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SECURITY ENVIRONMENTAL SYSTEMS HOLDS SHAREHOLDERS MEETING, APPROVES 1-FOR-3 REVERSE STOCK SPLIT

 GARDEN GROVE, Calif., June 29 /PRNewswire/ -- At the annual meeting of shareholders held here June 26, shareholders approved a slate of items including a 1-for-3 reverse stock split of Security Environmental Systems' (NASDAQ: SENV) common shares.
 At the meeting, Stephen I. Grossman, president of Security Environmental Systems, noted that, "We believe that the fourth quarter which ends June 30, 1993, will be another excellent quarter of operating results contributing to a record year for the company in revenues and earnings. In the face of our continued progress operationally, we believe a 1-for-3 reverse split of the company's shares will position the company shares for increased participation by institutional and other significant shareholders. Upon the completion of the reverse split, the company will have 3.25 million shares outstanding, as compared to the present 9.635 million.
 "Our pace of activity in the hazardous waste transport and treatment sector continues at a record level. We presently have bids on over $25 million in Defense Reutilization and Marketing Service (DRMS) hazardous waste contracts which are expected to be awarded by September of 1993. We are hopeful that we will receive our fair share of these contracts.
 "In addition, the company continues to evaluate the development or purchase of an existing hazardous waste service facility to accelerate the growth and profitability of our hazardous waste division. The financing for this expansion is partially available through the recent sale for approximately $5 million of the company's medical waste division," said Grossman.
 Other items approved by shareholders include (in summary):
 (a) The election of three members of the board of directors:
 Alfred Grossman
 Stephen Grossman
 William Coffin
 (b) Approval of an amendment to the escrow agreement between the company, the Vancouver Stock Exchange and Alfred, Jonathan and Stephen Grossman.
 (c) Approval of an amendment to the company's certificate of incorporation to indemnify and limit the liability of directors, officers and agents of the company.
 (d) Approval of an amendment to the company's Articles of Incorporation requiring a majority of the shares entitled to vote to constitute a quorum of any meeting of shareholders.
 (e) Approval of the granting of options to purchase 291,000 shares of the company's common stock to Alfred, Jonathan and Stephen Grossman in satisfaction of the company's obligation to issue certain options to each of them pursuant to a prior merger.
 (f) Approval of an amendment to the company's certificate of incorporation regarding the company's future issuance of stock options to certain insiders.
 (g) Approval of an amendment to the company's certificate of incorporation providing for a 1-for-3 reverse stock split.
 The reverse stock split is expected to be effected within 30 days following the amendment of the company's certificate of incorporation in Delaware.
 Security Environmental Systems, founded in 1972, disposes of hazardous waste and conducts interstate transportation of hazardous waste. The company operates from facilities in Garden Grove, Vernon and Long Beach, Calif. Most recently, the company has moved its New Mexico operations to Roswell, N.M.
 -0- 6/29/93
 /CONTACT: Stephen I. Grossman, president of Security Environmental Systems, 213-262-3722; or William F. Coffin of Coffin Communications Group, 818-578-0500, for Security Environmental Systems/
 (SENV)


CO: Security Environmental Systems ST: California IN: ENV SU: PER

JB-JL -- LA004 -- 6572 06/29/93 09:04 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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