Toronto, Ontario--(Newsfile Corp. - September 18, 2019) - This press release is being disseminated as required by National Instrument 62 103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of securities of Environmental Waste International Inc. (TSXV: EWS) (the "Company") by Paul E. Orlin ("Orlin").
Orlin entered into a debt settlement agreement with the Company dated September 16, 2019 under which Orlin agreed to settle $2,657.00 of indebtedness in exchange for 53,140 common shares in the capital of the Company at a deemed price of $0.05 per common share (the "Debt Settlement").
As indicated in Orlin's early warning report dated May 9, 2017 (the "Prior Report") Orlin held an aggregate 26,368,849 common shares of the Company, representing 16.16% of the common shares of the Company then outstanding. Subsequent to filing the Prior Report Orlin purchased 1,000,000 common shares, which resulted in Orlin holding 27,368,849 common shares of the Company representing 16.5% of the common shares of the Company on an undiluted basis.
Following the Debt Settlement, Orlin beneficially owns 27,421,989 common shares and 225,000 options in the capital of the Company, representing approximately 12.8% of the issued and outstanding securities of the Company on a partially diluted basis.
The 53,140 common shares were acquired for investment purposes. Orlin may, from time to time, take such actions in respect of its holdings in securities of the Company as it may deem appropriate in light of the circumstances then existing, including (i) acquiring, exercising, converting, exchanging, selling or otherwise disposing of securities of the Company or securities exercisable for, or convertible or exchangeable into, securities of the Company, and (ii) developing plans or intentions or taking actions which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of the Early Warning Report filed on SEDAR.
A copy of Orlin's Early Warning Report with respect to the foregoing is filed under applicable securities laws and is available under the Company's profile on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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