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ENVIRONMENTAL TECHNOLOGIES ANNOUNCES RESIGNATIONS

 MINNEAPOLIS, May 28 /PRNewswire/ -- Environmental Technologies USA, Inc. (ETI), announced that effective May 27, 1993, James D. Bonneville, the chief executive officer and a director of ETI, and Ali Mahabadi, a director of ETI, resigned from their respective positions with ETI. Bonneville and Mahabadi each submitted letters of resignations to the ETI board setting forth specific concerns about the company and recommendations regarding how to address such concerns. Charles D. Pyle Jr., the incorporator of United Recycling, a wholly owned subsidiary of ETI, has been appointed the acting president of ETI to serve until his successor is appointed. Pyle indicated that the ETI board will evaluate each of the concerns and recommendations noted by Messrs. Bonneville and Mahabadi.
 ETI further announced that it has initiated an internal investigation regarding alleged improprieties relating to ETI's initial public offering which was completed in November 1992. ETI noted that concerns had been raised that ETI failed to properly disclose the intended use of approximately $300,000 of the net proceeds raised in the offering. With respect to such allegations, Pyle indicated that ETI "wants full disclosure of the matter and intends to actively pursue the investigation to its proper conclusion." Pyle further stated that "if the investigation establishes evidence of impropriety, appropriate steps will be taken to address the matter."
 -0- 5/28/93
 /CONTACT: Charles D. Pyle, Jr.., president of Environmental Technologies USA, Inc. 612-929-7175/


CO: Environmental Technologies, Inc. ST: Minnesota IN: SU: PER

MA -- MN011 -- 3580 05/28/93 18:04 EDT
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Publication:PR Newswire
Date:May 28, 1993
Words:251
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