FEBRUARY 16, 1999
Consolidated Envirowaste Amends Loan Agreement
VANCOUVER, BRITISH COLUMBIA--The Company has agreed to amend its
loan agreement with director and senior officer of the Company,
announced January 5, 1999, to accommodate an additional advance of
$86,000. As is the case with the initial advance of $414,000, the
loan principal is repayable on demand. The loan will bear
interest at the prime rate of the Royal Bank of Canada plus 3 1/2
percent per annum, payable monthly.
The Company will put in place security in favour of the lender in
the form of a charge on the assets of the Company and the
guarantee its subsidiary, Answer Garden Products Ltd. The Answer
Garden guarantee will be supported by a charge on its assets,
including a mortgage over its Matsqui, British Columbia property.
The loan proceeds will be used by the Company to meet the
Company's near-term working capital requirements. The Company is
continuing to explore various options to meet its long-term
comprehensive credit requirements. Any new financing plan will
likely include the payout or refinancing of the new demand loan.
CONSOLIDATED ENVIROWASTE INDUSTRIES INC.
Douglas R. Halward, President
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FOR FURTHER INFORMATION PLEASE CONTACT:
Consolidated Envirowaste Industries Inc.
Douglas R. Halward
President
(604) 856-6836
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