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Hi-Rise Recycling Systems reports more than $1 million in new contracts.

MIAMI--(BUSINESS WIRE)--Sept. 24, 1996--Hi-Rise Recycling Systems Inc. (NASDAQ:HIRI) has recently signed new contracts for over $1 million of its patented recycling system in a variety of buildings including three systems in New York City, according to company Chairman Don Engel.

The systems were purchased by New York developers Millennium Partners, L.P., Eichner Enterprises Inc. and Rose Associates, and in Florida, Swire Properties Ltd., Coscan Waterways Inc., Williams Island, Terremark, Atlantic Gulf Communities, The Lutgert Cos., Tangerine Development Co. and International Development & Construction Partners.

Hi-Rise Recycling currently has a backlog of $3.2 million. This is an increase of 94 percent compared to the backlog of $1.6 million at the same time last year.

The increase is due to new construction backlog contracts in New York, Toronto and Florida as the company rolls out its expansion plan beyond South Florida.

"The company's expansion of its new construction division, headed by Michael Bracken who was recently promoted to vice president of construction, played a key role in the increase of the backlog," said Engel.

The company's wholly owned subsidiary, IDC Systems, said it has sold four new special precrushing refuse compactor systems to one of the Northeast's major retail electronics chains, "Nobody Beats The Wiz." The new systems will be installed in the chain's new superstores in New York and Massachusetts.

This brings to 24 the total number of these systems purchased by the electronics company. Installation is expected to be completed by the end of the year. IDC Systems said it anticipates "Nobody Beats The Wiz" to place additional orders for the proprietary system in 1997.

IDC also said it has received an order for three compactors that will be placed in City of Chicago Housing Authority buildings.

Hi-Rise Recycling Systems Inc. has contracted over 130 systems in residential, mixed-use, universities, senior housing and new construction, multi-family buildings around the United States and Canada.

CONTACT: Peter Nasca Associates Inc.

Peter Nasca or Edward L. Donato, 305/937-1711
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Date:Sep 24, 1996
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