AJAX, ONTARIO--(Marketwired - Jun 12, 2013) - Environmental Waste International Inc. ("EWI") (TSX VENTURE:EWS) (the "Company"), a company specializing in eco-friendly systems with proven patented technology for the breakdown of organic materials, today announced the results from its Annual and Special Shareholders' Meeting held on June 11, 2013 in Toronto, Ontario.
The following proposals were approved during the meeting.
- All of management's nominees for the Company's Board of Directors, Sam Geist, Emanuel Gerard, Valdis Martinsons, Daniel Kaute and Thomas Russell, were elected.
- Ernst & Young, LLP, were re-appointed as the Company's auditors and the directors were authorized to fix the auditors remuneration.
- Subject to receipt of regulatory approval, a new 10% rolling stock option plan was approved. Under the new plan, a maximum of 10% of the issued and outstanding Common Shares at the time of the grant are authorized to be issued.
- The Board of Directors has been given the discretion to consolidate the Common Shares on the basis of one new Common Share for up to five old Common Shares. The board has no intention of consolidating the Company's shares at this time, but may do so in the future if the directors believe it would be in the best interests of EWI and its shareholders to do so.
The Company also issued 500,000 stock options to the Board of Directors (125,000 to each of Sam Geist, Emanuel Gerard, Valdis Martinsons and Thomas Russell) with an exercise price of $0.20 and 460,000 options to employees with an exercise price of $0.10. All options vest over 3 years.
About Environmental Waste International Inc.
Environmental Waste International, Inc. specializes in eco-friendly systems for the breakdown of organic materials such as tires. EWI has spent over fifteen years engineering systems that integrate the EWI patented Reverse Polymerization™ process and proprietary microwave delivery system. EWI's unique microwave technology safely processes and recycles waste tires, while creating a highly valuable commodity output for the industry including carbon black, oil and steel. Each unit is designed to be energy efficient and where possible, create an economically positive model for the recovery of various hydrocarbon oil and gasses. For more information please visit, www.ewi.ca.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Company's most recent Management Discussion & Analysis, which can be found on the Company's profile at www.sedar.com. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.