CHARLESTON, S.C., June 29, 2006 (PRIMEZONE) -- Wastech, Inc. (Pink Sheets:WTCH) (the "Company"), earlier today announced a $1.7 million deal to acquire approximately 600 acres of coal-enriched property in southern Illinois, for the purpose of coal reclamation, refining and combustible fly ash storage, as well as the potential for alternate coal refining capabilities suitable for various state and federal tax credits.
The property was previously the site for extensive coal mining operations until market conditions no longer justified continued operations, yet leaving over 7.2 million tons of coal fines on site, and various associated equipment in place for reclamation operations to be conducted by the Company. In addition, the site has the capacity for placement of 6-7 million tons of coal combustion waste and coal combustion by-product ("fly ash") upon surface areas, and 6-7 million tons below the surface into previous, deep mine voids, all from surrounding coal fired utility companies. The property is currently permitted and bonded, pursuant to Illinois Department of Natural Resources.
Wastech initially plans to re-mine existing coal fines and accept fly ash for a 10-12 year sustained operation, currently with prospective purchasers identified and distributors in place for disposal, yielding gross revenues, exclusive of tax incentives and alternate energy prospects, of $13-16 million.
About the Company:
Wastech, Inc. is an Oklahoma-based, public holding company, with investments in energy assets and proprietary waste management technologies, specializing in alternate means of collecting, transporting, and disposing of liquid and solid bearing wastes, as well as, integrated waste to energy programs, utilizing environmentally friendly, cutting-edge conversion systems. Wastech currently utilizes 8 patents in its business pursuits, and owns approximately 50,000 acres of coal, coal-bed methane, and oil and gas rights across the mineral rich state of West Virginia.
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.