NEW YORK, Sept. 18, 2002 (PRIMEZONE) -- Metal Recovery Technologies Inc. (MRTI) (Pink Sheets:MXAL), today announced that the Northern Indiana bankruptcy court has approved the Settlement Agreement with Meyado International Limited regarding the terms of their joint ownership of Metal Investments Trust Limited (MITL). MITL is a United Kingdom company that is the parent company of Meretec, Inc., a U.S. entity that proposes to operate a facility for the dezincing of galvanized steel scrap.
Under the terms of the settlement, MRTI will have a 20% ownership stake in MITL. Meyado has agreed to invest a total of $12 million in MITL's East Chicago, Indiana dezincing facility. A copy of the Settlement Agreement will be posted on MRTI's website (www.metalrecovery.net).
In addition, the settlement provides for the appointment of an MRTI representative to the board of directors of MITL. Timothy Peach has been selected to represent MRTI on the MITL board, subject to approval of this choice by MITL.
MRTI's directors will now proceed with the drafting a reorganization plan to be proposed to MRTI's creditors and other interested parties.
This press release contains forward-looking statements relating to the reorganization of MRTI. The events described in such forward looking statements are subject to risks that could cause actual results to differ materially from those anticipated in these statements. Any reorganization plan for MRTI is subject to negotiations with MRTI's creditors, approval by the bankruptcy court and other considerations and, accordingly, MRTI and its shareholders are subject to the risk that no reorganization plan may be entered into and any reorganization plan that is entered into may not be beneficial to MRTI or its shareholders.
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