WasteMasters, Inc. Announces Business Strategy for Next Three Years
EL RENO, Okla., Feb. 22 /PRNewswire/ -- WasteMasters
(OTC Bulletin Board: WAST) announced today its Business Strategy for the Next
Three Years. WasteMasters, Inc. will pursue a three-fold approach to
generating revenues and increasing shareholder value in the next three years,
primarily through waste operations, waste-flow reduction technologies and
synthetic fuels, and other revenue.
Waste Operations
The parent company, WasteMasters, Inc., will continue its emphasis on the
disposal of traditional municipal solid waste (MSW) and construction and
demolition (C&D) materials. In the past, WasteMasters owned over
21 subsidiaries in this sector but divested itself of many of these operations
when financial difficulties arose two years ago. The company's primary focus
in this arena will be to acquire landfills and transfer stations that are
symbiotic to the company's other strategies. The company anticipates revenues
in this sector to grow to $50,000,000 by FYE 2001.
Waste-Flow Reduction and Synthetic Fuels Development
WasteMasters, Inc. also intends to generate revenues from the remediation
(clean-up) of coal fines, while generating synthetic fuel, utilizing both
Section 29 and non-Section 29 briquetters, through its soon to be acquired
subsidiary Startec, Inc. (OTC Bulletin Board: STIN). Startec has a
significant patent portfolio containing technology that allows WasteMasters,
Inc. to combine products from its waste reduction process with coal fines and
a binding agent to produce a low ash, low sulfur, high BTU coal. This coal is
in extremely high demand from utilities and other coal users who burn low
sulfur coal to reduce stack emissions. WasteMasters, Inc. is negotiating
significant acquisitions of coal fines and other sources for generating
synthetic fuel and other energies. This waste reduction technology that
produces the by-product used to create this synthetic fuel is both beneficial
for the environment and profitable for the company. In addition, the company
saves its available airspace at the landfill while generating revenue from the
recyclable materials recovered in the process. WasteMasters, Inc. is
committed to reducing the waste-flow collected by 75% before the remainder is
placed in its landfills. The company believes it will generate $115,000,000
of annual revenue by the end of the year 2001 in synthetic fuel production and
waste-flow reduction processes. Startec, Inc. has received both shareholder
and Board approval to be acquired by WasteMasters.
Other Revenues
Finally, through joint ventures and additional acquisitions to be
announced, WasteMasters, Inc. will generate revenue from ancillary revenue
sources. One such source, previously announced, is monetized Section 29
Federal Income Tax Credits that the company acquired from an individual. In
doing so, the company receives significant recurring revenues and intends to
continue to take advantage of these opportunities as they arise. Section 29
Tax Credits are issued when a company creates synthetic fuels from renewable
resources -- such as coal fines. The company believes that it will generate
$20,000,000 in annual revenue from these sources by FYE 2000.
Overall, Management believes WasteMasters, Inc.'s combined gross revenue
stream will be $250,000,000 by FYE 2002. WasteMasters has received
preliminary approval from several equity sources to invest equity capital and
lenders to establish credit facilities adequate to fund the company's growth.
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 3l, 1998 and other filings with
the U.S. Securities and Exchange Commission by WasteMasters.
SOURCE WasteMasters, Inc.
-0- 02/22/2000
/CONTACT: Douglas Holsted, President of WasteMasters, Inc., 405-262-0800/
(WAST STIN) |
