Environmental Waste International Inc.

Environmental Waste International Inc.

July 23, 2009 09:51 ET

EWI Receives $1,150,000 Payment For Prototype Tire System

AJAX, ONTARIO--(Marketwire - July 23, 2009) - Environmental Waste International Inc. (EWI) (TSX VENTURE:EWS), through its 100% owned subsidiary EWI Rubber Inc. (EWIR), has received the $1,150,000 balance of the first deposit from Ellsin Environmental Ltd (Ellsin), a private Canadian corporation in which EWI has a 37.5% interest. As announced on June 23, 2009, Ellsin contracted EWIR to build a TR900 prototype tire reduction system. The project is valued at $5.25 million, of which $4.175 million will be paid to EWI. The TR900 is based on EWI's patented Reverse Polymerization™ process and will be designed to break down at least 900 tires per day and recover carbon black, oil and steel, while producing its own power from the off-gases. The TR900 will serve as a showpiece for EWIR's tire technology. EWIR will now begin the engineering and manufacture of the TR900. The project should be completed in about 12 months.

On July 16, 2009 the Premier of Ontario, Dalton McGuinty announced that the Northern Ontario Heritage Fund Corporation will provide $2 million to Ellsin to support the project. Premier McGuinty stated that 'Supporting new technologies and creating green jobs is the right thing to do for our economy and our environment. Projects like this one put Ontario at the cutting edge of green tech, while ensuring that used tires are managed in an environmentally responsible way." EWI believes that this support will result in the successful funding of the project and lays the groundwork for the future growth of EWI's tire recycling technology.

EWI further announced that it has completed the $900,000 placement at $0.15 per unit announced in its June 23, 2009 press release. The $900,000 was used to purchase EWI's 37.5% interest in Ellsin. The TSXV granted EWI conditional approval for the placement pending the final filing of all documents, which has now occurred.

EWI has designed systems for the sterilization of medical and animal waste, liquid waste and food waste as well as the breakdown of several other organic materials including tires. EWI continues to work on designs for other applications. Please visit EWI's home page at: www.ewmc.com.

WARNING: The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Environmental Waste International Inc.
    Dr. Stephen Simms
    (905) 686-8689