Wastech, Inc. Announces Contract for Purchase of West Virginia Mineral Rights
CHARLESTON, S.C., Mar 31, 2006 (PRIMEZONE via COMTEX) -- Wastech, Inc. (Pink Sheets:WTCH) (the "Company") today is pleased to announce it has secured the rights to acquire approximately 44,000 acres of subsurface coal and mineral rights under enriched acreage throughout strategic counties in West Virginia. In addition the Company has also secured oil and gas rights within exactly 5,898.49 acres in Fayette County, West Virginia.
The Company has acquired the rights to the Sales Agreements by assignment from a local West Virginia Trust in direct concert and with the advice and counsel of its largest shareholder, Environmental Energy services, Inc. (Pink Sheets:EESV).
The Company plans a more comprehensive Press Release as soon as negotiations are fully completed, however, will disclose its purchase price in the aggregate amount of $17,500,000. The Agreements are subject to Close on April 14, 2006.
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.
This news release was distributed by PrimeZone, www.primezone.com
SOURCE: Wastech, Inc.
CONTACT: Wastech, Inc.