Capital Environmental Completes Acquisitions

Capital Environmental Resource Inc. announced that it had, through its wholly owned subsidiary, Waste Services, Inc., completed the first phase of its previously announced acquisition of the Northern and Central Florida operations of Allied Waste Industries, Inc.

The first phase of the previously announced acquisition of the Northern and Central Florida operations of Allied includes the assets for which all required consents and approvals had been obtained as of December 31, 2003. The company expects to obtain all the remaining consents and approvals necessary to complete the remainder of the acquisition during the first quarter of 2004, which will be financed with proceeds from the new senior credit facility.

Together with the remaining assets to be acquired, the Allied operations include 5 collection companies, 2 landfills, 4 recycling facilities and 3 transfer station operating contracts.

The revenue and net income of the acquired businesses were approximately $90.6 million and $11.1 million, respectively, for 2002.

Separately, Capital announced that it completed the acquisition of the assets of Horizon Waste Systems of Arizona, Inc, a solid waste collection business operating in the greater Phoenix, Arizona metropolitan area.

David Sutherland-Yoest, Capital's chairman and CEO, said: "With the completion of the Florida and Arizona acquisitions, and the opening of the Omni Landfill, now scheduled for January 2004, we are continuing to build on our vertical integration strategy in each of these markets."