Environmental Waste International Inc.
TSX VENTURE : EWS

Environmental Waste International Inc.

November 10, 2014 15:36 ET

Environmental Waste International Provides Update On Proposed Acquisition by A.C. Simmonds and Sons Inc.

TORONTO, ONTARIO--(Marketwired - Nov. 10, 2014) - Environmental Waste International Inc. (TSX VENTURE:EWS) ("EWS") announced that the exclusivity period under the non-binding letter of intent ("LOI") dated September 6, 2014, regarding the proposed acquisition of all of the issued and outstanding common shares of EWS by A.C. Simmonds and Sons Inc. (OTCQB:ACSX) ("ACS") in exchange for ACS common stock, has been extended from November 5, 2014 to December 15, 2014.

A draft definitive agreement has been circulated amongst the parties and is currently being worked on by EWS, ACS and their respective counsel. EWS is continuing its due diligence investigation of ACS, which has been slower than expected given the numerous acquisitions that ACS expects to close over the next several months. Emanuel Gerard, Chair of the Special Committee of directors for EWS said "There are a lot of exciting things going on at ACS and we've made substantial progress on our deal with them. However, a number of ACS's acquisitions have not closed as quickly as we both expected. We believe the proposed transaction presents a great opportunity for our shareholders and is worth the wait."

Additionally, EWS wishes to announce that further to its September 18, 2014 press release the TSX Venture Exchange has provided approval for the Company's previously announced private placement of 10 million common shares for gross proceeds of $1 million.

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.

About A. C. Simmonds and Sons

ACS, with lineage through its management team to 96 years of business experience, is a Canadian based company with interests across North America and a growing international presence. ACS is focused on acquiring profitable businesses for expansion and development in seven growth sectors: international food, oil and gas, mold remediation, waste management, renewable energy, leisure and the entertainment industry. John G. Simmonds, ACS's Chairman and CEO, co-founded the largest Canadian golf course operation and has successfully established and grown companies and built effective teams. Mr. Simmonds has served as chairman and member of the board of directors of several public companies.

For more information about ACS, please visit www.acsimmondsandsons.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains forward-looking information, as such term is defined in applicable securities laws. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, contemplate, intend, estimate and similar expressions, or are those which, by their nature, refer to future events. Forward-looking information includes, without limitation, the definitive terms and the outcome of the Proposed Acquisition and other similar information concerning anticipated future events, conditions or results that are not historical facts. Specifically, the LOI is subject to numerous conditions including the completion of a satisfactory due diligence and the negotiation and execution of the Definitive Agreement. This press release also contains forward-looking statements and information concerning the anticipated timing and completion of the execution of the Definitive Agreement. EWS and ACS provided these anticipated times in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required for both EWS and ACS to complete their respective due diligence investigations. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that the parties will successfully negotiate a mutually satisfactory Definitive Agreement, completion of satisfactory due diligence by each of EWI and ACS, that all necessary approvals will be obtained from EWI shareholders and from all applicable regulatory bodies and third parties and all other conditions to completion of the Proposed Acquisition will be satisfied or waived. EWS and ACS caution readers that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, including those discussed more fully elsewhere in this release and in documents which may be filed with applicable securities regulatory authorities, many of which are beyond EWS's or ACS's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and neither EWS nor ACS assumes any obligation to update or alter any forward-looking information unless required by applicable laws. For further information regarding risks and uncertainties associated with ACS's business, please refer to the risks and uncertainties detailed from time to time in ACS's SEC filings. Any and all third party websites referenced in this Release are provided for general informational purposes only and the statements contained therein are not endorsed or adopted by EWI or ACS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information