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COMMODORE ANNOUNCES CLOSING IN MERGER ACQUISITIONS

 NEW YORK, July 30 /PRNewswire/ -- Commodore Environmental Services, Inc. (OTC) announced here today that it has closed, subject to obtaining certain future financing, the acquisition of A. L. Sandpiper Corporations ("Sandpiper") and its affiliate, CFC Technologies, Inc. ("CFC"). Commodore acquired 90.05 percent of the issued and outstanding shares of capital stock of each of Sandpiper and CFC. Sandpiper and CFC are the owners of certain technologies relating to the destruction of polychlorinated biphenyls and chlorofluorocarbons (the "Sandpiper Technologies").
 Upon the closing of the transaction, the current holders of Sandpiper common stock received shares of Sandpiper non-voting preferred stock and 5-year warrants to purchase an aggregate of 3 million shares of Commodore common stock at an exercise price of 5 cents per share. Albert Abel ("Abel"), the president of Sandpiper, retained ownership of 9.95 percent of the Sandpiper capital stock and received 1 million shares of Commodore common stock. In addition, Commodore issued to Abel and Allison L. Augur, Jr. ("Augur"), the president of CFC, non-qualified stock options to purchase an aggregate of 1,500,000 shares of Commodore common stock at the rate of 20 percent per year at an exercise price of 10 cents per share.
 Upon the closing of the CFC acquisitions, Commodore (i) obtained ownership of 90.05 percent of the outstanding shares of CFC common stock, with the remaining 9.95 percent of such common stock being held by Abel, (ii) issued 750,000 shares of its common stock to Augur, and (iii) paid an aggregate of $70,000 to Abel and Augur.
 In connection with the closing, Commodore entered into a license agreement with Sandpiper and a sublicense agreement with CFC pursuant to which all patents, confidential information and knowhow owned by Sandpiper and licensed by Sandpiper to CFC were acquired by Commodore. These agreements provide that royalties of 5 percent of the revenues generated by the Sandpiper Technologies will be payable to Sandpiper.
 To avoid rescission of the transaction, Commodore must provide $1,100,000 of financing for research, development, testing, production and commercialization of the Sandpiper Technologies by Oct. 20, 1993, subject to extension under certain conditions.
 Commodore, formerly engaged in the asbestos abatement business, is currently a real estate mortgage holding company. Its stock trades on the pink sheets in the over-the-counter market. The last reported bid price was approximately 1 cent per share.
 -0- 7/30/93
 /CONTACT: Melissa C. Berkowitz of Commodore Environmental Services, Inc., 212-308-5800/


CO: Commodore Environmental Services, Inc. ST: New York IN: SU: TNM

LG-TS -- NY056 -- 7896 07/30/93 16:09 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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