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Toronto, Ontario--(Newsfile Corp. - July 27, 2022) - Environmental Waste International Inc. (TSXV: EWS) (the "Company" or "EWS") is pleased to announce that certain board members (the "Related Creditors") have agreed to loan the Company an aggregate amount of US $400,000, with US $150,000 advanced July 27, 2022 and an additional US $125,000 on August 15, 2022 and September 15, 2022 (the "Loans"). The Company will issue a promissory note to each of the Related Creditors in respect of the amounts advanced (the "Promissory Notes"). The Promissory Notes bear interest at a rate of 6% per annum, which shall accrue and become payable along with the principal amounts on the maturity date of September 30, 2024. The Promissory Notes are unsecured obligations of the Company.
The participation in the Loans by the Related Creditors constitute "related party transactions" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") under applicable securities laws (the "Related Party Transactions"). The Company is relying on exemptions from the MI 61-101 formal valuation and minority approval requirements applicable to related party transactions available as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, each of the Related Party Transactions, exceeds 25% of the Corporation's market capitalization at the time at which such transactions were agreed to. The Related Party Transactions were approved by directors of the Company who are independent of the related parties.
About Environmental Waste International Inc.
Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. The Company has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles end of life tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator. For more information please visit, www.ewi.ca.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132081