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COMMODORE ANNOUNCES RESCISSION OF STOCK SUBSCRIPTION AND PROPOSED ACQUISITION AND RECAPITALIZATION

 COMMODORE ANNOUNCES RESCISSION OF STOCK SUBSCRIPTION AND
 PROPOSED ACQUISITION AND RECAPITALIZATION
 NEW YORK, Sept. 3 /PRNewswire/ -- Commodore Environmental Services, Inc. (OTC), announced today that it has entered into a rescission agreement with Paul E. Hannesson and Steffen Magnell with respect to the proposed sale to such persons of a total of 6,181,210 post-reverse stock split shares of common stock for approximately $618,000 and the assignment to Commodore of rights under a pending letter of intent to acquire a Midwest-based manufacturer of air compressors and related products.
 The acquisition was subject to a number of conditions, including the completion of a due diligence investigation. Magnell is currently employed as the president and chief operating officer of the compressor manufacturer.
 Commodore is no longer able to acquire such industrial company pursuant to the terms of the letter of intent. Hannesson and Magnell will not become employees of Commodore due to the fact that their employment was contingent on completion of the acquisition agreement. The one-for-ten reverse split of the company's common stock, the board of directors' authorization of which was previously announced, will not go into effect.
 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 $.01 per share.
 -0- 9/3/92
 /CONTACT: Melissa Berkowitz of Commodore, 212-308-5800/ CO: Commodore Environmental Services, Inc. ST: New York IN: SU:


GK-OS -- NY027 -- 6289 09/03/92 09:54 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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