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June 2004

Florida Auto Recycler Joins the Ranks of Green Yard Participants

Fruitland Park, FL— The Department of Environmental Protection (DEP) designated American Auto and Truck Salvage as the seventh Green Yard in the state of Florida. Companies join the growing corps of Green Yards in Central Florida by completing an industry pollution prevention program that protects Florida’s natural resources.

“The Green Yards program benefits both business and the environment,” said DEP Central District Director Vivian Garfein. “By completing the Green Yards program, these companies have proven they’re a leader within the industry and community.”

In an industry known for environmental challenges, the Green Yards pilot program helps automotive recyclers understand and comply with environmental regulations. After attending an educational workshop, facility operators are required to submit a series of six modules documenting compliance. Fifty-five Central Florida auto recyclers signed up for the Green Yards program in 2002. Of those, 32 have completed all compliance modules.

Automotive recyclers that achieve Green Yards designation demonstrate environmental compliance with over 35 best management practices that prevent pollution ranging from proper container labeling to managing stormwater.

Noranda's Roseville Electronics Recycling Facility Ratifies Collective Agreement

Roseville, CA— Noranda Recycling Inc. indicated that unionized employees at its end-of-life electronics recycling facility in Roseville, California have voted in favor of a new three-year collective agreement. The 65 unionized employees are members of the Machinist and Mechanics Lodge No. 2182.

The new three-year agreement includes an increase in base wages, as well as improvements to benefits and non-monetary programs. The previous contract was set to expire on May 17, 2004.

Noranda Recycling, a wholly-owned subsidiary of Noranda Inc., is a recycler of electronic components and operates three end-of-life electronics recycling facilities located in Roseville California, Lavergne, Tennessee and Brampton, Ontario. It also operates two precious metals sampling facilities located in San Jose, California and in East Providence, Rhode Island.

Walter Foley Named VP, Government Relations

The Steel Recycling Institute (SRI) announced the promotion of Walter J. (Chip) Foley to the position of vice president, government relations, for SRI, which is a business unit of the American Iron and Steel Institute (AISI). He will retain his position as director, market development, public policy, for AISI.

As vice president, government relations, SRI, Foley will continue to focus on a number of public policy issues that are vitally important to the steel industry, including his efforts working with the Partnership for Mercury-Free Vehicles, which ensures the removal of mercury switches, a contaminant to recycling prior to the shredding of automobiles. Additionally, Foley will continue to work with environmental organizations such as the Northeast Recycling Coalition and the Toxics and Packaging Clearing House.

Foley’s efforts continue to benefit the steel industry for both recycling as well as public policy issues, which are critical to the industry’s growth in new and traditional markets.

He joined SRI in 1992 as general manager, government relations, and assumed his additional title with AISI in 1999 following SRI’s merger as a business unit of AISI.

Florida Recycling Services' Acquisition Complete

Burlington, Ontario— Capital Environmental Resource Inc. declared that it had, through its wholly owned subsidiary, Waste Services, Inc., completed an approximate $374 million financing consisting of a new credit facility, an offering of senior subordinated notes and a private placement of common stock with warrants to purchase common stock. The net proceeds of the financing will be used to repay the Company’s existing senior credit facility, to complete the previously announced acquisition of Florida Recycling Services (“FRS”) and to finance the purchase of the remaining assets of Allied Waste in Northern and Central Florida that are subject to final consent.

The financing consists of: A new $160 million credit facility, including a $60 million revolving credit facility and $100 million term loan. The revolving credit facility will be undrawn at closing; an offering of $160 million of senior subordinated notes to certain institutional investors in an offering exempt from the registration requirements of the Securities Act of 1933. The senior subordinated notes have a coupon of 9 1/2%; and a private placement of 13,400,000 shares of common stock with 1,340,000 warrants to purchase common stock, raising $53.6 million in gross proceeds.

Galamba Metals Group Appoints New COO

Kansas City, MO— The Galamba Metals Group of Companies, Inc. announced that John Rakos joined the company as chief operating officer. Mr. Rakos has worked with the Galamba Companies while at Philip Services Corp. serving as their scrap broker, and has become uniquely familiar with Galamba’s products, processes and employees.

John Rakos’ experience includes managing two yards in the St. Louis area, working as a broker for Philip/Luria for 11 years and in new steel sales for North Star Steel prior to joining Luria.

New Metal Analyzer Technology to be Installed by Metal Management

Chicago, IL— Metal Management, Inc. announced that it will install a Crossbelt Metal Analyzer in its Chicago shredding plants. The Crossbelt Metal Analyzer is manufactured by Gamma-Tech, LLC. The Crossbelt Metal Analyzer will provide Metal Management with the ability to predict residual levels of copper, nickel, and chrome in scrap material.

MR3 Systems Sells Its First Metals Recovery System and Appoints New CEO

San Francisco, CA— MR3 Systems, Inc., announced that it has sold its first metals recovery system to Fluor Hanford (FH) and the United States Department of Energy for the removal of toxic chromium VI from the groundwater at Hanford Nuclear Reservation in south-central Washington State. The Hanford Site was originally established back in the 1940’s to produce plutonium for use in nuclear weapons as part of the Manhattan Project. Today the nuclear reactors used to produce this plutonium are no longer operational, and environmental restoration efforts have been underway for many years to help restore the environment.

The purchase agreement calls for FH to pay a total of $380,000 for the system in three milestone payments, 50% and 25% due in May 2004, with the balance due on October 1, 2004, upon the successful completion of a two-month system treatability test. Lack of a successful treatability test could result in certain rebates due to FH. Besides optimizing the treatment process during this test period, MR3 will be working closely with FH to determine the economics and operational robustness of the system for specifying potential future installations.

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