price of $1.50 per unit, for proceeds of $2,500,000. Each warrant entitles the holder, for a period of three years, to purchase one common share at a price of $1.60 in the first year, $1.76 in the second year, or $1.94 in the third year of the term. In a related transaction, closed concurrently with the private placement to ER&D, the Company issued to Royal Bank Capital Corporation 104,166 additional common shares to reflect the repricing of its June 11, 1996, $2,500,000 private placement from $1.60 to $1.50 per share. Finally, concurrently with those transactions, holders of an aggregate $1,400,000 convertible loan to the Company converted the entire outstanding principal amount to 933,332 common shares at a price of $1.50 per share. In addition, the exercise period and the exercise prices of 979,020 warrants previously issued to the holders of the convertible loan were amended to correspond to the terms of the warrants issued to RBCC on June 11, 1996.

Mr. Darrell Elliott, one of RBCC's two nominees to the Company's board of directors, has been replaced on the board by ER&D's Managing Director, Mr. Derrick Rolfe. Mr. Elliott remains available to the board as an observer.

CONSOLIDATED ENVIROWASTE INDUSTRIES INC. Per: Douglas R. Halward President -0-

Note to Editors: The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.

CONTACT: Consolidated Envirowaste Industries Inc.

Douglas R. Halward, 604/856-6221