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METALCLAD CORP. FILES ANNUAL REPORT

 NEWPORT BEACH, Calif., April 8 /PRNewswire/ -- Metalclad Corp. (NASDAQ: MTLC), engaged in the development of hazardous waste treatment facilities in Mexico and industrial insulation services in Southern California, announced the filing of its annual report on Form 10-K with the Securities and Exchange Commission. That report, which includes a financial statement audited by KPMG Peat Marwick, reflects profitability in the company's core industrial insulation services business and continued, but expected, losses relating to the development of its projects in Mexico. Profits of $211,000 in the insulation segment of Metalclad's business reflects the down-sizing and restructuring of the insulation division. Last year the company closed its Seattle office and has concentrated primarily on the Southern California public utility and petrochemical markets that have been the historical strengths of Metalclad's business. In spite of recessionary pressures, the company believes it will maintain profitability in its insulation business in 1993.
 Operating losses of $4,064,000 for the year ended Dec. 31, 1992, from the Mexico operations reflect management's decision to expense all costs associated with Mexico, with the exception of the cost for land acquisition. The loss includes a reclassification of $572,000, previously capitalized items incurred in 1991, and $963,000 in 1992 of expenses associated with the buy-out of a consulting agreement. The consulting agreement obligated the company to pay 4 percent of the project cost, 5 percent of gross revenues, and 25 percent of net operating profits of the waste management facilities to the consulting firm which brought the Mexican opportunity to Metalclad in 1991. Included in the owners of the consulting firm were two unrelated parties and three individuals who became part of Metalclad's management in 1991. An additional one-time charge of $500,000 anticipated to be expensed in 1993, will complete the consideration necessary to effect the termination of this agreement.
 The company's investment in its Mexican business represents management's commitment to participate in the developing environmental clean-up industry in Mexico. The company believes that increased grass-roots concern in Mexico for its environment, governmental support in Mexico, and pressure from the United States in the North American Free Trade Agreement negotiations will require Mexican industry to be environmentally responsible. The company's efforts in 1992 have positioned it to be able to begin revenue- producing activities in Mexico in 1993 with the commencement of the initial phase of the first integrated waste treatment facility licensed by the Mexican government.
 The company also announced the release of an Interim Development Report on its Mexico project to those individuals more closely monitoring the company's activities in Mexico. The report covers the following topics and is available to anyone for the asking:
 1. Completion of a business plan for the San Luis Potosi development project.
 2. A report on progress being made by Hambro and Raymond James & Associates on project financing and finalization of a joint venture relationship.
 3. Completion of a Market Study in Mexico with a summary of its results.
 METALCLAD CORP.
 Financial Summary
 Year ended Dec. 31,
 1992 1991
 Revenues - insulation business $16,316,000 $21,905,000
 Operating income - insulation
 business 211,000 547,000
 Operating loss - Mexican business (4,064,000) (134,000)
 Income (loss) from continuing
 operations (4,405,000) 65,000
 Loss from discontinued operations (126,000) (1,041,000)
 Net income (loss) (4,532,000) (976,000)
 Earnings per share:
 Income (loss) from continuing
 operations per common share (.66) .01
 Net income (loss) per common share (.68) (.19)
 -0- 4/8/93
 /CONTACT: Grant S. Kesler, president, or Elgin Williams, investment relations, of Metalclad, 714-476-2772; or Bruce H. Haglund, Esq., 714-752-6100, for Metalclad/
 (MTLC)


CO: Metalclad Corp. ST: California IN: ENV SU: ERN

MS-LS -- LA007 -- 4391 04/08/93 16:31 EDT
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Date:Apr 8, 1993
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