KBF Pollution (fka KBFP)

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Veridium Environmental Completes Acquisition of Environmental ServicesDivision of R.M. Jones & Co., Inc.-Consolidated Company Expects to CompleteMerger With KBF Pollution Management in Q3 2003

PATERSON, N.J., May 7, 2003 /PRNewswire-FirstCall via COMTEX/ -- Veridium Environmental Corporation (OTC Bulletin Board: KBFP) ("Veridium"), a premier environmental services provider that uses state-of-the-art green technologies to recycle and mine commodities from industrial wastes, today announced the completion of its acquisition of the Environmental Services Division of R.M. Jones & Co., Inc. ("Jones"), Enviro-Safe, Corp., and Metal Recovery Transportation, Corp. ("MRTC").

Jones, Enviro-Safe, MRTC, Vulcan Waste Systems, Inc. (another recently completed acquisition), and KBF Pollution Management, Inc., Veridium's current parent company, will all be consolidated into Veridium Corporation upon the completion of the Company's previously announced merger with KBF. The Veridium-KBF merger is expected to be completed in the third quarter 2003. These events are among the final steps of KBF's corporate restructuring plan, the principal goal of which is to optimally position the Company for the accelerated execution of its business model.

Upon completion of the Veridium-KBF merger, Veridium will develop its markets organically and acquisitively as a premier environmental services provider that uses state-of-the-art green technologies to recycle and mine commodities from industrial hazardous wastes. Revenues of the companies on a historical consolidated basis were in excess of about $13.8 million, $15.2 million and $17.0 million for the three years ending December 31, 2000, 2001 and 2002, respectively. The consolidated company's growth rate is expected to be in excess of 20% per year in the absence of additional acquisitions. Additionally, the consolidation of Jones is expected to be accretive to earnings as additional volumes of industrial waste are diverted away from traditional disposal and routed to Veridium's hazardous waste recycling facility for recycling and mining. The Company expects to generate $19 million in revenue with $2 million in earnings before interest, taxes, depreciation and amortization within the first twelve months of completion of the Veridium-KBF merger and in the absence of additional acquisitions.

"We are thrilled by the completion of these acquisitions and their dramatic impact on our business model. We have worked very hard for a long time to bring these events to fruition and we are very excited by the prospects of unleashing the Veridium brand into the markets," said Kevin Kreisler, Veridium's president and chief executive officer.

"With the completion of these acquisitions as well as our pending merger and AMEX listing, we will have created a strong environmental service company with a powerful competitive advantage in our green technologies," added Kreisler. "This advantage fuels our recycling capabilities and will be realized by the exceptionally talented people that come with each of these companies. Jones' and Enviro-Safe's operational and sales assets are some of the most talented in the industry and KBF's technical and engineering talent have proven that the safe and compliant recycling of hazardous waste on a large-scale is cost-effective. Taken with Veridium's seasoned senior management, we are all very much looking forward to growing an enduring and profitable company."

The acquisitions were completed with a mixture of cash, debt and equity totaling in aggregate approximately $4.25 million, plus the assumption of certain liabilities. Moreover, Christopher Jones, formerly a majority owner of the Environmental Services Division of R.M. Jones & Co., Inc., will bring his substantial industry experience to Veridium's new board of directors where he will assist with the growth of the Company. The Company will commence doing business as Veridium Environmental Corporation immediately. Additional terms were not disclosed at the time of this release.

About Veridium Corporation

Founded on the premise that environmentally superior results can be cost-effective, Veridium is setting a new standard for environmental service with its focus on the use of state of the are green technologies to recycle, reuse and mine commodities from industrial hazardous wastes. Veridium's patented and proprietary technologies allow it to offer a much broader array of competitively priced industrial hazardous waste recycling services than any other recycling service provider in existence. Veridium expects to merge with KBF and to secure approval for the listing on the American Stock Exchange conditioned on the completion of the Veridium-KBF merger. The terms of the Veridium-KBF merger are expected to be resolved at KBF's next annual shareholder meeting, which will be held in Q3 2003. Veridium Corporation and Veridium Environmental Corporation are both currently wholly-owned subsidiaries of KBF Pollution Management, Inc. Additional information on KBF is available online at www.kbf-pmi.com . Additional information on Veridium and its business model is available online at www.veridium.com .

About R.M Jones & Co., Inc.

R.M. Jones was founded in 1962, and has been providing hazardous waste management services to clients throughout New England since 1980. With a large customer base, representing over 5,000 different industrial wastes, a seasoned management team and a permitted distribution facility in Massachusetts, Jones has developed a strong reputation for its provision of exceptional services. Its Massachusetts facility was the only facility in New England to receive the Environmental Information Ltd. award for perfect regulatory compliance in 1999, 2000 and 2001, and is expected to receive this award again for 2002.

Safe Harbor Statement

The foregoing discussion contains forward-looking statements that are based on current expectations. Actual results, including the timing and amount of anticipated revenues, any implications with respect to shareholder wealth, or the Company's ability to scale its operations, may differ due to such factors as: regulatory delays; dealings with governmental and foreign entities; economic and other conditions affecting the financial ability of actual and prospective clients; and, other risks generally affecting the financing of projects. Additional risks associated with KBF's business can be found in its Annual Report on Form 10-KSB for the year ended December 31, 2002, and other periodic filings with the SEC. In addition, although the Company has submitted a listing application for its common stock with the American Stock Exchange, it does not satisfy all of the listing criteria of the exchange and it may be seeking a partial waiver of at least one of the listing criteria. No assurance can be given that the Company's common stock will be listed on the American Stock Exchange or if so listed, that any trading market will develop. KBF Pollution Management, Inc. trades on the over the counter bulletin board maintained by the NASD under the symbol "KBFP."

SOURCE Veridium Corporation


CONTACT: Corporate Relations of Veridium Corporation, 1-800-366-1426, or

fax, [phone], or [e-mail]; or Media, Stephanie
Stern, President of Stern & Co., [phone]

URL: http://www.kbf-pmi.com
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