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Microcap & Penny Stocks : EVDS Environmental Digital Services, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Tobasco who wrote (710)	11/15/1999 12:42:00 PM
From: kiwi	Read Replies (1) \| Respond to of 718

November 15, 1999 11:42 EDSi Receives New Order and Announces New Funding Jump to first matched term PALM BEACH GARDENS, Fla., Nov. 15 /PRNewswire/-- James P. Crehan, Sr., Chairman of the Board of Environmental Digital Services, Inc. (OTC Bulletin Board: EVDSE) (EDSi), a Florida-based publicly traded provider of underground tank monitoring, leak detection, risk management, and environmental contamination remediation products and services, has announced that the Company has replaced a previously announced financial offering. Necessary funding to complete bringing the Capscan fuel monitoring system through the manufacturing and approval process, as well as sufficient operating funds to support the Company to a point of profitability has been obtained through private placement of restricted securities with an existing shareholder. The Company also announces the cancellation of a previously revealed investment contract by East End Capital Partners, Inc. of New York City. East End Partners and its principal, Mr. Dan Summa, contracted to invest up to US$500,000 in EDSi, (the total amount to be determined by the Company) with US$250,000 to be received by April 30, 1999, in exchange for an equal amount of 8% Convertible Subordinated Notes due March 31, 2002. For reasons having nothing to do with EDSi, and as of yet unknown to EDSi, Mr. Summa and East End Capital Partners, Inc. have failed to live up to their contractual obligations. The delay and ultimate reneging of the East End Capital Partners funding has caused a substantial slippage of delivery and certification dates, now expected early in the first quarter of 2000. The Company's CPAs and SEC attorneys have resumed their work on completing the Form 10 submission, and it is expected that the Form 10 filing should occur within thirty days. Separately, The Company has received a new order as well as the adding of a new distributor agreement with of Richmond, Kentucky, for the sales of the entire EDSi Petro-Serve, Inc. line of fuel monitoring products and services within the state of Kentucky. This agreement and order brings the Company's sales backlog to over $2 million dollars. 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. SOURCE Environmental Digital Services, Inc. /CONTACT: William A. Wolters, Executive VP, EDSi, 561-630-8009/ (EVDSE)