Press Releases

WESTON Becomes 100% Employee-Owned

• Strong Operating Performance Allows Early Buyout of American Capital
• Fleet Capital Remains Committed to WESTON Through Increased Senior Credit Facility

WEST CHESTER, Pa. – Monday, June 30, 2003 –As a continuation of its previously announced ownership transition plans, Weston Solutions, Inc. (WESTON), a leading environment and redevelopment firm, announced today that financing has been completed to make WESTON a 100% employee-owned company. This completes the final stage of the Company’s recapitalization strategy years earlier than planned.

The transaction was financed by a $25 million subordinated debt facility provided by American Capital and another lender, Allied Capital, and a $47 million senior credit facility provided by Fleet Capital, WESTON’s existing senior lender.

Since becoming a private company in 2001, WESTON has seen continued improvement in profitability, growth, and financial stability. In 2002, the Company enjoyed record-breaking results in areas including gross contract bookings, gross revenues and safety performance. These strong operating results and faster-than-expected debt reduction allowed WESTON to close out its original financing agreement with American Capital Strategies.

Patrick G. McCann, WESTON President and CEO, commented, “The ability of WESTON to secure financing at this time further confirms my belief that our company is on the right course. We expect that becoming a 100% employee-owned company will provide even greater stability and continuity of strategy and values, ensuring our ability to support our mission and the missions of our clients.”

“WESTON’s past performance helps us enjoy the strongest lending relationships we have seen in many years,” added Vincent A. Laino, Jr., WESTON’s Chief Information and Financial Officer.

In February 2003 WESTON received the top “gold” award in the large firms division from the Environmental Business Journal for “its dramatic change in structure and performance to become a successful employee-owned company. The former publicly-held company ‘went private’ in June 2001 and has established a consistent record of profitability, growth and financial stability. EBITDA increased four-fold since 1999. The turnaround has re-energized client development and improved employee engagement, reduced turnover and improved client loyalty.”

Weston Solutions, Inc. is an employee-owned, leading environment and redevelopment firm, delivering comprehensive solutions to complex problems for industry and government worldwide. The company’s services encompass environmental remediation, redevelopment, and management and compliance. Its emphasis on restoring resource efficiency to its clients’ operations – including land, air, water, facilities, and staff – ensures that clients derive maximum value from their resources.