Whitby, Ontario - Newsfile Corp. - April 29, 2022 - Environmental Waste International (TSXV: EWS) (the "Company" or "EWS") announced that effective April 17, 2022 Glenn Myers has resigned from the board for health reasons. The board thanks Glenn for his services and wise counsel and wishes him well.
In addition, Bob MacBean, the CEO and a director of the Company, has agreed to extend the repayment date on funds owing to him to January 15, 2024. The amount owing as of January 15, 2022 was $286,223 and is composed of accrued salary and business expenses. Interest will accrue on this debt at the rate of 6% per annum. The deferral agreement constitutes a "related party transaction" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") under applicable securities laws. The Company is relying on exemptions from the MI 61-101 formal valuation and minority approval requirements applicable to related party transactions available as neither the fair market value of the subject matter of, nor the fair market value of the consideration for the related party transaction, exceeds 25% of the Company's market capitalization at the time at which such transactions were agreed to. The related party transactions were approved by directors of the Company who are independent of the related parties.
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.
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18 May 2022