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O'BRIEN CLOSES $5 MILLION INTERIM FINANCING

 PHILADELPHIA, Nov. 19 /PRNewswire/ -- O'Brien Environmental Energy, Inc. (AMEX: OBS), a leading energy project developer, today announced that it closed, with a private investor, a $5 million financing package involving one of its smaller projects.
 "Since the engagement of Salomon Brothers, this is the first step the company has taken towards implementing its plan to enhance shareholder value," said O'Brien's chief financial officer, Joel Cooperman. "With this financing now completed, we expect to file our Form 10K for the fiscal year ended June 30, 1993, within several weeks,"
 In addition, in connection with the transaction, O'Brien issued a total of 5.5 million warrants to purchase class A shares -- 2.5 million at an exercise price of $4 per share through Nov. 10, 1995; 2 million at an exercise price of $5 per share through Nov. 10, 1996, and the balance (1 million) at an exercise price of $6 per share through Nov. 10, 1997.
 "If these warrants are exercised and if the Board elects, the proceeds will allow the company to retire then outstanding convertible debentures in order to prevent additional dilution and to lower interest costs," Cooperman added.
 -0- 11/19/93
 /CONTACT: Zeke Rose of Porter, Le Vay & Rose, 212-564-4700/
 (OBS)


CO: O'Brien Environmental Energy, Inc. ST: Pennsylvania IN: OIL SU:

MP -- NY034 -- 6502 11/19/93 11:36 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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