WasteMasters, Inc. Settled $2.9 Million Judgment for $157,500 Plus 1,050,000 Restricted Shares of Common Stock
11/29/00 WASTEMASTERS INC News
EL RENO, Okla., Nov 29, 2000 (BUSINESS WIRE) -- WasteMasters, Inc. (OTCBB: WAST), on November 17, 2000, entered into a settlement agreement with Harold and Mary Ann Solomon.
The Solomons had held a judgment against the Company in the amount of $2,500,000. With accrued interest and attorney's fees the judgment was approximately $2,940,000. Under the settlement, the Company paid the Solomons $25,000 and agreed to issue them 1,050,000 shares of its restricted Common Stock and thereby reduce the amount owed to $1,500,000. In addition, the Solomons and the Company agreed that the balance of the judgment would be satisfied by the payment of $132,500, payable in twelve weekly installments of $10,000 each and a thirteenth installment of $12,500. Each installment payment satisfies $75,000 of the amount of remaining judgment, except that the final installment will result in the satisfaction of the full balance of the judgment regardless of what is owed at the time.
Dr. Blaser said his company is excited to settle the largest remaining legal action against the Company. "We have fought against this unfair judgment for quite some time. However, the conclusion of both parties was that too much energy and time was being lost to the ongoing fights. It was time to settle the judgment and move on down the road. We can now place full attention on completing our restructuring, integrating the operating assets recently acquired from Global Ecological and pursuing the development of our alternative fuel manufacturing facilities through Appalachia Environmental Recovery, Inc."
WasteMasters collects, transfers and landfills waste primarily through operations in Pennsylvania and Ohio, and is engaged in the development of alternative fuel manufacturing facilities.
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, 1999 and other filings with the U.S. Securities and Exchange Commission by WasteMasters.
CONTACT: The Investor Relations Group, New York Juan Dominguez or Dian Griesel Ph.D. 212/736-2650 |
