To: SSP who wrote (17803 ) 12/23/1999 3:05:00 PM From: Jim Bishop Read Replies (1) | Respond to of 150070
WAST more news: WasteMasters, Inc. Clarifies Earlier Announcements, $11,000,000 Is Annual Revenue, One Market Maker, Etc. EL RENO, Okla., Dec. 23 /PRNewswire/ -- WasteMasters, Inc. (OTC Bulletin Board: WAST - news), wants to clarify and correct earlier announcements due to the questions it has received from those announcements. Previously, WAST announced that Bishop Rosen is making a market in the company's stock. Since they are the only company to file a l5c2l1 to date they are the only market maker in the company's stock resulting in a lack of a ''bid'' and ''ask'' price posting on most systems. When additional market makers enter into the process a ''bid'' and ''ask'' price will be seen. In an announcement updating the status of the Startec, Inc. acquisition, it was disclosed that Startec, Inc. should experience approximately $11,000,000 in annual revenue. Some people have been confused whether the $11,000,000 is the total for the period 2000 through 2008 or if the company will experience $11,000,000 in each year over this period. The company should experience $11,000,000 in revenue each year for the years 2000 through 2008. WAST earlier reported that it had settled $3.8 million in debt on its subsidiary WasteMasters of West Palm Beach. This was settled for 400,000 shares of restricted stock. Some people had assumed that the settlement took 4,000,000 shares. In an earlier announcement David Fuselier is quoted as saying, ''Morgan Stanley Dean Witter's coverage of WAST (www.quicken.com/investments/discuss/?symbol=wast) and its Target Price forecast of $.40 and $.56 in recent weeks is evidence of the market's confidence in management's ability to implement its plans.'' This quote is incorrect. The quote resulted from a fax that was sent to the company. Morgan Stanley Dean Witter has not made any coverage of WasteMasters, Inc. The projected price was found in Stock 100. The fax was sent in such a manner as to appear as if it were a strong buy request from Morgan Stanley. David Fuselier stated, ''We are extremely embarrassed to have made this mistake. Typically we research all items before it is released in an announcement. However, this fax came from a source that has been very reliable in the past. We misunderstood the fax and should have been more careful.'' 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.