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To: Due Diligence who wrote (17742)	12/23/1999 12:08:00 PM
From: Jim Bishop	Respond to of 150070

WAST LOL a flurry of news coming at ya'll EL RENO, Okla., Dec. 17 /PRNewswire/ -- WasteMasters, Inc. (OTC Bulletin Board: WAST - news) announced today that its wholly owned subsidiary, WasteMasters of West Palm Beach, Inc. has settled a $3.8 million judgment against it by a lender in connection with a loan made to acquire the transfer station operated by the subsidiary. The lender, who had taken title to the transfer station as part of the judgment, agreed to accept common stock of WasteMasters, Inc. in return for its agreement to dismiss the remainder of the judgment. Douglas Holsted, President of the Company, stated: ''One of the key efforts in the Company's restructuring has been the elimination of liabilities of the Company. As the Company acquires assets we didn't need this judgment hanging around our neck. The lender saw the benefit in accepting stock in WasteMasters and enjoying the benefits of the long-term growth of the Company.'' David N. Fuselier, of the Ridgefield Group, the Company's turn-around consultant, stated, ''This is one of a few larger settlements that needed to be completed in order to thoroughly stabilize the Company's balance sheet. We expect other settlements will be forthcoming as creditors understand the Company's commitment to a stable growth strategy and financial integrity. ''For some time now we have been stating that the Company's balance sheet will become stronger and stronger, if not somewhat smaller than it has been. With this settlement, and others that we are pursuing, we fully expect the Company's balance sheet to show positive net equity. What it will really mean is that as the Company moves forward toward profitability it will benefit from its over $90,000,000 in net operating losses. This is a significant gain for WasteMasters' shareholders.'' For further information contact Douglas Holsted, President of WasteMasters, Inc. at 405/262-0800. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this news release which are not historical facts may be ''forward-looking statements'' that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe WasteMasters' hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond WasteMasters' control, will affect actual results. WasteMasters undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with WasteMasters' annual report on Form 10-KSB for the fiscal year ended December 31, 1998 and other filings with the U.S. Securities and Exchange Commission by WasteMasters. SOURCE: WasteMasters, Inc.

To: Due Diligence who wrote (17742)	12/23/1999 12:10:00 PM
From: Jim Bishop	Respond to of 150070

WAST LOL not done yet: $1,000,000 of Net Income Projected From Technology Systems of WasteMasters EL RENO, Okla., Dec. 22 /PRNewswire/ -- WasteMasters, Inc. (OTC Bulletin Board: WAST - news), based in El Reno, Oklahoma, has acquired an interest in royalties generated from Section 29 Federal Income Tax Credits in exchange for 9,000,000 of its restricted common stock. The revenues from these royalties will exceed $1,000,000 per year all of which will result in net income. Ultimately, WasteMasters, Inc. receives cash from a monetizer for its Income Tax Credits. This arrangement is strictly a financial one and results in all revenue generated increasing WasteMasters Net Income from Operations. It is expected that these credits will exceed $1,000,000 per year over seven years. WasteMasters Chairman Leon Blaser stated, ''WasteMasters, Inc. has been working diligently in obtaining Operating Agreements to manage briquetting systems that generate Section 29 Federal Income Tax Credits. While we continue to pursue this goal it is incredible that we have been able to make this purchase. This will provide a nice base of consistent cash flow for the foreseeable future. I believe that this success is simply the first step in moving forward into becoming the premier operator of these sites nationally.'' ''We have methodically reduced overhead and operating costs, shed eighteen operating units and negotiated over $25,000,000 in settlements,'' said Acting Chief Financial Officer Dennis O'Neill. ''It is time now to grow again. With lower operating costs and reasonable revenue levels, we anticipate the first quarter of 2000 to certainly surpass the previous three first quarters in revenues and net income.'' David Fuselier, of The Ridgefield Group, WasteMasters' turnaround consultants, adds, ''It appears that now is the time that WasteMasters establishes its course, its future. Over the past year our staff has diligently pursued the return of shareholder value to WasteMasters. We believe WasteMasters has been stablized, long-term litigation has mitigated and the whole of the organization is now variable cost based. Any gains in revenue fall directly to the bottom line. These two recent revenue acquisitions are the beginning of the future of WasteMasters.'' For further information call Douglas Holsted at 405/262-0800. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: the statements contained in this news release which are not historical facts may be ''forward-looking statements'' that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe WasteMasters' hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond WasteMasters' control, will affect actual results. WasteMasters undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with WasteMasters' annual report on Form 10-KSB for the fiscal year ended December 31, 1998 and other filings with the U.S. Securities and Exchange Commission by WasteMasters. SOURCE: WasteMasters, Inc.