SOURCE: AbTech Holdings, Inc.

August 31, 2010 09:00 ET

Abtech Holdings Announces Majority Shareholder Approval in Preparation for Close of Merger

SCOTTSDALE, AZ--(Marketwire - August 31, 2010) -  Abtech Holdings, Inc. (OTCBB: ABHD) (the "Company") is pleased to announce that it has been advised by the management of AbTech Industries, Inc. ("AbTech"), that pursuant to a shareholder vote, the majority of shareholders of AbTech have elected to proceed with the proposed merger transaction with the Company.

As such, and upon the formal close of the transaction, the Company shall acquire all of the issued and outstanding capital stock of AbTech in exchange for the shareholders of AbTech acquiring a controlling ownership interest in the Company. Subsequently, AbTech will become a wholly-owned subsidiary of the Company and the board of directors and management of AbTech will become the board of directors and management of the Company.

AbTech is a leading environmental technologies firm and was a privately held company since its founding over a decade ago as a startup R&D venture to where it is today with over $20 million dollars invested to-date. AbTech's patented and EPA-approved Smart Sponge® technology is a unique and innovative chemically selective polymer technology capable of removing hydrocarbons, sediment and other foreign elements from still (ponds, lakes and marinas) or flowing water (curbside drains, pipe outflows, rivers and oceans).

Smart Sponge® can filter, absorb, encapsulate, and solidify petroleum hydrocarbons on contact, yielding immediate, visible results. Each unit absorbs, on average, 3.5 times its weight in oil which it will not release under any amount of pressure. Smart Sponge® absorbent material is buoyant, non-toxic, and can be burned as a waste-to-energy fuel source. The product is a proven, low-maintenance technology that is currently installed in more than 15,000 locations globally, including installations at the United States Capitol Building, and multiple U.S. military installations. For additional information, please visit www.abtechindustries.com.

About Abtech Holdings, Inc. (OTCBB: ABHD)
Details about the pending merger transaction between the Company and AbTech and about the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.

Regarding information in this news release
This release contains information which has been publicly disclosed by AbTech, and is being provided by the Company solely for informational purposes in light of the previously announced merger agreement between the Company and AbTech. Because complete public information regarding the history, business, management, financial condition and results of operations of AbTech will not be available unless and until the conditions to the previously announced merger transaction between the Company and AbTech Industries have been satisfied and the merger has been completed, the information in this release should not be relied upon for purposes of any investment decision with respect to the purchase or sale of stock of Abtech Holdings.

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD

Abtech Holdings, Inc.
-----------------------------
Mandi Luis, President

Contact Information

  • Contact:
    Investor Relations
    Phone: +1 877-280-9685
    Email: Email Contact