Environmental Waste International Announces Results of Shareholders Meeting and Completion of Debt Conversion
Toronto, Ontario--(Newsfile Corp. - July 7, 2021) - Environmental Waste International Inc. (TSXV: EWS) (the "Company") is pleased to announce that the shareholders approved all matters put forth for approval at the annual and special shareholders' meeting held today (the "Meeting"). The shareholders re-elected Sam Geist, Emanuel Gerard, Bob MacBean, Glenn Myers, Paul Orlin and Robert Savage to the board of directors (the "Board") and re-appointed MNP LLP to be the auditors of the Company. The shareholders also re-approved the Company's 10% rolling stock option plan, reapproved the authorization of the Board to potentially consolidate the common shares of the Corporation on the basis of (1) new common share for up to twenty (20) old common shares and approved EWI Investors, LLC, becoming a "control person" of the Corporation as such term is defined under the policies of the TSX Venture Exchange, as part of the previously announced debt conversions on May 25, 2021 and June 15, 2021 (the "Debt Conversion"). Following the Meeting, the Company completed the Debt Conversion and issued 4,590,719 common shares upon conversion of $1,101,775 of debt.
The common shares issued pursuant to the Debt Conversion will be subject to a statutory hold period of four months and a day from the date of issuance. For further information please see the Management Information Circular and news releases filed under the Company's profile on www.sedar.com.
The Company also announced that it has granted an aggregate of 3,870,000 incentive stock options to certain officers, directors, employees and consultants of the Company under its Stock Option Plan. All options are exercisable at $0.19 per common share vesting over three years with an expiry date of July 7, 2026.
About Environmental Waste International Inc.
Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. The Company has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator. For more information please visit, www.ewi.ca.
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This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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