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CHEMFIX TECHNOLOGIES AND AMERICAN ECOLOGY SIGN LETTER OF INTENT

 METAIRIE, La., Nov. 12 /PRNewswire/ -- Chemfix Technologies, Inc. (NASDAQ: CFIX) and American Ecology Corporation (NASDAQ: ECOL) jointly announced today that Chemfix and American Ecology have signed a letter of intent by which American Ecology would purchase Chemfix, a publicly held Louisiana-based environmental services company that provides hazardous and non-hazardous industrial waste processing by means of both fixed facilities and on-site remediation services.
 The proposed acquisition price for Chemfix is $7.4 million or about $0.87 per share for approximately 8,500,000 shares of Chemfix Technologies, Inc. common stock, payable in American Ecology common stock. The closing of the purchase acquisition is subject to the negotiation of a definitive acquisition agreement, Chemfix shareholder approval, and the satisfaction of customary conditions to closing.
 American Ecology operates chemical waste disposal facilities in Nevada and Texas. The company also operates a low-level radioactive waste (LLRW) disposal facility in Washington, recently received a license for a similar facility in California, and has a license application pending for a LLRW disposal facility in Nebraska. Services provided include waste packaging, transportation, consulting, pretreatment, disposal and clean-up services. American Ecology's common stock trades on the NASDAQ Stock Market under the symbol ECOL.
 It is anticipated that the operating units of Chemfix and its VenVirotek subsidiaries will be added to the existing Gulf Coast and Western operating units of American Ecology and managed in association with them. This will significantly broaden the range of waste types being handled by American Ecology while enhancing the effectiveness of the sales and support organization.
 Chemfix reported a $1.5 million loss on revenues of $14.5 million in its first nine months of fiscal 1993. These losses are attributable to delays in bringing fixed facilities on line, slowness in the remediation market and the costs of transitioning from primary dependence on field work to greater utilization of fixed facilities. American Ecology will continue this transition utilizing its experienced staff in facility regulatory compliance, operations and consolidation of sales and administrative functions to reduce expenses.
 Chemfix has been primarily active in the non-hazardous special wastes market. The company operates three fixed-base processing facilities in California and one in Louisiana. Environmental analytical services are also operated in Ventura, Calif., and St. Rose, La. Chemfix also has extensive experience in process facility development, contract operations, remediation contracting and technology development.
 -0- 11/12/93
 /CONTACT: Daniel N. Silverman III, chairman, president & CEO, or Michael E. McGoey, chief financial officer, Chemfix Technologies, 504-831-3600/
 (CFIX ECOL)


CO: Chemfix Technologies, Inc.; American Ecology Corporation ST: Louisiana IN: ENV SU: TNM

BN-RA -- AT007 -- 3904 11/12/93 17:11 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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