WAST okay, last one, LOL
Global Eco-Logical Posts Third Quarter Earnings of
$.0235 Per Share On Sale of Non-Strategic Assets
ATLANTA, Dec. 22 /PRNewswire/ -- Global Eco-Logical Services, Inc. (OTC Bulletin Board: GECLE - news) today
announced the sale of its wholly owned subsidiaries Wood Management, Inc. and Mini-Max Enterprises, Inc. to Waste
Acquisition Corporation, a privately held waste management company. The deal, valued in excess of $3,500,000, will realize a
third quarter gain in the Company of $1,315,590 or approximately $.10 a share before internal reductions. On a consolidated
basis, the Company realized a third quarter net gain of $312,056 or $.0235 per share.
Wood Management, a 16 acre wood processing facility, and Mini-Max Enterprises, an interstate trucking company, were
acquired by the Company in March of this year from WasteMasters, Inc. (OTC Bulletin Board: WAST - news) to
accommodate the Company's Northeast integration strategy, specifically the transportation and recycling of all wood waste
from other sites held by the Company. Although inter-Company gains were significant, in the nine months ending September
30, 1999, these operations sustained a loss of $306,818 or $.0147 per share.
The Company strategically sold these failing assets, yet preserved in itself a preferential tipping fee for all wood waste its
facilities may generate, thereby maintaining current profit margins at other Company sites. Further, the Agreement provides a
Right of First Refusal on subsequent sales of either company and an Option to Joint Venture with Wood Management upon the
granting of a construction and demolition transfer station permit.
President and CEO, Richard D. Tuorto, Sr., commented on the sale, ''The operations were no longer necessary for the
Company's integration strategy and are better served by specialists in the industry. Waste Acquisition Corporation is well suited
for the continual development of these operations and preservation of the Company's wood waste disposal. The alliance
ensures greater sustained profitability in the Company, while the transaction inures heightened shareholder value. In short, the
sale was a windfall for the Company.''
Daniel Zuckerman, newly appointed Vice President of Operations for Mini- Max stated, ''We believe that Mini-Max and
Wood Management are excellent assets for our growth. With the addition of new processing and transportation equipment
both of these operations should become profitable in the long haul. Our company looks forward to developing these
operations.''
Visit the Company's web site at www.globalecological.com.
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 the Company's
hopes, plans, objectives, goals, intentions, or expectations are forward- looking statements made herein are only made as of the
date of this news release. Numerous factors, many of which are beyond the Company's control, will affect actual results. The
Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or
circumstances.
SOURCE: Global Eco-Logical Services, Inc.
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