WTCH -- Wastech, Inc.
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Wastech, Inc. Closes Purchase of West Virginia Mineral Rights
CHARLESTON, S.C., Jun 27, 2006 (PRIMEZONE via COMTEX) -- Wastech, Inc. (Pink Sheets:WTCH) (the "Company"), today is pleased to announce that on April 14, 2006 it successfully closed on its recently announced purchase of approximately 44,000 acres of subsurface coal, coal bed methane and all other mineral rights under enriched acreage throughout various counties in West Virginia, as well as exactly 5,898.49 acres of oil and gas reserves in Fayette County, West Virginia.
In West Virginia it is estimated that 99% of the generated electricity comes from coal, utilizing within the state approximately 14 coal-fired electric generating facilities, amounting to $3.5 billion in gross state product generated as a result of coal. At current market conditions, state estimates would equate the acquired mineral reserves in excess of $1 Billion to the Company's subsidiary.
As previously announced, the Company acquired the specific mineral rights in direct concert with Environmental Energy Services, Inc. (Pink Sheets:EESV). Aside from the capital infusion and expertise, the strategic partnership was created to potentially provide a "leasing ground" for future drilling prospects of EESV, as well as its future energy projects, alternate or otherwise, contemplated for the State of West Virginia and abroad. Notwithstanding the above, the Company and EESV are in discussions with other energy companies concerning the acquired rights for alternate leases and business opportunities.
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.
The Company plans to file the above transaction and documents thereto with the Security and Exchange Commission ("SEC") this week and that this release contains excerpts from a previous press release and should be read in conjunction thereto.
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.