AJAX, ONTARIO--(Marketwired - March 22, 2017) - Environmental Waste International Inc. ("EWS") (TSX VENTURE:EWS) (the "Company"), a company specializing in eco-friendly systems with proven patented technology for the breakdown of organic materials, today announced that it agreed to capitalize $127,781 of accrued interest owing with respect to a $500,000 secured loan provided to the Company by Amici Associates L.P, which was later assigned to Amici Master, Ltd (the "Lender"). In addition, the Company and the Lender entered into a conversion agreement pursuant to which the Lender, at its option, may convert the $627,781 of outstanding principal under the loan into common shares of the company at a conversion price of $0.10 per common share. In consideration of being granted this conversion right, the Lender has agreed to the cancellation of 500,000 common share purchase warrants that were issued at the time the loan was made and has also agreed to discharge its security interest over the Company's personal property securing the Company's obligations under the loan. Any common shares issued pursuant to a conversion of the loan will be subject to a four month and one day hold period.
The Company is also pleased to announce that it has amicably settled the lawsuit brought in July of 2013 by the Company's former CEO, Dr. Stephen Simms.
About Environmental Waste International Inc.
Environmental Waste International, Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. EWS has spent over 15 years engineering systems that integrate the EWS patented Reverse
Polymerization™ process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles waste tires, while creating a highly valuable commodity output for 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 gases. 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.