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CANONIE ENVIRONMENTAL SERVICES CORPORATION ANNOUNCES DISPUTE RESOLUTION

 PORTER, Ind., Feb. 24 /PRNewswire/ -- Canonie Environmental Services Corp. (NASDAQ: CANO), a leading provider of engineering and remedial services for the clean up of hazardous waste sites, announced today that it has amicably resolved a long-standing dispute over claims arising from work on a major Superfund site. The settlement will provide Canonie with a cash payment of about $3 million. Additionally, another disputed contract was mutually resolved resulting in a partial release of funds being held back, of which the company received approximately $900,000 in cash. These settlements will result in a one-time charge of about $1.2 million after-tax to Canonie's fourth quarter performance.
 Richard A. Zartler, president of Canonie said, "The resolution of these disputes is part of a major effort currently undertaken by Canonie to amicably resolve several of its long-standing disputes, and avoid the time consuming and costly efforts of prolonged dispute resolution proceedings." Zartler added that in light of this claims resolution effort, a further evaluation of all outstanding claims is being undertaken by Canonie and its auditors, and it is likely that additional write-downs will be taken in the fiscal year ending Feb. 28, 1993. The impact of the $1.2 million write-down, as well as preliminary estimates of these further write-downs, suggests that the company will report a loss for the fiscal year in the range of $4 to 6 million.
 Canonie Environmental Services Corp. provides comprehensive hazardous waste remediation services. The firm has extensive experience in site investigation and characterization, strategic planning, engineering, construction, and operation and maintenance. The company has developed and applied practical, yet innovative technology to meet clients' needs. It is one of the few firms capable of providing such a broad range of services, and has done so successfully for more than 10 years. Canonie's common stock is traded on the NASDAQ under the symbol CANO.
 -0- 2/24/93
 /CONTACT: William R. Howe, corporate controller and assistant treasurer of Canonie Environmental Services Corp., 219-926-8651/
 (CANO)


CO: Canonie Environmental Services Corp. ST: Indiana IN: SU:

LC -- CL012 -- 0107 02/24/93 17:15 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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