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Whitby, Ontario--(Newsfile Corp. - April 8, 2021) - Environmental Waste International (TSXV: EWS) (the "Company" or "EWS) announced today that it had received an additional $600,000 investment from Torreco, Inc. ("Torreco") toward the previously announced agreement for Torreco to invest $7 million in EWS's wholly owned Ellsin Environmental Ltd. ("Ellsin") subsidiary. The funds will be used to convert EWS's pilot plant in Sault Ste. Marie, Ontario into EWS's first commercial scale clean tech recycling plant utilizing the Company's patented microwave technology. After Torreco has invested its $7 million the joint venture will have a valuation of $10 million.
Torreco has now invested $1 million and owns 10% of Ellsin. It is committed to investing an additional $6 million over the next four months. After investing $7 million, Torreco will own 70% of Ellsin; EWS will retain 30%. The $7 million will be used to expand and modernize this state-of-the-art plant utilizing EWS's latest technology. EWS will receive a royalty of 6% of revenues, and the facility will be available for demonstration to potential EWS customers throughout the world.
After investing $7 million, Torreco will be granted the right to build three additional waste tire facilities in Ontario over the next five years if it meets certain conditions. If Torreco successfully builds these three additional facilities it will retain the exclusive rights for Ontario.
The expansion and modernization of the plant will require certain regulatory approvals, and there can be no assurance that the additional $6 million will be invested.
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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