The Dissident Shareholders of EMS

March 01, 2005 12:30 ET

Frank D'Addario Responds to Company Actions


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: THE DISSIDENT SHAREHOLDERS OF EMS

MARCH 1, 2005 - 12:30 ET

Frank D'Addario Responds to Company Actions

OTTAWA, ONTARIO--(CCNMatthews - March 1, 2005) - Frank D'Addario
responded today to the news release issued by Environmental Management
Solutions Inc. (TSX:EMS) on February 25, 2005 whereby EMS alleged that
he issued 200,000 EMS shares to his parents without payment. Mr.
D'Addario stated that this allegation is completely false and he denied
the allegations against himself and his parents.

Mr. D'Addario has proof through his parents' bank accounts that they
forwarded $385,000 for Mr. Ernesto D'Addario for the purchase of 175,000
shares at $2.20/share and Mrs. Daria D'Addario for $55,000 for the
purchase of 25,000 shares at $2.20/share. These shares were issued
through a private placement by EMS in February 2004 which transaction
was carried out by the company's counsel. These shares were placed in
escrow for 1 year and became free trading on February 7, 2005.
Furthermore, there is a company e-mail dated February 4, 2004 confirming
that all proceeds for the private placement had been received.

Mr. D'Addario further commented that he was totally shocked and appalled
by the statements of Tony Busseri and the actions of the EMS board in
authorizing such statements. This press release was the first time that
there was any issue related to the payment for these shares. While this
matter could have been resolved quickly and without dispute to confirm
proof of payment, EMS has embarked on a public campaign to smear his
reputation and question his integrity. By expanding their comments to
include his family is unconscionable and reprehensible.

This press release does not constitute a proxy solicitation.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    The Dissident Shareholders of EMS
    Frank D'Addario
    (613) 292-6057