WAST - WasteMasters, Inc. Obtains Startec, Inc.'s Shareholder Approval for Acquisition
EL RENO, Okla., Jan. 13 /PRNewswire/ -- WasteMasters, Inc.,
(OTC Bulletin Board: WAST), received Startec, Inc.'s shareholder approval to
begin the process to acquire the business of Startec, Inc.,
(OTC Bulletin Board: STIN) based in Columbus, Ohio. The Startec shareholders'
meeting was held January 12, 2000. WasteMasters, Inc. had offered to acquire
Startec in a transaction wherein the shareholders of Startec will receive two
(2) shares of WasteMasters for each share of Startec, or approximately
14,500,000 shares of WAST, upon closing of the transaction.
WasteMasters President, Douglas Holsted, who has been serving as COO of
STIN under a management contract between the two companies pending the
completion of the acquisition, stated, "Startec is a good company with a great
set of technologies, I have enjoyed the work we have accomplished to this
point; particularly in negotiating several key market relationships. The
combination of these companies gives us a great structure to become one of the
largest waste recycling and clean-up companies in the nation. Together, we
can revolutionize the waste industry."
Startec board member, Don Cullen, confirms that "the combination of
Startec waste separation and alternative fuels technologies with the landfill
experience of WasteMasters can catapult the combined companies to a new level
for implementation of our technologies. In addition, the opportunities before
the companies are very synergistic to one another."
Chairman of WasteMasters Leon Blaser reviewed the strategic importance of
the proposed acquisition, "For several years now Startec has been at the
forefront of developing and implementing both briquetting and vessel systems.
What it has accomplished to date, the patent portfolio and Section 29
opportunities, are phenomenal. WasteMasters expects that it will have a
significant portion of the environmental clean-up market."
Additionally, Joseph P. Marsalka, a founder, past President, Chairman and
Director of Startec, Inc. concurred, stating, "I feel confident the
WasteMasters acquisition is an excellent transaction. WasteMasters, with its
strong interest in the waste industry and Startec's product line, designed to
clean up the environment, will deliver shareholder value."
The shareholder vote requires Startec, among other things, to complete its
required audits.
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.
-0- 01/13/2000
/CONTACT: Douglas Holsted, President of WasteMasters, Inc., 405-262-0800/
(WAST STIN) |
