News of acquisitions and credit facility:
Waste Systems International Expands Vermont
Operations With Five Acquisitions and Increases
Vermont Credit Facility
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 10, 1998--Waste Systems International Inc.
(NASDAQ:WSII - news) announced today that it has closed three (3) acquisitions of collection
companies including a transfer station and has signed agreements to acquire two (2) additional
collection companies in the state of Vermont. The acquisitions have combined annualized revenues
of approximately $5 million. The remaining acquisitions are expected to be closed by Feb. 28,
1998. WSI will integrate these acquisitions with its current Vermont operations which consist of a
landfill in Moretown, Vt., transfer stations in Burlington and Waitsfield, Vt., and collection
operations. The company is also evaluating other acquisitions within the state as it expands the
geographical area it serves throughout the state.
''These acquisitions provide WSI with greater access to the Burlington and Barre-Montpelier
markets and its surrounding communities, and also marks the entry into two (2) new markets, St.
Albans and St. Johnsbury, Vt.,'' commented Philip Strauss, WSI's chairman, president and chief
executive officer. ''These acquisitions, as well as others which we are currently evaluating, should
allow WSI to achieve an internalization rate of close to 75 percent in Vermont by the end of
1998. Our integrated business in Vermont serves as a model for our other operations and one
which we will replicate as we expand into other areas in the Mid-Atlantic and Northeast region,''
commented Strauss.
Separately, WSI increased its credit facility with The Howard Bank in Vermont to $3 million. The
proceeds will be used to fund the company's development and expansion of its Vermont
operations, as well as for general working capital purposes.
WSI is an innovative solid waste management company. The company operates a fully-integrated
solid waste management operation in Vermont, is building a fully-integrated municipal solid waste
operation in south central Pennsylvania, and has entered into a contract to operate and remodel an
existing 30-acre landfill in South Hadley, (Western) Massachusetts where it also expects to build a
fully integrated solid waste management operation. The company is also evaluating other
acquisitions and opportunities in the Mid-Atlantic and Northeastern markets.
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 from time to time in the
company's Securities and Exchange Commission reports. |
