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COVENANT ENVIRONMENTAL OBTAINS ALL REMAINING RIGHTS TO BOLD-ARK MOBILE RETORT UNIT

 COVENANT ENVIRONMENTAL OBTAINS ALL REMAINING RIGHTS
 TO BOLD-ARK MOBILE RETORT UNIT
 MEMPHIS, Tenn., June 26 /PRNewswire/ -- Covenant Environmental Technologies, Inc. (NASDAQ: CVEM) announced today that stockholders of Covenant and stockholders of Bold-Ark Oil Company of Texas, Inc. have unanimously ratified and approved an agreement that transfers all of Bold-Ark's worldwide rights to manufacture, market and commercialize the Bold-Ark mobile retort unit, together with certain other tangible, intangible and intellectual property rights, to Covenant. In connection with the transfer, Bold-Ark will receive 1,500,000 additional shares of the restricted common stock of Covenant, increasing its stake in Covenant to 4,500,000 shares, or 69.86 percent.
 The agreement was approved yesterday at special meetings of the stockholders of both companies. In connection with the Covenant meeting, Bold-Ark did not vote any Covenant shares held by it until the agreement was approved by unanimous vote of the unaffiliated stockholders. Similarly, in connection with the Bold-Ark meeting, the officers and directors of Covenant did not vote any Bold-Ark shares held by them until the agreement was approved by unanimous vote of the unaffiliated stockholders.
 Hal Millsap, III, president of Covenant, said, "The consolidation of all rights to the Bold-Ark technology in Covenant should significantly increase Covenant's profit potential by eliminating royalty payments to Bold-Ark and giving Covenant the ability to market the mobile retort unit worldwide, instead of limiting its activities to the United States."
 The Bold-Ark mobile retort unit, 10 years in development, reclaims and recycles used rubber tires, plastic material, and non-hazardous oilfield waste, reducing them to commercially valuable carboneous products. It is designed to be transported to and operated at the clean-up site. Covenant on June 17 announced that initial testing of the unit had been completed and that production had begun on additional units.
 -0- 6/26/92
 /CONTACT: Linda Moore or Carolyn Hagood of Covenant Environmental Technologies, 901-794-1394/
 (CVEM) CO: Covenant Environmental Technologies, Inc.; Bold-Ark Oil Company
 of Texas ST: Tennessee IN: OIL SU: TNM


TQ-OS -- NY059 -- 4319 06/26/92 15:51 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:338
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