Wastech, Inc. to Amend Subscription Agreement With Majority Shareholder for Buy-Back of Stock
CHARLESTON, S.C., Jun 26, 2006 (PRIMEZONE via COMTEX) -- Wastech, Inc. (PinkSheets:WTCH) (the "Company"), today announced that the Company and Environmental Energy Services, Inc. (PinkSheets:EESV) have agreed to amend their recently announced Stock Purchase Agreement to provide additional funding of $250,000 for the purpose of a stock buy back program, repurchased through open-market transactions according to the Securities and Exchange Commission rules regarding such repurchases (the "Subscription Amendment").
Pursuant to the Subscription Amendment, among other things, EESV shall: 1) acquire five million (5,000,000) additional shares of Wastech common stock; 2) for consideration in the amount of $250,000 or $.05 per share; 3) for the purpose of a twelve (12) month repurchase program; 4) commencing no later than August 25, 2006; 4) subject to the approval of EESV; and 5) all pursuant to EESV's discretion as to purchases.
Although the commencement date is set for August, EESV has agreed, presuming the program meets its approval, the repurchases may begin as early as next month.
Mr. Leon Blaser, Advisory Member to the Company's Board, and Chairman of the Board of EESV commented, "Aside from the apparent benefit to EESV's stock position, the transaction is a necessary step to increasing shareholder value without influencing business, operations and reporting requirements of the Company. Most significantly, however, price simply does not reflect the value of the Company's waste licenses and recent acquisition of mineral rights in West Virginia."
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.