CHARLESTON, S.C., Dec. 14, 2005 (PRIMEZONE) -- Wastech, Inc. (Pink Sheets:WTCH) (the "Company") today announced that on September 6, 2005 the Company entered into a Term Sheet with Philmet Capital Group, LLC (Philmet), wherein it would have a multi-year Lease Purchase of the International Paper (IP) plant in Corinth, New York, for the purpose of creating "green-energy" through use of a proprietary gasification system for alternate energy and fuel production.
The Company originally facilitated the purchase of the IP site for Philmet's investment firm, with the intent on exclusively managing the facility on a long-term basis thereafter. Although negotiations are continually underway, the Company, through affiliates and in direct participation with its largest single shareholder, Environmental Energy Services, Inc. (Pink Sheets:EESV), has recently offered to acquire the facility. The Company's purchase price shall remain undisclosed until a more definitive agreement may be entered into.
If the Company is successful in its ability to negotiate either the purchase or long-term lease with Philmet, it plans to be New York's first "green energy" producer through an environmentally conscious use of source-separated municipal solid wastes, utilizing not only traditional fueling sources, but also municipal wastes, such as wood, tires, pulp/paper and plastics.
See, http://www.capitalnews9.com/content/headlines/?ArID=158618&SecID=33
Mr. Richard D. Tuorto, Sr. CEO commented "The United States uses 2 to 3 times more energy per capita than highly developed countries like France, Germany, England, and Japan. And although the United States contains less than 5% of the world's population, it generates almost 25% of its air pollution. In the United States, the conventional production of electricity from power plants causes more air pollution than any other source. For years, the Company has been seeking alternate, more efficient and environmentally friendly means of collecting, processing and disposing of waste . . . the above statistics speak for themselves and the efforts of the Company."
In other news, Wastech is still continuing to wait for contracts to be awarded for the clean-up and restoration in the devastated regions of the Gulf Coast, utilizing its patented containerized transportation system; delays are beyond the Company's control and are governmental in nature. Wastech plans to update via additional press releases as either operations potentially materialize.
The above release should be read in conjunction with recent submissions of the Company filed with the Securities and Exchange Commission 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.