Wednesday May 12, 3:18 pm Eastern Time
Company Press Release
SOURCE: Environmental Digital Services, Inc.
Environmental Digital Services, Inc. Secures Investment,
Product Approvals
PALM BEACH GARDENS, Fla., May 12 /PRNewswire/ -- James P. Crehan, Sr., Chairman of the Board
of Environmental Digital Services, Inc. (OTC Bulletin Board: EVDS - news; EDSi), a Florida-based publicly traded provider of underground tank
monitoring, leak detection, risk management, and environmental contamination remediation products and services, has announced the securing of an
investment by East End Capital Partners, Inc. of New York City. East End Partners will invest up to US$500,000 (the total amount to be determined by
the Company) in EDSi in exchange for an equal amount of 8% Convertible Subordinated Notes due March 31, 2002. The conversion price is set at the
time of distribution of funds, that being $.15 below the closing stock ask price that day. The funds shall be utilized as needed to finance continuing
hardware and software engineering and manufacturing costs for its Capscan underground fuel tank monitoring and home heating oil tank monitoring
systems.
The sensor probe that is at the heart of the Company's fuel monitoring system has now been successfully tested by Edison Testing Laboratories, a
Nationally Recognized Testing Laboratory (NRTL) and will be labeled as being ''intrinsically safe'' to be installed into a hazardous environment.
Testing is now underway as well to obtain the device's certification as operating in compliance with FCC Regulations. The manufacturer has reported
that they are prepared to commence full production as soon as the NRTL's reports are complete and a FCC Certification Number has been assigned.
The system generated much interest at last month's Exxon's annual Private Jobber Exposition where the Company exhibited by the invitation of Exxon,
and has been offered ''Preferred Vendor'' link on their website. Work continues on EDSi's own website, which will be up within 30 days.
Separately, it was announced that Mr. Thomas Bliss, Director of International Sales, has returned from his participation with Ambassador David
Aaron's Trade Mission to Central America. EDSi was one of only fifteen companies to be selected to represent US business interests on this mission,
and Mr. Bliss returned with over $3 million of requests for proposals for various remediation and water treatment systems for such industrial
companies as Esso, Shell, Texaco and Coastal, and various national agricultural associations. A follow-up sales trip was made to the international trade
show of the Specialty Coffee Association of America which generated even more high levels of interest and requests for quotes by coffee growers and
processors throughout the world for the Company's water treatment system.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are
forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially
from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk
inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and
expand its holdings. |
