WAST LOL a flurry of news coming at ya'll
EL RENO, Okla., Dec. 17 /PRNewswire/ -- WasteMasters, Inc. (OTC Bulletin Board: WAST - news) announced today that
its wholly owned subsidiary, WasteMasters of West Palm Beach, Inc. has settled a $3.8 million judgment against it by a lender
in connection with a loan made to acquire the transfer station operated by the subsidiary. The lender, who had taken title to the
transfer station as part of the judgment, agreed to accept common stock of WasteMasters, Inc. in return for its agreement to
dismiss the remainder of the judgment.
Douglas Holsted, President of the Company, stated: ''One of the key efforts in the Company's restructuring has been the
elimination of liabilities of the Company. As the Company acquires assets we didn't need this judgment hanging around our
neck. The lender saw the benefit in accepting stock in WasteMasters and enjoying the benefits of the long-term growth of the
Company.''
David N. Fuselier, of the Ridgefield Group, the Company's turn-around consultant, stated, ''This is one of a few larger
settlements that needed to be completed in order to thoroughly stabilize the Company's balance sheet. We expect other
settlements will be forthcoming as creditors understand the Company's commitment to a stable growth strategy and financial
integrity.
''For some time now we have been stating that the Company's balance sheet will become stronger and stronger, if not
somewhat smaller than it has been. With this settlement, and others that we are pursuing, we fully expect the Company's
balance sheet to show positive net equity. What it will really mean is that as the Company moves forward toward profitability it
will benefit from its over $90,000,000 in net operating losses. This is a significant gain for WasteMasters' shareholders.''
For further information contact Douglas Holsted, President of WasteMasters, Inc. 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.
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