Environmental Waste International Inc.

Environmental Waste International Inc.

April 17, 2009 16:30 ET

EWI Extends Debt Repayment and Changes Accounting Policy

AJAX, ONTARIO--(Marketwire - April 17, 2009) - Environmental Waste International Inc. (EWI) (TSX VENTURE:EWS) has negotiated an extension of its current debt obligations of $601,667 originally due September 30, 2008. Of this amount $86,667 remains open for repayment in 2009. The balance of $515,000 has been extended to September 30, 2010. As an incentive to extend the repayment date, EWI will issue 515,000 two year $0.20 warrants to purchase common stock, subject to TSX Venture Exchange approval. The other terms and conditions of the debt are unchanged.

EWI has also changed its method of accounting for its interest in Environmental Waste International Limited Partnership (EWILP). Depending on future events, an interpretation of generally accepted accounting principles could cause the EWILP to be viewed as a primary Variable Interest Entity to EWI, which would then require the consolidation of EWILP's financial statements into those of EWI.

In view of this possibility, EWI has changed its accounting policy in advance of the release of the December 31, 2008 audited financial statements (due for release by April 30, 2009) to consolidate EWILP. Adjusted comparative figures for the year ended December 31, 2007 will be included.

EWI designs and builds systems for the breakdown of specific organic waste, including rubber tires, medical waste, biological effluents and food waste. EWI continues to develop new systems for other applications, such as the extraction and recovery of oil from shale. Please visit the EWI website at: www.ewmc.com.

WARNING: The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Environmental Waste International Inc.
    Dr. Stephen Simms
    (905) 686-8689