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News yesterday
BW1301 JUL 15,1997 7:33 PACIFIC 10:33 EASTERN
( BW)(BIOSAFE)(BSFE) BioSafe Signs Agreement to Lease/Purchase
Transfer Station Near Vermont Landfill
Business Editors
CAMBRIDGE, Mass.--(BUSINESS WIRE)--July 15, 1997-- BioSafe
International, Inc. (NASDAQ: BSFE), an innovative solid waste
management company, announced that its subsidiary, Waste
Professionals of Vermont, Inc. (WPV), has signed an agreement with
the Chittenden Solid Waste District in northwestern Vermont for the
lease-purchase of the District's transfer station in the Town of
Williston, Vermont, about 30 miles from the Company's landfill in
Moretown. "With the addition of this transfer station to BioSafe's
operations, the Company has successfully completed the establishment
of an integrated solid waste management operation serving Vermont's
two largest population centers, Burlington and Barre-Montpelier,"
according to Philip Strauss, BioSafe's chairman, president, and chief
executive officer.
"With the Williston transfer station, BioSafe's subsidiary Waste
Professionals of Vermont will become the second largest solid waste
management company in the state," according to Strauss. Since late
September, when BioSafe received the permit from the State of Vermont
to begin accepting waste at the Moretown landfill, the Company has
achieved several milestones along the path toward creating a
profitable integrated solid waste management operation there. In
January 1997, the Company established a waste-collection business
around the landfill, and in April 1997, the Company filed an
application to permit a second cell at the Moretown landfill,
potentially increasing the landfill's available capacity by more than
fourfold. Later that month, BioSafe signed a $1.3-million, 15-month
contract to dispose of sludge from the Chittenden Solid Waste
District at the Moretown landfill.
"Together with the Company's waste-collection operation, the
Williston transfer station will help ensure a long-term, stable waste
flow in to the Moretown landfill," said Strauss. The Company
expects that the necessary permits for the Williston facility will be
transferred to BioSafe from the Chittenden Solid Waste District
within the next 90 days. Under the lease-purchase agreement, WPV
will lease the transfer station from the Chittenden Solid Waste
District for a period of 10 years and will have an option to buy it
at the end of that period for a minimal amount.
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Certain of the above statements may be forward-looking statements
that involve risks and uncertainties. In such instances, actual
results could differ materially as a result of a variety of factors
including competitive developments and other risk factors listed form
time to time in the Company's Securities and Exchange Commission
reports.
--30--lm/bos*
CONTACT: BioSafe International
Bob Rivkin, 617-497-4500 |
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