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GEOWASTE AGREES UPON FINANCING TERMS; RECORDS FIRST QUARTERLY PROFIT

 BOSTON, Aug. 26 /PRNewswire/ -- GeoWaste Incorporated (NASDAQ: GEOW) announced today that it has agreed upon the terms of a $14 million credit facility with a leading international bank. The facility will provide $6.5 million towards the acquisition of Danella Environmental Technologies, Inc., which conducts waste collection and transfer activities in Eastern Pennsylvania. In addition, the facility will provide a $1.2 million working capital line, $.3 million to repay existing indebtedness, and $6.0 million for future acquisitions. The closing of the facility is contingent upon due diligence, final credit approval and satisfactory documentation.
 The company also announced its results for the second quarter ended June 30, 1993. Revenues for the quarter more than tripled to $1,429,609 from $451,004 during the second quarter of 1992. Income from operations improved significantly to $108,898 in the quarter compared to a loss from operations of $482,003 in the prior year's second quarter. Net income for the period was $28,682, compared with a net loss of $515,924 during the same period in 1992. Results for the six month period demonstrated similar improvement. (See attached results and the company's form 10-Q for the period ended June 30, 1993, filed with the Securities and Exchange Commission.)
 Amy C. MacF. Burbott, president of GeoWaste Incorporated, said, "We are very encouraged by the continued improvement in the company's Georgia operations, as reflected in the company's strengthened financial performance. We believe that the anticipated acquisition of Danella, the availability of the acquisition facility for further transactions and our improved financial performance, position GeoWaste to take advantage of the increasing opportunities and activity in the solid waste management business."
 GeoWaste Incorporated owns and operates a Subtitle-D landfill site and a waste collection and transportation company in Valdosta, Ga. The company anticipates closing the Danella transaction in September and is actively pursuing other landfill and waste collection company acquisition candidates in the Eastern United States.
 GeoWaste Incorporated
 Selected Financial Highlights
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Revenue $1,429,609 $451,004 $2,403,658 $868,524
 Income (loss)
 from operations 108,898 (482,003) (2,249) (923,562)
 Net income (loss) 28,682 $(515,924) $(159,645) $(986,847)
 Weighted average
 common and equivalent
 shares outstanding 20,140,965 18,541,955 18,577,783 18,541,955
 Income (loss) per
 share $0.00 $(0.03) $(0.01) $(0.05)
 -0- 8/26/93
 /CONTACT: Richard Sherman of GeoWaste, 617-426-4898/
 (GEOW)


CO: GeoWaste Incorporated; Danella Environmental Technologies ST: Massachusetts, Pennsylvania IN: ENV SU: ERN

JL-CM -- NE010 -- 6136 08/26/93 12:23 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
Words:440
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