Environmental Solutions Worldwide, Inc. Reports 2nd Quarter Results

    MARKHAM, Ontario--Aug. 16, 2001--Environmental Solutions Worldwide, Inc. (ESW) (OTCBB:ESWW), a company that develops, manufactures and markets environmental technologies, today announced that it has filed its second quarter results ending June 30, 2001 and that it has also received $1,728,000 in equity financing.
    Revenues for the three months ended June 30, 2001 totaled $173,819 as compared to $99,916 for the previous quarter. This represents an increase in sales of 74%. Net loss for the three-month period totaled $397,374, or a $0.01 loss per share as compared to $925,241, or a $0.03 loss in the previous quarter, a decrease of 57%.
    The increased sales reflect customer orders and the purchase of samples from new customers who requested ESW's gas and diesel catalytic converter products for testing and evaluation into their existing markets. Presently, the Company has new and repeat orders on hand in excess of $190,000.
    David Johnson, ESW's Chief Operating Officer, remarked, "With the first two quarters behind us, the Company is firmly on track with the implementation of its business plan and has accelerated many projects based on the successes that have been achieved to date." Mr. Johnson further stated, "The market for clean air products has never been stronger and we are moving quickly to position ESW to take advantage of all the opportunities suited for our unique catalytic converter products."
    In addition, the Company has raised $1,728,000 from accredited investors and has received an additional investment commitment in the amount of $458,000, which is due by December 31, 2001 for an aggregate total of $2,186,000. When the balance of these funds has been received, the Company will have issued 5,412,500 shares of restricted common stock as consideration for said funds. The funds will be used for general working capital and implementation of the Company's operating and marketing plans.
    Bengt Odner, ESW's Chairman, commented, "The receipt of these funds and commitments from accredited investors is a very important factor further supporting the Company's long-term growth initiatives and the continued enhancement of shareholder value. We believe the Company's ability to complete an equity private placement in these very difficult capital markets is a very positive comment on the Company's products, business plan and management team."