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INNOVATIVE ENVIRONMENTAL SERVICES LTD. ANNOUNCEMENT

 VANCOUVER, British Columbia, Dec. 7 /PRNewswire/ -- Innovative Environmental Services Ltd. ("IES") announces that it is projecting gross revenues for its 1994 financial year of $23 million (Cdn.), generating net earnings before taxes of $3.5 million (Cdn.). The projections represent the combined revenues and earnings of IES and its two operating subsidiaries, Transenviro Inc. and Churchill Environmental Services Inc. The revenues and earnings would represent a dramatic increase in revenues and earnings for IES, which is projecting a net operating loss of $1.2 million (Cdn.) on $5 million (Cdn.) of revenues for its current financial year ending Dec. 31, 1993. IES acquired Transenviro and Churchill in March and July of this year, respectively, and 1994 will be its first full year of operations with Transenviro and Churchill.
 The projected earnings for 1994 would result in $0.77 (Cdn.) per share of earnings for IES, assuming that there are outstanding at the end of 1994 4,540,000 shares (excluding shares held in escrow which are non-voting and are not eligible for dividends).
 The projections of IES for 1994 were prepared by IES management and are not audited. The projections are based on a number of factors including the level of international marketing activity being generated by Transenviro through its sales and marketing agreements with several major international engineering firms; revenue from Transenviro's backlog of projects in North America which will be completed in 1994 and the volume of requests for proposals and bids currently being received by Transenviro; and anticipated contract revenues for work generated by Churchill in connection with its hazardous waste disposal and remediation services. Inasmuch as Transenviro and Churchill are U.S. corporations, IES management prepared its projections in U.S. dollars and converted them to Canadian dollars at an assumed exchange rate of $1.30 (Cdn.) for $1.00 (U.S.). Any change in the exchange rate would result in a change in the projections.
 -0- 12/7/93
 /CONTACT: Geoff Trafford, 604-739-9298, or Shannon Squyres, Corporate Relations Group, 714-955-1860/
 (INV.)


CO: Innovative Environmental Services Ltd. ST: British Columbia IN: ENV SU: ERP

MF-LS -- LA041 -- 1503 12/07/93 19:55 EST
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Publication:PR Newswire
Date:Dec 7, 1993
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