Environmental Waste International Inc. Enters Into Credit Agreement for $500,000 Term Loan
18 Junho 2014 - 6:56PM
Marketwired
Environmental Waste International Inc. Enters Into Credit Agreement
for $500,000 Term Loan
AJAX, ONTARIO--(Marketwired - Jun 18, 2014) - 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.
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.
Forward-Looking Statements
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.
Environmental Waste International Inc.Bob MacBeanCFO(905)
686-8689 or (800) 399-2366Bob.macbean@ewmc.comwww.ewi.ca
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