Environmental Waste International Inc.

Environmental Waste International Inc.

May 06, 2009 16:23 ET

EWI Restates 2007 Results

AJAX, ONTARIO--(Marketwire - May 6, 2009) - On April 17, 2009 Environmental Waste International Inc. (EWI) (TSX VENTURE:EWS) reported that its audited 2008 Financial Statements would be filed based on the view that EWI could be considered the primary beneficiary of Environmental Waste International Limited Partnership (EWILP), a Variable Interest Entity (VIE). Under these circumstances, Accounting Guideline 15 required consolidation of EWILP. In the 2008 statements filed on SEDAR on April 30, 2009, EWI consolidated EWILP's financial results. EWI also restated its 2007 financial results to reflect the same treatment of EWILP. The restated numbers for 2007 are viewed as a refiling of the original 2007 statement results. Please refer to notes 3(b), 11 and 12 of the EWI audited 2008 financial statements for more detailed explanations.

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. (EWI)
    Mr. Michael Abrams
    (905) 686-8689