AJAX, ONTARIO--(Marketwired - Aug. 2, 2013) - Environmental Waste International Inc. ("EWS") (TSX VENTURE:EWS) (the "Company"), a company specializing in eco-friendly systems with proven patented technology for the breakdown of organic materials, today is providing shareholders with a corporate update.
EWS announced that the Audit Committee for 2013 will include Samuel Geist, Emanuel Gerard (Chairman) and Thomas Russell. The members of the Compensation Committee will be Mr. Geist (Chairman), Mr.Gerard and Mr.Russell. Dr. Daniel Kaute, President and CEO of EWS, commented, "We are proud to have experienced people to act in the shareholders' interests."
EWS also announced that it intends to complete a private placement financing raising approximately $350,000 through sale of units at a subscription price $0.10 each. Each unit consists of one common share and a half warrant. Each whole warrant permits entitles the holder to acquire one common share at an exercise price of $0.175 for a period of two years.
Michael Abrams resigned as CFO on May 31st. Former CEO Dr. Stephen Simms, whose employment was terminated on March 1, 2013, has commenced an action against EWS wherein he seeks four years of severance pay in the amount of $1,020,000. The Company and its legal counsel believe this claim for 48 months of pay is entirely vexatious and without merit. Furthermore, the Company and its legal counsel strongly contend that there is no basis for this grossly inflated claim. Daniel Kaute stated "We believe the lawsuit is without merit. We intend to vigorously defend the action and, while it will likely take several years before it is finally disposed of by the courts, we are confident we will ultimately prevail."
About Environmental Waste International Inc.
Environmental Waste International, Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. EWS 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 waste tires, while creating a highly valuable commodity output for 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 gases. 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.
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