SOURCE: Waste Recovery, Inc.

December 18, 2007 12:24 ET

WASTE RECOVERY, INC. in Final Phase of Debt Restructuring

LAS VEGAS, NV--(Marketwire - December 18, 2007) - WASTE RECOVERY, INC. (PINKSHEETS: WRII) announced that it has received 3 term sheets from lenders pertaining to its debt restructuring.

Earlier this month Waste Recovery, Inc. announced that the company was in the process of a major debt restructuring. Today the company announced that it was in receipt of three term sheets from different lenders representing the final phase of the restructuring. The term sheets each represent an opportunity for the company to retire its current debt and significantly improve the company's balance sheet. The savings in interest payments and capital received through the refinance will add to the company's war chest which will be invested in an aggressive marketing plan intended to capitalize on this coming "Convention Season." "Convention Season," the period between January and May, can account for the majority of the annual revenue for many Las Vegas businesses. Minxx Gentlemen's Club, owned by Waste Recovery, posted record earnings last January and the Club's management is forecasting a record January in 2008. Last January visitors to Las Vegas spent $1.08 Billion and this year is expected to be no different. With luck the company hopes to close this refinance before the end of the month giving it the maximum opportunity to capture as many of the tourist dollars spent this season as possible. Well funded, the company will be in an excellent position to maximize revenue growth in 2008.

The company currently owns and operates Minxx Gentlemen's Club which has been voted the number one adult club in Las Vegas for 2007. The Minxx Gentlemen's Club represents the first step to executing on this business model. The company constructed this facility from the ground up and owns the real estate associated with the project. This $14,570,000.00 asset serves as the flagship and conceptual model for the locations to come. Located just off the Las Vegas Strip, Minxx has created a playful, friendly, exciting and opulent atmosphere that is appealing to men and women alike. With its high concept design and 13,000 square feet of entertainment space, Minxx has raised the bar for cabaret entertainment. DE Entertainment intends to apply the same design and operational concepts to elevating the traditional experiences associated with Sports Bars and Local Gaming Taverns to a more exciting and comfortable level.

About Waste Recovery, Inc.

Waste Recovery, Inc. is a development stage corporation which has now merged with DR Entertainment Group of Las Vegas, NV, the owners of MINXX Gentlemen's Club.

For more information available to the public, contact the investor relations dept. at 702-220-9416.

About DR Entertainment Group

DR Entertainment Group is the parent company of the world famous MINXX Gentlemen's Club in Las Vegas, NV. This is a 13,000 square foot adult entertainment club including building and real estate assets estimated at approximately $14,570,000.00 USD.

Forward-Looking Statements

This news release contains forward-looking statements made by WASTE RECOVERY, INC. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, changes in the law or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events.

Contact Information

  • Company Contact:
    Robert Susnar