CHARLESTON, S.C., Aug. 2, 2006 (PRIMEZONE) -- Wastech, Inc. (Pink Sheets:WTCH) today announced, by and through its subsidiary, Wastech of West Virginia, Inc. ("Wastech" or the "Company"), that it has received a $4 million offer to sell approximately 6,000 acres of its oil and gas rights in Fayette County, West Virginia (the "Property").
H.M. Flood Business Trust, Ltd. (the "Trust"), a purveyor of mineral rights in West Virginia and surrounding regions, as well as the original assignor of the property by Wastech in April, offered to exchange the property for $4,000,000 due the trust through April 2009.
The transaction would amount to a sale price at approximately $678 per acre, and would be subject to close on or before August 1, 2006. Subsequent to the transaction, if accepted by the Company, Wastech would have one remaining payment due the trust on August 25, 2006, in the amount of $980,000, all of which Environmental Energy Services, Inc. (Pink Sheets:EESV) has given a firm commitment to fund through its April Stock Purchase Agreement, as amended, in the amount of $2,125,000.
Mr. Richard D. Tuorto, Sr., president and CEO of the Company commented: "The sale is one of many currently being evaluated by the Company, and under no circumstances would any be agreed to until the Company receives results from its economic reserve study of the mineral rights or solidifies one of its pending offers related to such rights, whichever may come sooner."
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, which according to reserve estimates of the State, exceed $1 Billion in value.
The above release should be read in conjunction with the Company's recent submission with the Securities and Exchange Commission on Form 8-K, and can be viewed at www.sec.gov, and by visiting the Company's website at www.wastech.org.
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.