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SECURITY ENVIRONMENTAL ANNOUNCES OPTION AGREEMENT TO SELL COMPANY'S VERNON PROPERTY

 SECURITY ENVIRONMENTAL ANNOUNCES OPTION AGREEMENT
 TO SELL COMPANY'S VERNON PROPERTY
 GARDEN GROVE, Calif., April 23 /PRNewswire/ -- Security Environmental Systems Inc. (NASDAQ: SENV) announced today that it has entered into an option agreement to sell the company 's Vernon property. The prospective buyer is one of the largest waste disposal companies in the United States. If the option is exercised, SES will receive, net of its costs related to the transaction, in excess of $1.5 million. The initial option to purchase the property will terminate on Dec. 31, 1992. The option can be extended beyond the initial term by mutual agreement between SES and the purchaser.
 Upon closing, SES will have the right to occupy the property for up to two years at a substantially reduced rate. After the two-year period, SES will locate its Vernon operation on another section of the property, or relocate to another nearby site.
 Security Environmental Systems, founded in 1972, disposes of biomedical and hazardous wastes by incineration and steam sterilization and conducts interstate hauling of hazardous waste. The company operates from facilities in Garden Grove, Vernon and Long Beach, Calif.
 -0- 4/23/92
 /CONTACT: Jonathan Grossman, executive VP and CFO of Security Environmental Systems, 714-892-6645, or Thomas O. Wick of Financial Relations Board, 818-783-2400, for Security Environmental Systems/
 (SENV) CO: Security Environmental Systems Inc. ST: California IN: SU:


AL -- LA015 -- 1864 04/23/92 12:01 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
Words:234
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