CHARLESTON, S.C., May 25, 2006 (PRIMEZONE) -- Wastech, Inc. (Pink Sheets:WTCH) (the "Company") today is pleased to announce the appointment of Mr. Douglas Holsted to the Board of Directors. Mr. Holsted was appointed on May 24, 2006, without objection, via nomination by the Company's largest shareholder, Environmental Energy Services, Inc. (Pink Sheets:EESV). Mr. Holsted has also agreed to act as interim Chief Financial Officer until he has had a chance to thoroughly inspect the books and record of the Company.
Douglas C. Holsted has served as a member of EESV's board of directors from September 1997 to September 2000 and from October 1, 2003 to the present. Mr. Holsted is also the President of Environmental Energy. From 1999 to the present, Mr. Holsted has operated a private accounting and tax practice in Oklahoma. From January 1996 to May 26, 1999, Mr. Holsted was the Chief Executive Officer of Sales Equipment Company in Oklahoma City, Oklahoma, which was in the business of distributing equipment in the pressurized gas industry. From 1991 through 1995, he was the Chief Financial Officer of The Dwyer Group, Inc. of Waco, Texas, a publicly owned company in the franchise industry. Mr. Holsted is a certified public accountant licensed in the State of Oklahoma.
EESV obtained the right to such nominee pursuant to Wastech's assignment of that certain Stock Purchase Agreement, dated September 2002, as amended, with the Company's predecessor, wherein $2,500,000 was and continues to be invested in the Company through February 2008. A summary of the transaction may be viewed at the following link: http://www.sec.gov/Archives/edgar/data/868074/000086807404000001/cv8ka.htm as well as previous press releases. Environmental Energy has the right to an additional nominee pending previously announced funding commitments.
Mr. A. Leon Blaser, Ph.D., President and CEO of EESV and advisory Board member to Wastech commented: "Bringing the financials current is the most pressing objective for Wastech. Mr. Holsted has a proven track record in restructured companies such as Wastech and is unquestionably the right man for the job."
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.