Toronto, Ontario--(Newsfile Corp. - June 30, 2022) - Environmental Waste International Inc. (TSXV: EWS) (the "Company" or "EWS") 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, 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 approved the Company's new 10% omnibus incentive plan (the "New Omnibus Plan") and approved the authorization of the Board to consolidate the common shares of the Corporation on the basis of (1) new common share for up to twenty (20) old common shares. The board has no current plans to consolidate the Company's common shares.
Following a recent TSX Venture approval of additional compensation alternatives, the EWS Board concluded that it was advisable to replace its Option Plan, with a New Omnibus Plan providing for the grant of not just stock options, but also restricted share units, performance share units and deferred share units. The New Omnibus Plan remains a "rolling" plan in that, subject to the adjustment provisions provided for therein, it provides that the aggregate maximum number of common shares that may be reserved for issuance under the New Omnibus Plan, at any time, shall not exceed ten percent (10%) of the Company's issued and outstanding shares from time to time. For complete details about the New Omnibus Plan and further information about the Meeting, 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 2,660,000 incentive stock options to certain officers, directors, employees and consultants of the Company under its New Omnibus Plan. All options are exercisable at $0.05 per common share vesting over three years with an expiry date of June 30, 2027.
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 end of life 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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