Company: Environmental waste international
Listings :TSXV , US OTC
Ticker: $EWS $YEWTF
Market cap at time of publication: $59 MCD
Stock price at time of publication: 0.235 CAD
Business: Tyre and waste recycling through reverse polymerization
TAM Market size: 158 billion $
Comparable peer : Scandinavian Enviro systems $SES
Environmental waste international has today announced a debt conversion which considerably lowers the companys debt and improves the balance sheet. The total debt converted amounts to of $1,282,017 CAD and is settled with EWI Investors LLC (of which Robert Savage is the Managing Member and a director of the Company) and Bob MacBean, Chief Executive Officer of the Company.
The debt will be settled through the issuance of an aggregate of common shares at a price equal to the higher of $0.23 or the volume weighted average trading price of the common shares for the ten (10) days following the date hereof. The debt conversions will be subject to a statutory hold period of four months and a day from the date of issuance . The debt conversion requires the approval of shareholders of the Company because EWI Investors, LLC will become a new control person of the Company since it will own over 20% of the Company’s common stock
It’s very positive to see the balance sheet improving even more for EWI, the company should with this action being approved be even closer to becoming debt free since the JV agreement with torreco also reduced the debt of the company. This puts EWI in an even better economic shape for the expansion planned ahead. EWI has 5 facilities planned or being built at the time of this publication.
We own shares of this company personally.
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