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Yeah, I agree. Have you heard from Jack lately? Just wondering if he is okay.
Rena
Sorry, Straight. I do have a sense of humor. Guess you missed my "tongue in cheek" humor.
Rena
Hi, John. Thanks. How's everything?
LOL, okay, Straight. I see your pomp is exceeded only by your pomposity. :) Rena
Hey, JAAJ, I am unable to pull up RB and think I may have inadvertently deleted it with my spy zapper. Can you post back and let me know if it is still available? I think it's my mistake, since I can't even pull it up on a search.
TIA
Rena
To all CVIA/WTCH longs (Are there any others?)
A bit of unfinished business:
For years I and a few others who were shareholders at the time of Keith's betrayal have tried to give the owners (?) a chance to succeed with this stock. We sided with them when some of our shareholders wanted to take over the company. For years we have waited, waited, waited...for some glimmer of hope. We were not only disappointed by poor business decisions, but we were totally ignored by management. I'm no longer naive enough to think citizens are protected from blatant fraud and theft by charlatans who have not conscience, but I confess I still find it hard to believe that this kind of thing continues year after year with seemingly no consequences.
My futile wish: That the old shareholders who wanted to take over had shown more sincere concern and less arrogance. I for one would have preferred old shareholders working to make a silk purse out of this sow's ear.
Perhaps things would have worked out differently.
Oh well...guess this anti-climactic baring of the soul at least gives me a little closure.
God bless you all.
Rena
John, do you think they're still working on that?
Hope your latest RV location is going well.
Rena
rhlittle, great idea to discuss fishing; I have a couple of pounds of cod which I caught at HEB. lol
Mike, "I'm not the type to rub it in" ??????
Rena
A politically incorrect "Merry Christmas and God Bless You" to all.
Rena
Good luck on your new location!
Nice to hear from you, John. Frankly, I've given up asking questions about what's going on. What shares I have are stuck in a penny-stock nether world with no communication and I have no idea if "management" is honest, dishonest, inept or just milking whatever tax advantage they may have in wtch.
Sorry, Jack, just stating the lack of facts as I see them.
Rena
John Green, are you still around? 02...unbelievable.
Jack, here's hoping. Eugene, thanks for sharing. JimA it's good to hear from you too. Whatever this stock has done, we've been a part of a group of cyber friends.
It would be nice to hear from the old gang, the pros, the cons (no pun intended) and the lurkers who may still be checking this site once in a while.
Rena
Any ideas if management has anything at all in the works now that the preferreds have been addressed, Jack? Downhill slide is almost complete...help!!!
Rena
Looks like today proved your observation, Jack. Maybe it just helps us get rid of the "unbelievers", lol. Now maybe we'll start moving up since we should be getting down to a faithful few.
Hope you and family are well.
Rena
LOL, it would be nice to see some good old-fashioned black and white instead of living color. I also posted a filing from the "Absolute Waste" co. on wtch, RB.
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Home >> Quotes & Data >> News >> WTCH
WTCH -- Wastech, Inc.
Com (1 Cent)
Company News and Press Releases From Other Sources:
Wastech, Inc. Announces Emergence in Waste Sector with Contract to Acquire Absolute Waste Acquisitions, Inc.
CHARLESTON, S.C., Jul 23, 2004 (PRIMEZONE via COMTEX) -- Wastech, Inc. (Pink Sheets:WTCH) (the "Company"), today is pleased to announce it has executed a definitive agreement to acquire majority control of Absolute Waste Acquisitions, Inc. from its President and CEO, Mr. James D. Wright, for consideration of 8,863,308 shares restricted common stock. Absolute Waste is an environmental waste collection, transportation, and remediation company based in Corpus Christi, Texas. Closing is scheduled on or before September 1, 2004, and is subject, among other things, to finance considerations and the satisfactory completion of due diligence.
Mr. Richard D. Tuorto, President and CEO of Wastech, stated: "The transaction with Mr. Wright and the contemplated acquisition of Absolute stock is strategically about internalizing the control of waste. The Company's holdings upon closing will represent the three basic elements necessary for the successful application of the underlying proprietary technologies: the licensing and intellectual property of the technologies, through NewWaste, Inc.; the transportation of waste, through CV Logistics, LLC and its subsidiary CV Transportation, Inc.; and lastly, the control of the waste stream itself, through Absolute Waste Acquisitions, Inc."
Absolute Waste, formerly a wholly owned subsidiary of Absolute Waste Services, Inc. (Pink Sheets:ABWS), was publicly-held for approximately one year, with plans for a consolidation of small- to medium-sized businesses in the solid waste industry. With limited success of this business objective, effective June 3, 2004, the shareholders of Absolute terminated and rescinded the initial agreement with ABWS, thereby returning the company to its status as a private entity. On July 3, 2004, Mr. Wright, holder of approximately 58.4% of Absolute's outstanding stock, opted for the prospect of Wastech to facilitate its growth, business strategy, and future success in the industry.
James D. Wright stated, "I am honored to be a part of the Company's vision, and share in its commitment to provide alternate, more efficient means of transporting waste materials nationwide. Absolute will greatly benefit by the cost reductions and welcomes the opportunity to introduce and pilot the technologies for Wastech and its affiliate companies to the waste industry."
Based on audited financials as of December 31, 2002, Absolute had annualized revenues in excess of $4.5 Million, with positive earnings and cash flow. As of December 31, 2003 and June 30, 2004, Absolute had annualized revenues of approximately $7 Million and $5.4 Million respectively.
The above release should be read in conjunction with recent submissions of the Company and Absolute Waste Services, Inc. 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
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.
SOURCE: Wastech, Inc.
By Staff
CONTACT:
Any explanation of the purpose or direction of this company would be much appreciated.
It is pitiful that playing politics in our country can jeopardize the lives of our soldiers. If our leaders are intimidated by liberal media pressure so much that they don't have an all-out military plan, then our country will soon see a backlash of terror such as the world has never seen.
The media drafted...that would certainly change the focus of the news we get! lol
Heartfelt thanks to all who put their lives in harm's way to protect the freedom we enjoy in America. May we be worthy of such sacrifice.
God bless America.
Tas, I remember you. Good to hear from you. Thanks for calling and reporting to us. First flicker of life we've heard in a long time.
Rena
Jack, here's hoping at some point in time we'll have something (good) to discuss on this board. Welcome, Mr. M.
Knock, knock. Anybody home?
Tul 13
Good to hear from you. Wish things were looking up for cvia, but in the absence of any official news and with the price at a new low, seems a turn-around is a long shot. Never know though; miracles do happen sometimes.
Sounds like you've been busy. Maybe you should call up Tuorto and see what's going, or not going, on.
God Bless.
Rena
John,good to hear from you. I've missed seeing you around, as well as some of the other longs. Maybe we'll soon have something to discuss.
Also, I know James and Eugene mentioned that the phone was answered indicating a different name, but does anyone know the nature of the change, aquisition, merger, etc.?
TIA
Actually, I knew that it is a trade association and that the members of course cannot use the name. It was said tongue-in-cheek. I was hoping to get little more info from anyone who might know more about what's going on. For instance, how do some know that the name and symbol will be changed? Do they know what is going on? Does the company give that info out if we call?
Thanks for any trickle-down info that might give us long-suffering longs a little hope.
(And please, no attacks. I hope this board can be used for open discussion without members being subjected to unwarranted slamming. Still hoping for good news.)
Rena
Maybe we have joined a trade association?
http://wastec.isproductions.net/webmodules/webarticles/anmviewer.asp?a=216&z=31
Rachel, I'm glad to see you're still around. It would be nice to hear from all the long "lurkers" just to see how many of us are left.
Rena
But I ain't no dummy, Straight; I recognize gutter humor when I see it. LOL
Is Hangin 31 blowing smoke on RB? If so, it's not very funny.
Anyone care to comment on this convoluted portion of the 10QSB from EESV? And please don't ask me what EESV has to do with CVIA.
8. Transactions with Corporate Vision, Inc.
In September 2002, the Company entered into a Stock Purchase Agreement to purchase up to 20,000,000 shares of common stock to Corporate Vision, Inc. ("CVI") (Pink Sheets: CVIA) for $0.125 per share, for a total purchase price of $2,500,000. Under the September 2002 Agreement, the Company is obligated to purchase such common stock in installments equal to fifty (50%) of the amount it receives under a technology license agreement, up to a maximum of $2,500,000.
In December 2002, the Company entered into another Stock Purchase Agreement with CVI, under which the Company agreed to utilize amounts it receives under the above-described technology license to acquire certain shares of common stock in Gulftex Energy Corporation ("Gulftex") (Pink Sheets: GTXE) that CVI has a right to receive from the sale of a subsidiary to Gulftex. Specifically, CVI is entitled to receive 5,250,000 shares of Gulftex, and the Company has agreed to purchase those shares for total consideration of $1,250,000, or $0.2381 per share. The Company granted CVI a security interest in the technology license agreement to secure its obligation to purchase the Gulftex shares.
In April 2003, the Company amended the September 2002 Agreement to change its obligation to purchase shares from fifty percent (50%) of net payments the Company receives under the technology license agreement to one hundred percent (100%) of any payments received thereunder, net of amounts used to satisfy prior liens on the payments.
In April 2003, the Company received its first royalty payment under the technology license agreement. After satisfying prior liens on the royalty payment, the Company paid $1,672,947.50 to CVI to purchase 13,383,580 shares of common stock of CVI. CVI simultaneously loaned the Company $844,483.16 pursuant to a promissory note dated April 7, 2003 which bears interest at five percent (5%) per annum, and is secured by a lien on the Company's interest in the royalty agreement. In connection with the initial royalty distribution, the Company and CVI agreed that all royalty payments under the technology license agreement to which the Company is entitled shall be applied in the following manner: first to the payment of costs, interest and principal due under the April 7, 2003 Note, second to the purchase of additional shares of Company common stock under the September 2002 Agreement, and third to the purchase of Gulftex common stock under the December 2002 Agreement.
With respect to the September 2002 Agreement, the Company has the right to terminate its obligation to purchase CVI shares in the event there is a materially adverse change in the business or financial condition of CVI. With respect to the December 2002 Agreement, the Company has the right to terminate its obligation to purchase the Gulftex shares in the event there is a materially adverse change in the business or financial condition of Gulftex.
In June 2003, the Company notified CVI that it was terminating its obligation to purchase Gulftex shares as a result of a materially adverse changes in the financial condition of Gufltex. In August 2003, the Company notified CVI that it was terminating its obligation to purchase additional CVI shares under the September 2002 Agreement due to materially adverse changes in the financial condition of CVI, and further notified CVI that it was canceling the April 7, 2003 Note for the same reasons. CVI contends that the Company does not have grounds to cancel the September 2002 Agreement or the April 7, 2003 Note. The September 2002 Agreement provides that any disputes will be resolved by binding arbitration, but to date neither party has initiated arbitration provisions. However, the escrow agent that collects and disburses payments under the technology license agreement has notified the Company and CVI that it intends to interplead all disputed payments in the event the matter is not settled.
At the time of execution of the September 2002 Agreement, the December 2002 Agreement and the April 2003 amendments thereto, the Company's chairman and chief executive officer was an advisory board member of CVI, and also owns common stock in CVI. Under a stockholders' agreement concerning CVI, the Company has the right to appoint one member to CVI's board of directors when its total investment in CVI exceeds $500,000. Because the Company's investment in CVI exceeds $500,000 as a result of the purchases in April 2003, the Company has the right to appoint a member to the board of directors of CVI, but has not exercised that right.
Are there specific guidelines for publicly traded companies who trade outside the bigger boards, but are still reported on the pink sheets? I haven't had time to do research on this, but I would think there must be some fiduciary obligations to shareholders.
(I'm not looking for personal attacks, just a civil discussion of issues.)
Our board has all but died out, mainly due to no news and no stock movement, but also because it seems dispassionate discussions have been impossible.
TIA
Rena
Hey, ST James, lol.
James, what a heart-breaking thing. Some of the tragedies in this world are beyond our understanding.
:)
Anyone know what's up with eesv?
I'm sure most of you are aware that E'Trade (and probably other on-line brokerages) charge a quarterly fee on accounts when not used regularly, and if the account shows a negative balance, they can sell your stock to cover the deficit.
Although I was aware of this, I thought they would have to notify you ahead of time.
Maybe some of you had family or friends who got in this years ago when we were young and foolish, so it may be too little, too late to post this, but my Mom and my sister lost their small accounts.
So on the hope that cvia may come back some day, you may want to follow up with anyone who may have a small account. If I'd been more observant, we could have consolidated the accounts in E'Trade, or put it in my Ameritrade account which does not charge a fee.
Rena
Rachel, looks like still a little life in volume. Considering the lack of info coming our way, my best guess is that the eesv interests in Alaska may be becoming our interests.
(Strictly a guess on my part.)
Hope you're doing well.
Rena