Westminster Securities Reiterates 'Strong Buy' Rating, Six-Month Price Target of $28.80 and 12-Month Price Target of $35.10 On B

Westminster Securities Reiterates 'Strong Buy' Rating, Six-Month Price Target of
$28.80 and 12-Month Price Target of $35.10 On Bennett Environmental 


ATLANTA, Feb. 20  /PRNewswire/ -- Westminster Securities Corporation is
reiterating its investment and risk ratings on Toronto, Ontario-based Bennett
Environmental Inc. (American Stock Exchange: BEL; Toronto Stock Exchange: BEV,
Frankfurt (Germany): BEW) with a "Strong Buy" investment rating, a six-month
Target Price of $28.80, a 12-month Target Price of $35.10, and a risk rating of
"High" over both time periods.

According to Westminster analyst Will Lyons, "We are not aware of any
fundamental reasons for the recent weakness in BEL's share price. In our
opinion, the current price represents a significant buying opportunity in light
of the company's most recent earnings release and conference call on 2/12/04, in
which management indicated a number of positive developments."

  Included in those developments are the following:

   - BEL processed 75,000 metric tons of contaminated soil in 2003, a number
     that management expects will rise to 120,000 - 140,000 metric tons in
     2004

   - The company is currently bidding on or preparing to bid on 700,000 tons
     of new soil remediation projects, in addition to having discussions
     with Canada's Department of National Defense regarding the next phase
     of the massive Saglek radar site decommissioning project.

   - Construction of the company's second soil processing facility in
     Belledune, New Brunswick is 65% complete and on schedule for commercial
     operation beginning early in the second half of 2004.

   - Soil processing has continued at near maximum capacity during the
     current winter months due to the additional soil storage capacity BEL
     built in 2003

   - Subject to regulatory approval, we expect the authorized throughput at
     the company's existing soil processing facility at St. Ambroise,
     Ontario will increase 11 percent this year



Our currentforecast is for BEL's fully-taxed, fully-diluted US GAAP earnings to
rise to US$1.17 and US$1.83 in fiscal years 2004 and 2005, respectively, based
on management's most recent public guidance.

Bennett Environmental Inc. is one of North America's largest pollution abatement
companies, specializing in the removal and permanent destruction of a wide range
of industrial and other organic pollutants from soil using the company's
proprietary high-temperature Mark IV process.

BEL is not an investment banking client of Westminster Securities Corporation
and Westminster Securities Corporation does not make a market in BEL shares.

   For further information, please contact:

   William D. Lyons, Director of Equity Research
   ()

   Richard Louise, Director of Institutional Sales
   ()

   Westminster Securities Corporation, 3827 Roswell Road, Suite 100-A,
   Atlanta, Georgia 30062; Phone: [phone]; Fax: [phone]



Westminster Securities Corporation is a full service New York Stock Exchange
member firm operating in six principal areas: Investment Banking, Equity
Research, Execution Services, Clearing and Operations and Institutional and
Retail Account Management. Combining the responsiveness of a boutique firm with
the financial expertiseof a long established institution, Westminster provides
its services to corporations, institutions, private clients, and investment
professionals worldwide. Founded in 1971, Westminster is a member of the New
York Stock Exchange, National Association of Securities Dealers (CRD number
6105), and the Securities Investor Protection Corporation. Westminster is
headquartered at 100 Wall Street, New York, with branch offices in Atlanta, New
York, Miami, St. Louis, Toronto, Limassol (Cyprus) and Shanghai (People's
Republic of China). 

DATASOURCE: Westminster Securities Corporation



CONTACT:  William D. Lyons, Director of Equity Research,

, or Richard Louise, Director of Institutional

Sales, or , both of Westminster Securities

Corporation, [phone], or fax, [phone]



Web site:  http://www.westminstersecurities.com/ 

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