reWORKS Environmental Corp.

June 14, 2007 17:56 ET

reWORKS Environmental Corp. to Extend Warrants and Announce a Change in Directors

TORONTO, ONTARIO--(Marketwire - June 14, 2007) - reWORKS Environmental Corp. (TSX VENTURE:REW) announced that it intends to apply to the TSX Venture Exchange to extend the term of the following series of common share purchase warrants, representing an aggregate of 6,134,172 Warrants. If accepted by the TSX Venture Exchange:

1. 5,984,172 Series 5 warrants (each of which is exercisable for one common share on or before June 30, 2007 at $0.30 per share) will have their expiry date extended from June 30, 2007 to October 31, 2007

2. 150,000 Series 7 warrants (each of which is exercisable for one common share on or before June 30, 2007 at $0.25 per share) will have their expiry date extended June 30, 2007 to October 31, 2007

The extension of the warrants is subject to regulatory approval and there is no assurance that the required approval will be granted.

Donald Green, Chair of the Board, stated that "the Board, after careful consideration, decided that the original, high risk investors deserved an opportunity to realize the maximum return on their investment. These shareholders helped to make this Company, and every shareholder has benefited from their vision. This extension, while modest, is a fair decision."

The Company announced that Mr. Sam Malatesta, a Director of the Company, has resigned due to other business obligations. Mr. Malatesta remains a supportive shareholder in the Company. Mr. Green said that "the Board thanks Mr. Malatesta for his service and wishes him the best of luck in his future endeavors".

Mr. Green also announced that Mr. Bruce Bent has accepted an offer to join the Board of the Company, subject to TSX Venture approval. Mr. Bent is currently Vice President of Finance at Mathews SouthWest, a full-service development company, where he oversees all legal, accounting, operational and structural issues. Mathews SouthWest currently controls in excess of $90 million of real estate, has joint venture interest in an additional $40 million of real estate, and is responsible for in excess of $1 billion of construction. Mr. Bent is a Chartered Accountant and a director of Nordex Explosives Ltd./Les Explosives Nordex Ltee.

"Bruce is an exceptional addition and will bring extensive financial experience to the Board as well as his role as Audit Committee Chair," commented Green.

reWORKS Environmental Corp., through its wholly owned subsidiary, reWORKS INC, manufactures and markets environmentally friendly organic fertilizers and soil supplements. reWORKS has developed, refined and commercialized a green process that uses red wiggler worms to convert organic food waste into high quality worm castings, the prime ingredient in the company's organic fertilizer products. reWORKS is the North American leader in commercializing this indoor process ensuring superior quality control. The major markets for reWORKS' environmentally friendly products include golf courses, lawn care, greenhouses, wineries, nurseries and agriculture. reWORKS INC is headquartered in Toronto, Ontario.

For a complete description of the business of reWORKS and other information, please review the documents filed on SEDAR (

Donald M Green, Chair of reWORKS Environmental Corp.


This press release contains "forward-looking" statements related to future events or future performance and reflects the expectations of reWORKS Environmental Corp. regarding its growth, results of operations, performance and business prospects, and opportunities and trends affecting its business. Such forward-looking statements reflect current beliefs of management and are based on information currently available. In certain cases, forward-looking statements can be identified by the use of words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative of these rather comparable terminology. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking information. Accordingly, investors should not place undue reliance on forward-looking information. Any forward-looking statements included in this press release are made as of the date of this press release and reWORKS Environmental Corp. assumes no obligation to update or revise them to reflect news or circumstances.

Shares Outstanding: 61,508,598


Contact Information