SOURCE: Goldtech Mining Corporation

May 23, 2006 09:30 ET

Nevada Court Rules Furusho Is Sole Director of Goldtech Mining Corporation

BELLEVUE, WA -- (MARKET WIRE) -- May 23, 2006 -- Tolan Furusho, sole director of Goldtech Mining Corporation "GMNC" now quoted as "CIWT" and now listed under the name of "China Industrial Waste Management, Inc." ("Goldtech" or the "Company"), announced today that two key judgments in litigation involving the Company have been handed down by courts in both US District Court for the Western District of Washington and the Nevada State Court for Clark County, Nevada.

On March 6, 2006, a lawsuit was filed against the Company by its sole director; Tolan S. Furusho in the Nevada District Court, Clark County, Nevada. On April 24, 2006, the District Court ruled that Mr. Furusho is the sole director of the Company and became such as of December 8, 2005, that his position as a director was not, and could not be extinguished, and further that all actions taken by the Board of Directors since September 13, 2005, without proper notice to Mr. Furusho, are voidable as a matter of law, including all shares of common and preferred stock issued since September 13, 2004, the change of corporate name from Goldtech Mining Corporation to China Industrial Waste Management, Inc. and the reverse split of the Company's shares of common stock on a 1 for 100 basis.

On October 14, 2004, a group of shareholders commenced a derivative action on behalf of the Company, against certain officers and directors of Goldtech in the United States District Court for the Western District of Washington at Seattle, Washington. The derivative action alleged conversion and breach of specific duties against former directors of the Company and sought damages to be determined at trial and equitable relief. On May 4, 2006, the United States District Court for the Western District of Washington ruled in favor of the Company and ordered damages in the amount of $450,000.00 to be levied against former director and president, Tracy Kroeker.

"I am extremely pleased that both the US District Court and the Nevada State Court have ruled in our favor. After 18 months of litigation, we can finally get Goldtech back on track," stated Tolan S. Furusho, Sole Director of Goldtech.

About the Company

Goldtech Mining Corporation is a mining company pursuing potentially viable mining properties in both Canada and internationally.

For further information on the Goldtech mining properties, contact Mr. Tolan Furusho (425) 452-8639.

Contact Information

  • Contact:
    Mr. Tolan Furusho
    (425) 452-8639