WASTEMASTERS - $72,760,263 LAWSUIT DISMISSED
EL RENO, Okla., Jan 21, 2000 /PRNewswire via COMTEX/ -- WasteMasters,
Inc. (OTC Bulletin Board: WAST) announced that on January 3, 2000 it
was dismissed, with prejudice, from a $72,760,263 lawsuit brought by
WMI Investors, Inc. The lawsuit had claimed that WMI Investors was
defrauded by Continental Investment Corporation (OTC Bulletin Board:
CICG) when CICG acquired 4.5 million shares of common stock and 5
million shares of preferred stock from WasteMasters, Inc.
Douglas Holsted, President of WasteMasters stated, "We have adamantly
stated our position of innocence from the beginning. It is very
rewarding to see this final ruling. WasteMasters is re-establishing
itself as a viable, investment-worthy company that its many
shareholders can be proud of. As we continue to eliminate all of the
outstanding litigation and attract further investment capital we can
open profitable landfills and acquire profitable companies with whom we
are in continuing negotiations."
Leon Blaser, Chairman and CEO and a party to the litigation, further
stated, "For more than a year we attempted to discuss with WMI the
basis of their lawsuit and our position. In several instances we
proposed a 'settlement' in order to bring the litigation to conclusion.
In all cases, they rejected our offers and chose to continue with the
case. Now, the case has been dismissed and is over. We are delighted
with the outcome."
David N. Fuselier, of The Ridgefield Group, the company's turnaround
consultants, stated, "The lawsuit was without merit from the beginning.
While there were interesting and lively assertions from WMI, there were
few, if any, substantive or relevant facts. We will continue to be
vigilant in settling all pending legal matters."
A more detailed overview of the lawsuit can be found in WasteMasters'
1998 10K.
For further information contact Douglas Holsted, President at
405/262-0800.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: The statements contained in this news release which are
not historical facts may be "forward-looking statements" that involve
risks and uncertainties which could cause actual results to differ
materially from those currently anticipated. For example, statements
that describe WasteMasters' hopes, plans, objectives, goals,
intentions, or expectations are forward- looking statements. The
forward-looking statements made herein are only made as of the date of
this news release. Numerous factors, many of which are beyond
WasteMasters' control, will affect actual results. WasteMasters
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances. This news
release should be read in conjunction with WasteMasters' annual report
on Form 10-KSB for the fiscal year ended December 31, 1998 and other
filings with the U.S. Securities and Exchange Commission by
WasteMasters.
SOURCE WasteMasters, Inc. |
