Message #2 From:
NewsBot Date: September 8, 2005 01:00:00 AM
WDWT News World Waste Technologies Announces Management Changes; Company Augments Leadership Team With Waste Industry and Finance Veterans
SAN DIEGO--(BUSINESS WIRE)--Sept. 8, 2005--World Waste Technologies, Inc. (OTCBB:WDWT) today announced Board and management changes in anticipation of the commercialization and operational launch of its patented technology designed to cost effectively extract high value paper pulp from municipal solid waste.
The World Waste Board of Directors has appointed Board Chairman John Pimentel to the additional post of chief executive officer. Mr. Pimentel succeeds Thomas L. Collins who has been named executive vice president.
Additionally, the Company has appointed Sam P. Cortez and Ross M. Patten to its Board of Directors. They succeed Fred Lundberg and Steve Racoosin who have relinquished their board seats -- both Lundberg and Racoosin remain officers of World Waste.
"Ross and Sam add industry depth and financial acumen to the board, and we are delighted to gain their deep experience and vast industry contacts," said John Pimentel, World Waste chairman and chief executive officer. "Given general industry trends such as rising global pulp prices, and increasing solid waste recycling and disposal costs -- and with Ross and Sam joining our team -- World Waste is well positioned to enter our operational and growth phases."
Ross M. Patten brings over 25 years' experience as an accomplished waste management executive. He is presently Vice President and Chairman of Synagro Technologies, Inc. (Nasdaq:SYGR), a residuals management company. Mr. Patten served as Synagro CEO from 1998 through 2003, where he led that company's revenue growth from $34 million in 1998, to more than $326 million in 2004, through the development and successful execution of a growth and acquisition strategy.
Prior to serving at Synagro, Mr. Patten enjoyed a 17-year career at Browning-Ferris Industries, where he last served as Divisional Vice President -- Corporate Development. Previously, he served as EVP - Development for Wheelabrator Technologies, a Waste Management, Inc. subsidiary, and Director and VP - Business Development at Resource NE, Inc. prior to its acquisition by Waste Management.
Sam Cortez brings more than 15 years' experience in corporate development and finance. He has completed investment banking tours with Lehman Brothers; Donaldson, Lufkin & Jenrette; Alex Brown, and Morgan Stanley. His track record includes dozens of capital raises and M&A transactions for environmental companies including Allied Waste, Casella Waste, Stericycle, Synagro, Waste Management and many others.
Presently, Mr. Cortez serves as a principal at KCL Development, LLC, where he provides business consulting and financial advisory services to venture-stage and emerging growth companies. Mr. Cortez received his MBA from Harvard Business School, and holds a B.S. in chemical engineering from UC Berkeley.
About World Waste Technologies, Inc.
World Waste Technologies, Inc. (OTCBB:WDWT) is commercializing a patented technology that management believes will cost-effectively allow approximately 60% of Municipal Solid Waste (MSW) to be recycled. A major component of MSW is paper-based garbage, and the Company's technology converts paper, cardboard, and paper packaging found in MSW into a sanitized cellulose fiber material which can be sold to box and paper manufacturers. The Company's initial facility is currently under construction in Anaheim, California and is scheduled to commence operation in the fourth quarter of 2005.
Safe Harbor Statement
All statements regarding potential results and future plans and objectives of World Waste contained in this press release, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in our documents filed from time to time with the Securities and Exchange Commission. Other risk factors may include, but are not limited to, our ability to obtain financing on acceptable terms, or at all, cost overruns in connection with the construction of our plant, working capital constraints, fluctuation in quarterly results, and increased competition for the fields targeted by the company, our ability to commence operations as scheduled, the economical operation of the process we intend to operate and our ability to protect the proprietary technology we use. Further, the company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the company's control, such as announcements by competitors and service providers.
The contents of this press release are presented as a general overview of the company. It is intended only to contain general information regarding the company and its business and does not purport to provide complete disclosure or analysis of all matters which may be relevant to a decision to make an investment, including all risk factors or similar considerations. Although the information is believed current as of the date herein, the information may be subject to change, amendment or supplementation, and the company does not expect, and assumes no obligation, to update or otherwise revise the information herein.
