KBF Pollution (fka KBFP)

[jobynimble]

KBFP now Veridium...

Veridium Forecasts Increased Demand and Penetration Target in $6BMarket-Names Jim Green Chief Marketing Officer and President of Veridium's Environmental Services Division

PATERSON, N.J., May 9, 2003 (BUSINESS WIRE) -- Veridium Environmental Corporation (OTCBB: 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 its market penetration goal of $200 million in annual revenue and its target to achieve this goal within four years.

Achieving this target would earn Veridium a 3% share of the $6 billion national hazardous waste management market. The Company intends to meet this target through a combination of market development and acquisitions.

To reach these goals, Veridium's parent company, KBF Pollution Management, Inc., is completing a corporate restructuring plan which includes its planned merger with Veridium and pending listing application for the American Stock Exchange, and has hired a senior management team with a proven track record of performance. Chief among the new hires is Jim Green, who is now Veridium's chief marketing officer and president Veridium's environmental services division.

Mr. Green was formerly employed as the Chief Operations Officer for Heritage Environmental Services and the Vice President for Laidlaw, Inc., where he was responsible for what was the chemical services division of Safety-Kleen, with 24 operations in North America, over 1500 employees and $200 million in revenue. He has also served as president of North East Solvents, where he grew an extremely profitable $40 million company from sales of $4 million within four years before being acquired by Laidlaw, Inc. Most recently, as head of the Environmental Services Division of R.M. Jones & Co., Inc. ("Jones"), Green increased sales by about 400% from $3.6 million to about $13.5 million, and increased earnings from break-even to over $900,000 in each of 2001 and 2002. Mr. Green holds undergraduate and advanced degrees in biochemistry and medicinal chemistry and has participated in executive MBA programs.

"Jim Green is one of the leading executives in our industry and an architect of the market as we know it today. His outstanding record of growing and operating safe, compliant and sustainably profitable businesses in the environmental services sector is proof positive that his entrepreneurial yet disciplined methods are successful. We are extremely excited by his addition to our senior management team," said Kevin Kreisler, Veridium's president and chief executive officer.

Mr. Green added: "Veridium's innovative green technologies are the only real practical alternative to disposal and we will use them to redefine the way industry manages its industrial hazardous wastes. Disposal of inorganic hazardous wastes will quickly become a thing of the past as we scale Veridium into the national markets and, whether it be through acquisitions or by just making more sales calls, I know that I will personally have great fun ensuring that Veridium's growth is carried out in a strategic and profitable manner. We have assembled an excellent team of sales and operational personnel and I am very excited to have the opportunity to lead them as we grow Veridium."

A critical member of this team is Veridium's new head of national sales, James Mullowney. As a 15 year veteran of the industry, Mr. Mullowney, has extensive experience in hazardous waste sales and marketing. Most recently, he served as the vice president of Jones. Prior to that, Mullowney and Green worked together at Northeast Solvents, where as Marketing Manager for Field Services, Mullowney was responsible for sales revenues of over $20 million. His successful track record in hazardous waste sales, includes growing a hazardous waste management business from $600,000 to $6 million in revenue over a three-year period. Mullowney holds a B.S. in Chemistry.

"The formation of Veridium has sparked tremendous excitement in our consumer markets and is resulting in increased demand for our recycling services. We fully intend to leverage this excitement and develop substantial additional market share as we bring the many benefits of being green to our customers. From productivity increases to regulatory benefits, the 'cradle-to-cradle' mindset is the wave of the future. Most of our potential customers, particularly the large corporate accounts, have come to this realization and I am thrilled to have the chance to play an integral role in the company leading the charge brining these benefits to market," said Mullowney.

Kreisler added: "James is, in every sense of the word, a rainmaker. His understanding of the technical and regulatory intricacies of hazardous waste recycling and significant sales expertise gives him the ready ability to envision and affect real change for his clients. We expect that James will make a material and lasting contribution to our business model and we are looking forward with great anticipation to his satisfaction of our national revenue and profitability goals."

Veridium previously announced that it expects to generate in excess of $19 million in revenue with $2 million in earnings before interest, taxes, depreciation and amortization within the first twelve months of completion of its pending merger with its parent company, KBF Pollution Management, Inc., and revenue growth of in excess of 20% per year in the absence of additional acquisitions. The Company has recently secured a number of new significant accounts and expects to meet these targets as demand continues to increase.

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.

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 meet its projections and 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 Environmental Corporation


CONTACT: Veridium Corporation

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