CHARLESTON, S.C., Oct. 28, 2005 (PRIMEZONE) -- Wastech, Inc. (Pink Sheets:WTCH) (the "Company") today announced that it has engaged the accounting firm of Turner, Jones & Associates, P.L.L.C. to audit the books and records of the company. Turner, Jones will audit the company dating back to January 1, 2003. The company had been compiling information from its predecessor and its subsidiaries since its reorganization in March of last year.
Unexpected difficulties and the unusual delay were due primarily from the inability to obtain information from the purchaser of certain assets of the predecessor's subsidiaries. Notwithstanding, the company, its local accountant, in-house and outside counsel, are currently coordinating the compilation of information for Wastech's new auditors.
In other news today, the company is pleased to announce its aggressive efforts to utilize its licensed patented container system to assist in the devastated regions of the Gulf Coast. The company believes the uniqueness of the system will greatly improve the efficiency of clean up in the effected areas and has been working diligently with local associates and officials, as well as all applicable federal agencies, to procure a contract in that regard. Wastech will obviously seek to use as much of the capabilities of its affiliate trucking company as can be made available for all transportation needs of its container system.
The company also directs those unfamiliar with the patents and the unique system to the United States Patent and Trademark Office (USPTO) at the following address, www.uspto.com, and to the following licensed patents, as numbers 5,281,073 "apparatus for the transport and management of liquid bearing waste;" 5,873,593 "piggyback truck transport system;" 6,019,565 "container lifting and transport apparatus;" and 6,149,373 "rim engaging container manipulation apparatus." All of which may be viewed at the official site of the USPTO at www.uspto.gov.
The company plans additional releases hereafter detailing additional waste-related, patents pending, along with details on its recent Term Sheet/Letter of Intent concerning a co-generation (waste to energy) facility in the northeast.
The above release should be read in conjunction with recent submissions of the company filed with the Securities and Exchange Commission on Form 8-K and can be obtained online at www.sec.gov, or by request directly to Wastech.
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 Wastech's 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 Wastech's control, will affect actual results. Wastech 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 Wastech's annual report on Form 10-KSB for the fiscal years ended December 31, 2002, 2001 and other filings with the U.S. Securities and Exchange Commission.