SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 16, 2002
COMMODORE APPLIED TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11871 11-3312952
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
2121 Jamieson, Suite 1406
Alexandria, Virginia 22314
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 567-1284
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(Former Name or Former Address, if Changed Since Last Report)
CURRENT REPORT ON FORM 8-K
COMMODORE APPLIED TECHNOLOGIES, INC.
August 22, 2002
ITEM 5. OTHER EVENTS.
On August 21, 2002, our Company, Commodore Applied Technologies, Inc.
(the "Company"), issued a press release regarding the failure of its wholly
owned subsidiary, Commodore Advance Sciences, Inc. ("CASI"), to obtain a further
extension of its Analytical Services Support subcontract to provide sampling and
analytical work in support of the closure of the Department of Energy's (DOE's)
Rocky Flats site. The current contract is due to expire in October 2002. For the
past two calendar years this contract represented approximately 65% of the
Company's aggregate gross revenues, after excluding discontinued operations.
The Company is evaluating a possible challenge or protest of the award
of the contract to a competitor. While the loss of this contract will have a
short-term impact, management currently believes that it will obtain future
contracts using the SET technology that may replace the lost revenues. The
company is currently generating revenue from SET operations at Oak Ridge,
Tennessee, and management believes contracts are anticipated for deployment of
the SET technology at Hanford, Washington. A copy of the Company's press release
is attached as Exhibit 99.1.
This Current Report on Form 8-K contains forward-looking statements
that are based on our current expectations, beliefs and assumptions about the
industry and markets in which Commodore Applied Technologies, Inc. and its
subsidiaries operate. Such forward-looking statements involve known and unknown
risks, uncertainties, and other factors that may cause Commodore's actual
results to be materially different from any future results expressed or implied
by these statements. Actual results may differ materially from what is expressed
in these statements, and no assurance can be given that Commodore can
successfully implements its core business strategy and improve future earnings.
Such factors include the following: Commodore's ability to generate
cash from operations to sustain existing operations and meet ongoing existing
obligations and capital requirements; Commodore's ability to implement its
commercial waste processing operations, including obtaining commercial waste
processing contracts and processing waste under such contracts in a timely and
cost-effective manner; the timing and award of contracts by the U.S. Department
of Energy for the clean-up of waste sites administered by it; ; the acceptance
and implementation of Commodore's waste treatment technologies in the government
and commercial sectors; and other large technical support services projects. All
forward-looking statements are also expressly qualified in their entirety by the
cautionary statements included in Commodore's SEC filings, including its
quarterly reports on Form 10-Q and its annual report on Form 10-K.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
99.1 Press Release dated August 21, 2002.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report to be signed on its behalf by
the undersigned thereunto duly authorized.
COMMODORE APPLIED TECHNOLOGIES, INC.
Date: August 22, 2002 By: /s/ James M. DeAngelis
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James M. DeAngelis
Senior Vice President and
Chief Financial Officer
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