Environmental Waste International Inc. Enters Into Credit Agreement for $500,000 Term Loan
June 18, 2014 (Source: Marketwired) — Environmental Waste International Inc. (“EWS”) (TSX VENTURE:EWS) (the “Company”), a company specializing in eco-friendly systems with proven patented technology for the breakdown of organic materials, today announced it has entered into a credit agreement (the “Credit Agreement”) with Amici Associates L.P. in connection with a 3-year term loan in the principal amount of $500,000 (the “Loan”). The outstanding principal balance under the Loan will bear interest at a rate of 8% per annum. The Company also granted a security interest in favour of the lender as security for the Company’s obligations under the Credit Agreement. As additional consideration for the Loan, the Company issued to the lender 500,000 common share purchase warrants (“Warrants”), each Warrant entitling the lender to acquire one common share in the capital of the Company at an exercise price of $0.20 for a period of three years.
The Company’s wholly owned subsidiary, Ellsin Environmental Ltd., provided a guarantee of the Company’s obligations under the Credit Agreement. Ellsin also granted a security interest in favour of the lender as security for its obligations under the guarantee.
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The proceeds of the Loan has been used to retire other debt of the Company, with the remainder to be used for general working capital.
About Environmental Waste International Inc.
Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. EWS 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 creating a highly valuable commodity output for industry, including carbon black, oil and steel. Each unit is designed to be energy efficient and where possible, create an economically positive model for the recovery of various hydrocarbon oil and gases. For more information please visit, www.ewi.ca.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect the Company’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under “Risks and Uncertainties” in the Company’s most recent Management Discussion & Analysis, which can be found on the Company’s profile at www.sedar.com. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>