I hope that we are starting to see WAST heading back up. They are making tons of acquisitions and I believe they will continue to make more. Here is the most recent news.
Modano : )
Monday May 18, 11:23 am Eastern Time
Company Press Release
SOURCE: WasteMasters, Inc.
WasteMasters to Acquire Assets of Palm Beach Transfer And Recycling
DALLAS, May 18 /PRNewswire/ -- WasteMasters, Inc. (Nasdaq: WAST - news) today announced that it has signed a definitive agreement to acquire the assets of Palm Beach Transfer And Recycling located in West Palm Beach, Florida, in a deal valued at $2,830,000. The assets to be acquired include equipment, a 10-acre tract of real property, and associated permits in exchange for 943,334 shares of WasteMasters Rule 144 restricted common stock valued at $3.00 per share. The agreement provides that following the expiration of the Rule 144 holding period, the Seller is subject to a lock-up agreement whereby it may only liquidate an aggregate of 25,000 shares per month in months 13-36 following the Closing.
Palm Beach Transfer And Recycling is currently a five (5) acre transfer and recycling facility permitted for 560 yards per day. The facility handles roofing material, construction and demolition debris, vegetation, clean concrete, clean wood, and mulch and grass. Effective June 1, this facility will be expanded to a 9.5-acre site with increased permitted capacity to 2,500 yards per day. The targeted assets are projected to add an additional $3.5 to $4.5 million in gross annual revenues to WasteMasters. The acquisition is scheduled to close during the month of May, 1998.
WasteMasters, Inc. is an emerging growth company in the field of environmental services.
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, 1997 and other filings with the U.S. Securities and Exchange Commission by WasteMasters.
SOURCE: WasteMasters, Inc. |
