WAST SSP I think finally people are waking up to the fact, that these guys put a value of $1 on WAST to settle the debt. Fine by me, I'll hang on to some for a buck :-))
WasteMasters Announces $3,000,000 Litigation Settled for $1.00 Per Share
EL RENO, Okla., Jan. 11 /PRNewswire/ -- WasteMasters, Inc. (OTC Bulletin Board: WAST - news) announced today that it reached agreement with Coastal Ltd.,
LLC and Coastal Venture Group to settle two lawsuits, and various other matters, in exchange for WasteMasters stock valued at approximately $1 per share and
warrants valued at $.40 per share. Coastal had been a lessor of property in Baltimore where WasteMasters had intended to build and operate a transfer station. Due to
strong opposition from surrounding neighbors the transfer station's permit was not obtained and WasteMasters discontinued its obligations under the lease. In addition,
Coastal had loaned WasteMasters, Inc. money to acquire and operate two additional landfills. WasteMasters, Inc., due to past difficulties, was in default on its payments
under these loans. Subsequently, Coastal filed suits seeking enforcement of the contract and payment for damages of $3,000,000.
Douglas Holsted, President of WasteMasters, stated: ''I am proud of the Company's accomplishments. As we rid ourselves of these outstanding matters, WasteMasters
grows stronger. Those having unresolved matters against WasteMasters are finding the stock to be a very attractive settlement at current prices. This is particularly true
in light of our recent announcements of the income we expect from Section 29 Federal Income Tax Credits and the proposed acquisition of Startec, Inc.''
Bill Shurick of Coastal stated, ''We are very happy to put this matter behind us. Coastal believed in WasteMasters when it signed the lease and made the loans. It's
unfortunate that local politics thwarted WasteMasters' efforts. However, we made a simple decision that Coastal, in the long run, can substantially increase its return on
investment by accepting an undervalued stock rather than pursuing further litigation. I give Leon Blaser of WasteMasters a lot of credit for his input in this negotiation.''
David N. Fuselier of the Ridgefield Group, the company's turn-around firm, stated, ''This settlement reflects WasteMasters' commitment to completely settle all
outstanding legal matters. We fully expect others to settle in a similar manner.''
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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