At 4:01 on 3/2/99 the following press release appeared:
EXINGTON, Mass.--(BUSINESS WIRE)--March 2, 1999--Waste Systems International, Inc.
(''WSI'') (NASDAQ:WSII - news), an integrated non-hazardous solid waste management
company, announced today that it has completed the sale of $100 million in principal amount of
seven-year 11.5% Senior Unsecured Notes through a private placement with institutional investors.
The issuance of the Senior Unsecured Notes has been structured to allow secondary market trading
under Rule 144A of the Act of 1933. The net proceeds of the offering will be used to complete a
buyback of 500,000 shares of Common Stock, finance pending and future acquisitions, repayment
of outstanding debt, as well as for general working capital purposes.
''This financing allows WSI to continue pursuing its aggressive acquisition strategy,'' commented
Philip Strauss, WSI's Chairman and Chief Executive Officer. ''Over the last year, WSI has
demonstrated its ability to effectively pursue its strategy of acquiring solid waste assets at prices the
Company believes will provide opportunities for increased growth, profits and cash flow,'' Strauss
added.
The Company also announced that it has closed or signed definitive agreements to acquire 12
tuck-in collection companies in its Central Pennsylvania, Central New York and Central
Massachusetts markets. The combined aggregate annual revenues of the acquisitions are
approximately $7.5 million.
''These tuck-ins strengthen our presence in each of the respective markets and will help us to
continue to increase our operating margins and cash flow in these regions,'' commented Philip W.
Strauss, Chairman and Chief Executive Officer. ''We are very pleased with the results of our
acquisitions to date. Our pipeline of potential acquisitions remains strong,'' Strauss added.
WSI is an innovative solid waste management company. The Company currently has operations in
Vermont, Central Pennsylvania, Central Massachusetts and Central New York which serve
approximately 67,000 commercial, industrial and residential customers. The Company is also
evaluating other acquisitions and opportunities primarily in Northeastern and Mid-Atlantic markets.
While I did not cut and paste it, the release contained the usual disclaimer on future looking statements. |
