AJAX, ONTARIO--(Marketwired - July 4, 2016) - Environmental Waste International Inc. ("EWI") (TSX VENTURE:EWS) (the "Company"), a company specializing in eco-friendly systems with proven patented technology for the breakdown of organic materials, today announced the results from its Annual and Special Shareholders' Meeting held on June 30, 2016 in Toronto, Ontario.
The following proposals were approved during the meeting.
- The number of Board members was increased from six to seven members;
- All of management's nominees for the Company's Board of Directors, Sam Geist, Emanuel Gerard, Glenn Myers, Bob MacBean, Valdis Martinsons, and Thomas Russell, were elected;
- Ernst & Young, LLP, were re-appointed as the Company's auditors and the directors were authorized to fix the auditors remuneration;
- The shareholders confirmed and ratified the existing 10% rolling stock option plan. Under the plan, a maximum of 10% of the issued and outstanding Common Shares at the time of the grant are authorized to be issued; and
- A special resolution was passed authorizing the Board of Directors of the Corporation, that if deemed appropriate, to consolidate the common shares of the Corporation ("Common Shares") on the basis of one (1) new Common Share for up to five (5) old Common Shares and amend the Corporation's Articles accordingly.
The Company also issued 200,000 stock options to two Board members (100,000 to Emanuel Gerard and 100,000 to Valdis Martinsons), 200,000 stock options to two officers of the Company (50,000 to Karen Rutenberg and 150,000 to Steve Kantor), and 325,000 stock options to employees. All stock options were issued with an exercise price of $0.11, vesting over 3 years with an expiry date of June 30, 2021.
About Environmental Waste International Inc.
Environmental Waste International, Inc. specializes in eco-friendly systems for the breakdown of organic materials such as tires. EWI has spent over fifteen years engineering systems that integrate the EWI patented Reverse Polymerization™ process and proprietary microwave delivery system. EWI's unique microwave technology safely processes and recycles waste tires, while creating a highly valuable commodity output for the industry including carbon black, oil and steel. Each unit is designed to be energy efficient and where possible, create an economically positive model for the recovery of various hydrocarbon oil and gasses. For more information please visit, www.ewi.ca.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Company's most recent Management Discussion & Analysis, which can be found on the Company's profile at www.sedar.com. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.