DALLAS, Oct. 29 /PRNewswire/ -- WasteMasters, Inc. (Nasdaq: WAST) today
announced that it has entered the Ohio/Pennsylvania markets with the
Acquisitions of "The Lisbon Landfill," a 141.154 acre, 12 million cubic yard
Construction and Demolition ("C&D") waste disposal facility in Lisbon, Ohio
and Atlantic Coast Demolition & Recycling, Inc., a 3,000 tons per day C&D
transfer station in Philadelphia, Pennsylvania.
The acquisitions, valued in cash and stock over $5 million, represent an
initial $4 million in gross annual earnings. Potential future revenues after
integration are expected to be in excess of $20 million annually. Since the
Closing of these Acquisitions, with approximately 90% of C&D received
internalized, the Company has projected over $10 million in gross revenue for
the next 12 months of operation.
Douglas C. Holsted, Chief Financial Officer, stated, "It's a great day for
WasteMasters when, at current market conditions, the synergies from these two
acquisitions effectively bring WasteMasters Northeast operations to a
potential level of profitability previously unachievable. Other complementary
acquisitions are expected shortly, increasing further the earning capacity of
these operations."
WasteMasters, Inc. is an emerging growth company in the field of
environmental services.
SOURCE WasteMasters, Inc.
-0- 10/29/98
/CONTACT: Mike Smith of WasteMasters, Inc., 404-888-0158/
(WAST |
