CHARLESTON, S.C., July 14, 2004 (PRIMEZONE) -- Corporate Vision, Inc. (Pink Sheets:WTCH) (formerly "CVIA") (the "Company"), today announced its recent holding-company reorganization, name and symbol change. Pursuant to an Agreement and Plan of Reorganization with its subsidiaries Wastech, Inc. and CV Merger, Inc., Wastech became the surviving parent company and CV Merger its sole subsidiary. The Company merged with and into CV Merger, with CV Merger succeeding to all the former assets, liabilities and operations.
Commenting on the reorganization, Mr. Richard D. Tuorto, President and CEO, stated: "The new name Wastech will highlight our emergence in the waste industry as a strategic step in the continual pursuit to revolutionize the transportation of waste materials through specialized, proprietary containers and equipment. The new holding company structure will simply complement recent and upcoming transactions, as well as its status as a non-operating entity in these pursuits."
As a product of the merger, effective March 18, 2004, each outstanding share of Corporate Vision common stock was automatically converted into one share of common stock of Wastech, resulting in Wastech having the exact same shareholder base as the Company prior to the reorganization. The new trading symbol for Wastech is "WTCH" and the CUSIP Number of its common stock is 94107F 10 1. Shareholders will not be required to exchange their existing stock certificates for those of Wastech.
Subsequent to the reorganization, Wastech sold CV Merger to an unrelated third party. CV Merger, as successor to Corporate Vision, had minimal assets and substantial accounts payable. "The result is a cleansing of nearly all previous holdings of Corporate Vision that do not relate to transportation and proprietary technologies, and a significantly improved balance sheet for Wastech necessary for future financings, mergers and acquisitions in furtherance thereof," stated Mr. Tuorto.
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.