Pure Tech International Inc. reports improved quarterly results.

SOMERSET, N.J.--(BUSINESS WIRE)--March 15, 1995--Pure Tech International Inc. (NASDAQ/NMS:PURT), one of the largest recyclers of plastic PET bottles in the United States, today reported significantly improved earnings from continuing operations in its quarter ended Jan. 31, 1995.

Net earnings

Pure Tech recently revised its fiscal year end to July 31 in connection with its pending merger with OZITE CORP. (NASDAQ/Bulletin Board:OZIT). Comparisons of financial data are made to the most practical corresponding prior period.

Net sales for this quarter were $12,890,765, compared to $14,106,739 for the quarter ended Dec. 31, 1993. The decrease in sales is attributed primarily to the elimination of unprofitable accounts at the company's injection molding division.

David C. Katz, president and chief operating officer of Pure Tech said, "Demand for our recycled plastic products continues to be strong, and orders are increasing. We anticipate strong sales volumes for the third and fourth quarters of the year."

Katz continued, "We have entered into letters of intent for the disposal of our Connecticut and New Jersey glass recycling and MRF operations. We expect these transactions to close shortly. Progress towards our merger with Ozite continues satisfactorily."

For the six months ended Jan. 31, 1995, Pure Tech recorded earnings from continuing operations of $735,946, or 5 cents per share, on revenues of $26,630,563, compared to a loss from continuing operations of $3,354,362, or 40 cents per share, on revenues of $27,381,200 for the six months ended Dec. 31, 1993.

Pure Tech International Inc. is engaged in the recycling of post-consumer containers made of plastic, aluminum, glass and steel and in plastics injection molding. Pure Tech operates facilities in California, Connecticut, Maine, Massachusetts, Michigan, New Jersey, New York and North Carolina. -0-

                      Pure Tech International Inc.
                    Selected Financial Data (Unaudited)

                                Six Months         Six Months
                                  Jan. 31,            Dec. 31
                                    1995               1993

Revenues                           $26,630,563       $27,381,200
Costs and expenses:
 Cost of sales                      22,714,760        26,266,008
 Plant closing costs                         0         3,394,380
 Selling, general and administrative 1,721,617           922,249
 Research & development                538,542                 0
 Amortization expense                1,380,258           381,718
                                    26,355,177        30,964,355
Income (loss) from operations          275,386        (3,583,155)
Other expenses (income)               (460,560)          949,766
Earnings (loss) from continuing
 operations before provision for
 income taxes                          735,946        (4,532,921)
Income tax benefit                           0        (1,178,559)
Earnings (loss) from continuing
 operations                            735,946        (3,354,362)
Discontinued operations
(Loss) from discontinued operations,
 net of applicable income tax benefit
 of $367,411 & $400,000 at
 Dec. 31, 1993                               0          (960,798)
Net earnings (loss) before cumulative
 effect of accounting change
Cumulative effect of accounting
 change on year prior to 1993                0           149,500
 Net income (loss)                  $  735,946      $ (4,165,660)
Earnings per common share
 Primary
 Earnings from continuing
 operations                         $     0.05      $      (0.40)
 Earnings from discontinued
 operations                               0.00             (0.11)
 Cumulative effect of accounting
 change                                   0.00              0.02
 Net earnings                       $     0.05      $      (0.49)

 Fully diluted
 Earnings from continuing
 operations                         $     0.05      $      (0.30)
 Earnings from discontinued
 operations                               0.00             (0.09)
 Cumulative effect of accounting change   0.00              0.01
 Net earnings                       $     0.05      $      (0.38)

Weighted average number of common shares
 and equivalents outstanding
 Primary                            16,070,826         8,550,263
 Fully diluted                      16,070,826        11,008,097

                              Three Months        Three Months
                                  Jan. 31,            Dec. 31
                                    1995               1993

Revenues                           $12,890,765       $14,106,739
Costs and expenses:
 Cost of sales                      10,845,949        15,820,724
 Plant closing costs                         0         3,394,380
 Selling, general and administrative   817,580           509,082
 Research & development                188,512                 0
 Amortization expense                  678,517           117,330
                                    12,530,558        19,841,516
Income (loss) from operations          360,207        (5,734,777)
Other expenses (income)                176,188           370,567
Earnings (loss) from continuing
 operations before provision for
 income taxes                          184,019        (6,105,344)
Income tax benefit                           0        (1,793,749)
Earnings (loss) from continuing
 operations                            184,019        (4,311,595)
Discontinued operations
(Loss) from discontinued operations,
 net of applicable income tax benefit
 of $367,411 & $400,000 at
 Dec. 31, 1993                               0        (1,030,740)
Net earnings (loss) before cumulative
 effect of accounting change
Cumulative effect of accounting
 change on year prior to 1993                0                 0
 Net income (loss)                     184,019        (5,342,335)
Earnings per common share
 Primary
 Earnings from continuing
 operations                         $     0.01      $      (0.50)
 Earnings from discontinued
 operations                               0.00             (0.12)
 Cumulative effect of accounting
 change                                   0.00              0.00
 Net earnings                       $     0.01      $      (0.62)

 Fully diluted
 Earnings from continuing
 operations                         $     0.01      $      (0.39)
 Earnings from discontinued
 operations                               0.00             (0.09)
 Cumulative effect of accounting change   0.00              0.00
 Net earnings                       $     0.01      $      (0.48)

Weighted average number of common shares
 and equivalents outstanding
 Primary                            17,404,328         8,663,272
 Fully diluted                      17,404,328        11,121,106

CONTACT: Pure Tech International Inc.

Louis T. Haggis, 908/302-1000