AJAX, ONTARIO--(Marketwire -04/04/12)- Environmental Waste International Inc. (EWS) (TSX-V: EWS.V - News) announced that its new COO, Valdis Martinsons, has hired three engineers to complete the work on the TR900 Pilot Plant in Sault Ste. Marie, Ontario. They have made solid progress in identifying and rectifying several of the mechanical issues. Mr. Martinsons is confident that the work will be completed in the near future. EWS will then be in a position to accelerate its sales efforts with groups interested in commercial operations and on marketing the byproducts produced by the TR Systems.
EWS also announced that it has negotiated an extension, subject to TSX Venture Exchange approval, to the repayment of its $497,000 in outstanding convertible loans. The 10% term loans were originally due on April 9, 2012. The lenders have agreed to extend the loans until April 30, 2013. The Company has the right to repay the loans on 30 days notice prior to the due date. The loans are convertible into common shares at $0.25 a share. The $497,000 in loans would convert into 1,988,000 common shares. The lenders consist of EWS's five directors and a relative of the company's President.
EWS has designed systems for the breakdown and recovery of usable byproducts from several organic materials, including rubber tires, and for the sterilization of medical, animal, liquid and food waste. EWS continues to explore other applications for its technology. Please visit the EWS website at: www.ewmc.com.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
- TSX Venture Exchange
Environmental Waste International Inc.
Dr. Stephen Simms