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CHAMBERS SELLS ASSETS IN CALIFORNIA, GEORGIA AND NEW JERSEY FOR $12.6 MILLION; NET PROCEEDS FROM ASSET SALES IN 1993 EXCEED $51 MILLION

 PITTSBURGH, Jan. 3 /PRNewswire/ -- Chambers Development Company, Inc. (AMEX: CDVA, CDVB) today announced that it has completed as of Dec. 31, 1993, the sale of its two transfer stations in Morris County, N.J., to the Morris County Municipal Utilities Authority for $9.5 million. The company also announced that it has recently completed two transactions for the sale of assets in California and Georgia.
 In Georgia, the company sold its Columbus collection and hauling operation to Environmental Partners, Inc. for approximately $2.1 million.
 The company received $1 million for its development project in Kings County, Calif.
 Consistent with the company's strategic plans and the terms of its lending agreements, the company has received approximately $51.1 million from the sale of non-core assets in 1993. The proceeds will be used for debt reduction and general corporate purposes.
 Commenting on the success of Chambers' program to sell non-core assets, John G. Rangos Sr., Chambers' president and CEO, said, "I am pleased with the results we have obtained in 1993 from this part of our restructuring program. This reflects very favorably upon the capabilities of our management team and the quality of assets we have built at Chambers. We have only sold certain assets which did not fit into our long-term plans and received very good value."
 Rangos also indicated that asset sales have enabled the company to strengthen significantly its financial condition by reducing long-term debt, and that future financial performance will benefit from lower interest expense.
 Chambers, headquartered in Pittsburgh, is a leading environmental services firm involved in landfill, transfer station and recycling operations, as well as the collection, transportation and disposal of residential, commercial, non-hazardous industrial and medical wastes.
 -0- 1/3/94
 /CONTACT: media, Jim Leonard, 412-244-7560, or financial, Lew Nevins, 412-244-6195, both of Chambers Development/
 (CDV)


CO: Chambers Development Company, Inc.; Morris County Municipal
 Utilities Authority; Environmental Partners, Inc. ST: New Jersey, Georgia, California, Pennsylvania IN: ENV SU:


KC-MK -- PG001 -- 8407 01/03/94 09:05 EST
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Publication:PR Newswire
Date:Jan 3, 1994
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