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WasteMasters Secures $1,000,000 Bridge Loan for Florida OperationsLandfill and Transfer Station to Open ShortlyPR NEWSWIREATLANTA, Feb. 1 — WasteMasters, Inc. (Nasdaq:WAST) today announced that it has obtained a "Bridge Loan" in an amount up to one million dollars ($1,000,000) from Global Eco-Logical Services, Inc. (OTCBulletinBoard:GECL). The Loan, secured by Company stock, is "earmarked" for its operations in Florida, specifically the Company's landfill in Homestead and transfer station in West Palm Beach.
The landfill was acquired last May through the Company's acquisition of C&D Recycling Corp. The site is a 64-acre construction and demolition debris landfill in Homestead, Florida, serving Miami and the Florida Keys. It has remaining capacity of 3,227,500 gate yards, which, at current prices of approximately $5.50 per yard, represents potential future revenues in excess of $17,000,000. The Company expects a "ground breaking" within thirty (30) days.
The transfer station was also acquired last May, through the Company's Asset Purchase of Palm Beach Transfer and Recycling, located in West Palm Beach, Florida. The assets acquired include equipment, a 10-acre tract of real property and associated permits. The site is currently permitted for 560 yards a day, handling roofing material, C&D debris, vegetation, clean concrete, clean wood and mulch and grass. The Company expects this site to open concurrently with the landfill.
A. Leon Blaser, Ph.D., Interim Chief Executive Officer, commented, "This upcoming month may prove to be one of the most significant the Company has seen in quite some time. Previously, without a landfill, the Company was constrained operationally, as it lacked any internal disposal capabilities. The opening of the facilities will be fully integrated with existing operations, effectively re-establishing the Company's core presence in the state of Florida and the industry as a whole."
Two (2) landfills and a transfer station have yet to be opened by the Company, nor has the Company previously been able to integrate its operations with those of its majority controlled Atlas Environmental, Inc. (OTCBulletinBoard:ATEV). The Company believes its new market presence will establish the financial and operational ability to reorganize Atlas' $16 million a year operation. The Company believes, with existing hauling operations, approximately six (6) recycling centers and four (4) landfills, the Company, once fully developed, will be the largest waste recycler in all of Florida.
WasteMasters is an emerging growth company in the field of environmental services.
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 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 result WasteMasters undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. This news release should be read in conjunction with WasteMaster's annual report on Form l0KSB and other filings with the U.S. Securities and Exchange Commission. |
