SOURCE: Goldtech Mining Corporation

November 14, 2005 14:34 ET

China Industrial Waste Management Inc. Acquired by Goldtech Mining Corporation

NEW YORK, NY -- (MARKET WIRE) -- November 14, 2005 -- Goldtech Mining Corp. (OTC BB: GMNC) entered into a share exchange agreement, dated as of November 11, 2005, to effectuate a share exchange with all of the shareholders of China Industrial Waste Management, Inc. (CIWM). As a result of the consummation of the share exchange agreement, Goldtech Mining, through a wholly owned subsidiary, acquired 100 percent of the outstanding shares of CIWM in exchange for 64,000 shares of series A preferred stock. The CIWM stockholders acquired approximately 97% of the voting rights of Goldtech.

CIWM is a Delaware corporation that owns 90% of Dalian Dongtai Industrial Waste Treatment Co. Ltd ("DIWT"). DIWT is headquartered in the Economic and Technical Development Zone in the Dalian City in the People's Republic of China. DIWT is engaged in the collection, treatment, recycling, and disposal of industrial wastes. DIWT has more than 600 clients which include subsidiaries of Canon and TDK. DIWT also recovers various types of industrial wastes which can be used for resale as raw materials to produce chemical and metallurgy products. DIWT also provides third-party waste solutions and management services.

In connection with the closing of the share exchange agreement, Goldtech's officers resigned and Mr. Jinqing Dong, President of DIWT, was named CEO and CFO of Goldtech. Tracy Kroeker resigned as director and Mr. John Leo was named a director. Goldtech expects to name Mr. Dong a director upon completion of legal filings.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements within the meaning of the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995, and may involve risks, uncertainties and other factors that may cause the company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that future acquisitions may be unsuccessful and the market for the company's current product(s) will be limited. We undertake no obligation to revise or update publicly any forward-looking statements.

Contact Information

  • Contact:
    John Leo
    100 Wall Street, 15th Floor
    New York, NY 10005
    Tel: 212 232-0120 x221