World
Waste Technologies Announces Additions to Management Team
Wednesday May 16, 10:00
am ET
SAN
DIEGO, May 16, 2007 -- World Waste Technologies, Inc. today
announced the addition of two new executive officers,
Michael Fatigati as Vice President of Engineering and
Project Management, and Matthew Lieb as Chief Operating
Officer.
Mike
Fatigati brings over 26 years of experience in project and
technology development expertise to World Waste. His degrees
in biology, chemical engineering and his Master in Business
Administration provide him with a solid foundation to
evaluate and advance new technology, and assess their
likelihood of commercial success. As VP Engineering &
Project Management, Mike will focus on alternative fuel
technologies, like biomass to liquids and biodiesel, will
enable WWT to expand its core competencies to other key
markets. He comes to us most recently from Delta-T, Inc. of
Williamsburg, VA, a technology leader in corn-to-ethanol
production, where he served as VP Technology Development
focusing on core technology improvements and on development
of technologies like gasification of biomass, conversion of
syngas to alcohols, and biodiesel.
Prior
to joining World Waste Technologies, Mr. Lieb was the
founder, Chief Executive Officer and Chairman of Kingsley
Management, LLC for nearly ten years. During his tenure at
Kingsley Management, Lieb raised nearly $63mm in funding in
support of a retail rollup, developed partnerships with
national retailers and supervised numerous acquisitions and
new site developments. Mr. Lieb has also served as an
independent consultant and was an Airborne Ranger qualified
officer in the U.S. Army. Mr. Lieb holds a BS in Finance
from Georgetown University and an MBA from Harvard Business
School. Mr. James Ferris will retain his role as director
and President, but turn over his day to day operational role
to Mr. Lieb in order to focus on conversion opportunities
for the Anaheim Plant and targeted business development for
pulp products.
`We
are extremely excited for the additions of Mike and Matt to
our team,'' said John Pimentel, Chairman and CEO. `Mike
brings to us specific skills and experience in developing
the renewable energy platforms we are focused on while Matt
brings the general management skills to manage multiple
projects and teams and the execution of M & A
transactions.''
About
World Waste Technologies, Inc.
World
Waste Technologies, Inc. is seeking to develop and
commercialize patented and proprietary technologies that its
management believes will allow a significant amount of
municipal solid waste to be recycled into beneficial
products. A major component of MSW is paper-based material,
hydrocarbon-based material, and other high energy value
feedstocks. World Waste's first plant is being used in an
R&D capacity with respect to turning cellulose biomass into
electricity and fuel. World Waste also is developing
technologies designed for use in transforming MSW into a gas
capable of creating renewable energy products such as fuel
grade alcohols (including ethanol) and co-generated
renewable electricity.
The
contents of this press release are presented as a general
overview of World Waste. This release is intended only to
contain general information regarding World Waste and its
business and does not purport to provide complete disclosure
or analysis of all matters that may be relevant to a
decision to invest in World Waste. In addition, certain
matters discussed in this release may constitute
``forward-looking statements''. Actual results and the
timing of certain events may differ materially from those
indicated by such forward-looking statements due to a
variety of risks and uncertainties, many of which are beyond
World Waste's ability to control or predict, including, but
not limited to risks and uncertainties outlined in World
Waste's periodic reports filed with the SEC. In addition, no
assurances can be made that World Waste and Ensyn will enter
into definitive agreements relating to their collaboration
or if they do whether such collaboration will lead to the
successful development of any technologies. Other risk
factors may include, but are not limited to, World Waste's
ability to successfully implement its business strategy,
including its ability to produce and sell product at
commercial levels and adequate prices and the acceptance of
its product by potential customers and by the market in
general, the ability of World Waste to achieve profitability
even if it is able to sell its product at commercial levels,
World Waste's ability to raise subsequent financing in order
to build additional facilities, World Waste's ability to
develop other energy products which can be produced from its
MSW, fluctuations in quarterly results, increased
competition, the economical operation of World Waste's
process, and World Waste's ability to protect the
proprietary technology it uses. Further, World Waste
operates in an industry sector where securities values are
highly volatile and may be influenced by economic and other
factors beyond World Waste's control, such as announcements
by competitors and service providers. The statements made
herein are made as of the date of this release, and World
Waste undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise. All information in
this release regarding Ensyn has been provided to World
Waste by members of Ensyn management.
Contact: World Waste Technologies
John Pimentel, CEO
(858) 391-3400
David Rane, CFO
(858) 391-3400
|
|
World Waste Technologies and Ensyn Corp
Sign MOU Regarding Proposed Technology Development Pact; Companies
Target Generating Bio-Fuels From Cellulose
Monday April 30, 8:00 am
ET
World Waste Technologies Files Lawsuit Against Vessel
Designer
SAN
DIEGO, Calif., April 30, 2007 (PRIME NEWSWIRE) -- World Waste
Technologies, Inc. (OTC BB:WDWT.OB
-
News):
Technology
Development MOU
World Waste
Technologies and Ensyn Corporation today announced they have entered
into a memorandum of understanding relating to a proposed technology
research and development arrangement under which the companies would
collaborate to develop technologies for production of energy products
and bio-fuels from cellulose biomass derived from post-recycling
municipal solid waste.
Based in Wilmington,
Delaware, privately held Ensyn Corporation developed the patented RTP(tm)
process in early 1980s, converting wood residues and other biomass
products to a light, liquid bio-oil for the production of fuels and
chemicals. Ensyn's commercial biomass operations were initiated in 1989,
and there are now seven commercial RTP(tm) biomass plants in operation,
producing numerous chemical products and fuels. In 1997, Ensyn adapted
its RTP(tm) process to the upgrading of petroleum feedstocks (heavy
oil). In 2005, Ensyn sold all rights related to RTP(tm) upgrading of
petroleum to Ivanhoe Energy, Inc.
Although Ensyn's
bio-oil can be used directly as a liquid fuel, it contains a number of
valuable natural chemicals (primarily resins) believed to be
economically recoverable and used as a raw material for the production
of value-added natural chemicals and bio-fuels. There are many
environmental benefits associated with the production of natural
chemicals and bio-fuels via RTP(tm). For example, such fuels and
chemicals are renewable, they are low sulphur, and their production nets
no new CO2 production. The use of wood and other biomass residues in the
RTP(tm) process reduces solid-waste disposal problems in certain
industries and displaces the use of non-renewable petroleum feedstocks.
Based upon recently
completed favorable preliminary test results from the application of
Ensyn's technology using World Waste's post-recycled MSW cellulose
biomass (``Cellulose''), the companies hope to jointly develop their
technologies with the plan to ultimately target commercial production of
bio-fuel from Cellulose. The companies plan to conduct development work
at Ensyn's state of the art technology center near Ottawa, Canada. The
companies plan to evaluate their development efforts later this year to
determine the feasibility of extending or expanding the collaboration
into a more formal strategic alliance.
``The opportunity to
convert municipal solid waste into bio-fuel borders on revolutionary,
both economically and environmentally,'' said Dr. Robert G. Graham,
Ensyn chairman and chief executive officer. ``We believe that World
Waste has strong technology platforms and innovative management and
Ensyn is excited to have the opportunity to work to advance these
technologies.''
``We believe that
Ensyn Corp is a true pioneer and respected market leader in bio-fuel
production with a strong track record of commercial success,'' said John
Pimentel, World Waste chairman and chief executive officer. ``I believe
our technologies offer great synergy, and we are delighted to be working
closely with Ensyn's world class R&D team.''
Ensyn has several
commercial plants in production in Wisconsin and Ontario, Canada. These
plants have been used commercially since the early 1990s to produce
energy and more than thirty chemical products.
World Waste
Technologies, Inc. was formed to design, build, own and operate
facilities which convert municipal solid waste (MSW) into higher value
products such as cellulose biomass, ethanol, renewable electricity and
paper pulp. World Waste is also striving to develop technologies to use
thermal conversion processes to generate renewable energy and bio-fuels
such as ethanol.
Lawsuit
As previously
disclosed during the start-up phase of its initial plan in Anaheim,
California, World Waste became aware of design issues related to the
steam classification vessels that it intends to use in its operations.
The steam vessels were designed and fabricated on its behalf by
Bio-Products International, Inc. (``BPI'') pursuant to a contract World
Waste entered into with BPI in July 2004. World Waste is also party to a
sub-license agreement with BPI pursuant to which World Waste
sub-licenses certain technology used in its process. World Waste has
been dissatisfied with the remediation of these issues by BPI and has
proceeded to resolve them itself. Consequently, on April 13, 2007, World
Waste filed a lawsuit against BPI in the Superior Court of the State of
California alleging, among other things, breach of contract and
negligence with respect to the construction of the vessels. World Waste
is seeking monetary damages, among other relief sought. Although it
cannot ascertain what the outcome of this litigation will be, World
Waste plans to pursue this matter vigorously.
About World Waste
Technologies, Inc.
World Waste
Technologies, Inc. is seeking to develop and commercialize patented and
proprietary technologies that its management believes will allow a
significant amount of municipal solid waste to be recycled into
beneficial products. A major component of MSW is paper-based material,
hydrocarbon-based material, and other high energy value feedstocks.
World Waste's first plant is being used in an R&D capacity with respect
to turning cellulose biomass into electricity and fuel. World Waste also
is developing technologies designed for use in transforming MSW into a
gas capable of creating renewable energy products such as fuel grade
alcohols (including ethanol) and co-generated renewable electricity.
The contents of this
press release are presented as a general overview of World Waste. This
release is intended only to contain general information regarding World
Waste and its business and does not purport to provide complete
disclosure or analysis of all matters that may be relevant to a decision
to invest in World Waste. In addition, certain matters discussed in this
release may constitute ``forward-looking statements.'' Actual results
and the timing of certain events may differ materially from those
indicated by such forward-looking statements due to a variety of risks
and uncertainties, many of which are beyond World Waste's ability to
control or predict, including, but not limited to risks and
uncertainties outlined in World Waste's periodic reports filed with the
SEC. In addition, no assurances can be made that World Waste and Ensyn
will enter into definitive agreements relating to their collaboration or
if they do whether such collaboration will lead to the successful
development of any technologies. Other risk factors may include, but are
not limited to, World Waste's ability to successfully implement its
business strategy, including its ability to produce and sell product at
commercial levels and adequate prices and the acceptance of its product
by potential customers and by the market in general, the ability of
World Waste to achieve profitability even if it is able to sell its
product at commercial levels, World Waste's ability to raise subsequent
financing in order to build additional facilities, World Waste's ability
to develop other energy products which can be produced from its MSW,
fluctuations in quarterly results, increased competition, the economical
operation of World Waste's process, and World Waste's ability to protect
the proprietary technology it uses. Further, World Waste operates in an
industry sector where securities values are highly volatile and may be
influenced by economic and other factors beyond World Waste's control,
such as announcements by competitors and service providers. The
statements made herein are made as of the date of this release, and
World Waste undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. All information in this release regarding
Ensyn has been provided to World Waste by members of Ensyn management.
About Ensyn Corp
Ensyn Corp is seeking
opportunities to deploy its proprietary technology to produce valuable
chemicals and energy from biomass. For more information, see
http://www.ensyn.com
Contact:
Ensyn Corp
David Boulard
613-248-2257
World Waste Technologies
John Pimentel, CEO
858-391-3400
World Waste
Technologies Applies for Patent Covering the Production of Alcohol,
Including Ethanol, Through Gas Process
Monday March 5, 5:00 am
ET
Company Also Forms Technology Advisory Board
Comprised of Scientific and Industry Experts and Provides Updated
Operational Information
SAN
DIEGO--(BUSINESS WIRE)--World Waste Technologies, Inc. (OTCBB:WDWT
-
News) today announced it has filed a provisional patent covering an
energy self sufficient process for the treatment of municipal solid
waste (MSW) into the production of mixed alcohols (including ethanol)
through a synthetic gas and catalyst process. The process also includes
the co-generation of renewable electricity from a producer gas as well
as a process for efficiently separating the resulting mixed alcohols
from hydrocarbons and other liquids.
Separately, the
Company announced the formation of a Technical Advisory Board to assist
it in advancing its business of creating usable commodity products
including ethanol and co-generated renewable electricity from municipal
solid waste. William A. Farone, Ph.D. and Lee Torrens, along with World
Waste Director David Gutacker, have agreed to serve on this advisory
board.
Dr. Farone is focused
on assisting World Waste in identifying chemically and economically
preferred methodologies for producing ethanol and other renewable energy
products from municipal solid waste. Dr. Farone is the President and CEO
of Applied Power Concepts, Inc., a company that provides technology
development and analysis services and has expertise in chemical and
biochemical process development and optimization, particularly in the
areas of alternative energy, biotechnology for energy crops, and
alternate liquid fuels (ethanol, methanol). Formerly Dr. Farone was
Director of Applied Research for Philip Morris, Inc., and also served as
Director of Scientific Research at Lever Brothers Company. He has
numerous patents and technical publications, a B.S. and Masters degree
in Chemistry, and a Ph.D. in Physical Chemistry.
Lee Torrens is
focused on assisting World Waste in the scale-up and development of
facilities that produce ethanol and other energy products from municipal
solid waste. Mr. Torrens has an extensive background in developing
renewable energy facilities, independent power production facilities,
cogeneration facilities, waste to energy facilities, and medical waste
facilities. Formerly, Mr. Torrens served as Executive Vice President of
Ogden Martin Systems where he was responsible for all project
development activities at a time when that company developed eight major
projects worth over $840 million. In addition, Mr. Torrens is currently
a Director and Principal of JM Dutton & Associates, an independent
equity research company. Mr. Torrens has a B.S. and a Masters degree in
Civil Engineering.
"The skills and
background of both Bill Farone and Lee Torrens are strong assets for
World Waste as we continue our efforts to develop projects and
technologies for the transformation of municipal solid waste (MSW) into
beneficial products, including fuel grade ethanol, co-generated
renewable energy, and paper pulp," said CEO John Pimentel. "We have
already benefited from their efforts through their help in our
provisional patent application for a new method of creating fuel
alcohols including ethanol from MSW through a synthetic gas intermediary
step, and our work with various gasification processes."
"By utilizing our
Anaheim Plant and the Applied Power Concepts labs in Anaheim as our
learning centers, we believe that we have gained valuable experience in
understanding how to commercialize the process of transforming residual
and commercial MSW into beneficial products and energy," said Pimentel.
Company Update
To date, World Waste
has focused on converting MSW into a cellulose biomass which the Company
currently refines into an unbleached fiber known in the paper industry
as "wetlap pulp". The Company has also been investing in potential
improvements to the core process designed to produce fuel grade
alcohols, including ethanol, as well as processes for co-generating
renewable electricity.
Ethanol and
Co-Generated Renewable Energy
The Company has also
been pursuing the development of various energy products which can be
produced from MSW. One process which we believe has potential for
successful commercialization involves using gasification technologies to
produce a synthetic gas from various products in our process. This gas
may then be passed through a catalyst environment to produce fuel grade
alcohols, primarily ethanol, with some portion of the gas stream
co-generating renewable electricity. We believe this same basic approach
can also be used to produce hydrogen, a critical element in many current
industrial processes and to several future clean energy platforms. In
this area the Company recently filed a provisional patent covering a
process and certain conditions which may maximize the yield of the fuel
alcohols including the beneficial co-generation of renewable electricity
through a producer gas which may drive a steam or a gas turbine.
Also in the ethanol
area, in addition to the above process for producing fuel alcohols
through gasification, the Company is investigating alternative pathways
for transforming its cellulose biomass product into ethanol using
various acid and enzymatic hydrolysis processes.
Pulp Process
In the MSW/cellulose
biomass to wetlap pulp product area at its Anaheim, California Plant,
World Waste has processed, over a seven month period, over 2,500 tons of
MSW into cellulose biomass, which has been refined into over 400 tons of
wetlap pulp. Although we have not yet been able to produce product in
commercial quantities, the wetlap product has been supplied to three
corrugating medium manufacturers in Southern California over this period
on a test basis. The customers have recently provided positive feedback
on the pulp quality and specifications, based upon these limited test
quantities. World Waste recently developed a commercial relationship
with one of these customers whereby that customer, although not
contractually obligated to do so, is currently purchasing all the
product World Waste is capable of producing at market prices consistent
with terms commonly used for the sale of recycled corrugated containers,
OCC, exported from the Los Angeles region.
The start up and
operation of the Anaheim Plant was made possible through a series of
equipment upgrades financed from the proceeds of our Series B offering
completed in the first half of 2006. "We deeply appreciate the support
of our investors which has enabled us to start operations at the Anaheim
Plant. This has provided us actual operating data and insights as to
what additional investments would be required to make the Anaheim Plant
support full capacity operations, as well as insights on the critical
improvements which must be included in the design and construction of
future pulp-based plants for those future plants to generate sufficient
financial returns," said Pimentel.
Key challenges that
faced at the Anaheim Plant include an unexpectedly high level of
biochemical oxygen demand (BOD) from organic wastes in the wastewater
generated in the pulp screening and cleaning process, and design issues
related to the steam classification vessels which will require some
level of re-engineering and repairs to enable sustained operations.
These factors currently restrict full scale, profitable operations at
the Anaheim Plant and have led to management's decision to reduce the
workforce and to run the plant on an intermittent basis for process
improvement trials, technology demonstration, product development, and
other research and marketing purposes. These restricted operations allow
us to continue evaluating several initiatives, some of which include
additional capital investment, in an attempt to improve these conditions
and to improve the economics of operating the Anaheim plant.
To manage the
continued operations of the Anaheim Plant and to lead the planning and
design for future plants, Dr. James Ferris, the Company's Chief
Operating Officer and President (and member of the Board of Directors),
has taken on increased responsibility at the Anaheim facility. Mr. Fred
Lundberg has stepped down from his position as Senior VP of Engineering,
but will continue to serve the Company in an advisory capacity.
Based on our research
and development including our accumulated experience from operating the
Anaheim Plant, World Waste believes the characteristics necessary to
profitably produce pulp include: a relatively high volume of MSW and a
larger plant enabling a larger scale operation, a desire by the
community to increase recycling rates to minimize the amount of this
waste disposed of in landfills, feedstock composition which includes
increased paper products, a fully scoped on-site water treatment
facility, and higher landfill tipping fees than we experience in
Anaheim, California. Regarding the paper "wetlap" product line, World
Waste has continued its discussions with various paper and solid waste
companies and government agencies to determine where the proper
combination of operating characteristics can be achieved to pursue a
larger scale wetlap production facility in future locations. While
developing the process and market for wetlap, the Company has also been
actively pursuing end markets for our raw cellulose biomass material
prior to its use as a feedstock for making wetlap pulp. This would allow
the Company to avoid the capital and operating costs of a water
treatment facility to address the BOD issue.
About World Waste
Technologies, Inc.
World Waste
Technologies, Inc. is seeking to commercialize patented and proprietary
technologies that management believes will allow a significant amount of
municipal solid waste to be recycled into beneficial products. A major
component of MSW is paper-based material, hydrocarbon-based material,
and other high energy value feedstocks. The Company's technology
currently converts paper, cardboard, and paper packaging found in MSW
into a cellulose biomass. This cellulose biomass can be further
processed into wetlap and sold to box and paper manufacturers. The
Company also is developing technologies which can be used in
transforming MSW into a gas capable of creating renewable energy
products such as fuel grade alcohols (including ethanol) and
co-generated renewable electricity. The Company recently completed
construction of its initial facility in Anaheim, California.
The contents of this
press release are presented as a general overview of the company. This
release 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 that may be relevant to a decision
to invest in the company. In addition, certain matters discussed in this
release may constitute "forward-looking statements". Actual results and
the timing of certain events may differ materially from those indicated
by such forward-looking statements due to a variety of risks and
uncertainties, many of which are beyond the company's ability to control
or predict, including, but not limited to risks and uncertainties
outlined in the company's periodic reports filed with the SEC. Other
risk factors may include, but are not limited to, the company's ability
to successfully implement its business strategy, including its ability
to produce and sell product at commercial levels and adequate prices and
the acceptance of its product by potential customers and by the market
in general, the ability of the company to achieve profitability even if
it is able to sell its product at commercial levels, the company's
ability to raise subsequent financing in order to build additional
facilities, the company's ability to develop other energy products which
can be produced from its MSW, fluctuations in quarterly results,
increased competition, the economical operation of the company's
process, and the company's ability to protect the proprietary technology
it uses. 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 statements made herein are made
as of the date of this release, and the company undertakes no obligation
to publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
Contact:
World Waste Technologies
John Pimentel, CEO, 858-391-3400
World Waste Technologies, Inc Appoints President and Chief
Operating Officer
Monday November 6, 8:00
am ET
Industry Veteran from
Weyerhaeuser Added to Operating Team
Dr. Jim Ferris,
currently a Director at World Waste Technologies, Inc. has
agreed to join the company in a managerial role as President
and Chief Operating Officer. In this role he will be
responsible for overseeing the day-to-day operations of the
company, including Plant #1 in Anaheim which was constructed
and commissioned in the first half of 2006. The plant is
currently running in a controlled start up mode while the
Company evaluates the installation of additional materials
processing and water treatment equipment.
"We are
delighted to have attracted such a strong executive with
industry experience and knowledge," said John Pimentel,
Chief Executive Officer of World Waste Technologies, Inc. He
continued, "Jim brings the leadership to effectively set our
organizational direction and motivate employees at all
levels to achieve our operating goals. Furthermore, we
believe that his experience at Weyerhaeuser and the
Institute of Paper Science and Technology will be valuable
to our company."
Dr.
Ferris joined the World Waste Technologies, Inc. Board of
Directors in 2004 and has taken a strong role in assisting
management with the commercialization of the Company's
Quadra-C unbleached pulp product. He recently undertook a
more active consulting role in general management with the
company which led to his appointment to the current position
of President/COO.
"I
look forward to this new challenge. The Company has turned
municipal solid waste into cellulose biomass and unbleached
fiber for paper makers, however, we still face operational
challenges as we focus on improving the cost effectiveness
and scalability of the process," said Dr. Ferris. "I am also
pleased that my appointment will free up managerial
resources to pursue our additional product opportunities
such as creating energy from our cellulose biomass."
Dr.
Ferris was the President and Chief Executive Officer of the
Institute of Paper Science and Technology from 1996 to 2003.
Prior to holding that position he was a long-time employee
of the Weyerhaeuser Company where he began his engineering
career in manufacturing and progressed through many business
and research positions to become Vice President of Research
for Pulp, Paper, and Packaging from 1988 to 1996.
Dr.
Ferris' specific areas of expertise include: Management
systems and business processes, Corporate- Level Visioning;
Strategy Development, Organizational Performance Improvement
as well as management of technology, new product development
and R&D.
He
served as a member of the board of directors of Albany
International from 2000 - 2004 and has been a trustee of the
Institute of Paper Chemistry Foundation since 2003. Dr.
Ferris completed the Advanced Management Program at Harvard
Business School in 1992, received his Ph.D. (1972) and M.S.
(1969) from the Institute of Paper Chemistry at Lawrence
University, and obtained his B.S. in Chemical Engineering
from the University of Washington in 1966.
About
World Waste Technologies, Inc. World Waste Technologies,
Inc. is seeking to commercialize a patented technology that
management believes will allow a significant amount of
Municipal Solid Waste (MSW) to be recycled. A major
component of MSW is paper-based material, and the company's
technology converts paper, cardboard, and paper packaging
found in MSW into a cellulose fiber material that can be
sold to box and paper manufacturers or potentially be used
in making other products. The company recently completed
construction of its initial facility in Anaheim, California.
The
contents of this press release are presented as a general
overview of the company. This release 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 that may be relevant to a
decision to invest in the company. In addition, certain
matters discussed in this release may constitute
"forward-looking statements". Actual results and the timing
of certain events may differ materially from those indicated
by such forward-looking statements due to a variety of risks
and uncertainties, many of which are beyond the company's
ability to control or predict, including, but not limited to
risks and uncertainties outlined in the company's periodic
reports filed with the SEC. Other risk factors may include,
but are not limited to, the company's ability to
successfully implement its business strategy, including its
ability to produce and sell product at commercial levels and
adequate prices and the acceptance of its product by
potential customers and by the market in general, the
ability of the company to achieve profitability even if it
is able to sell its product at commercial levels, the
company's ability to raise subsequent financing in order to
build additional facilities, fluctuations in quarterly
results, increased competition, the economical operation of
the company's process, and the company's ability to protect
the proprietary technology it uses. 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 statements made
herein are made as of the date of this release, and the
company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of
new information, future events or otherwise.
Contact:World Waste Technologies, Inc.
David Rane, 858-391-3400
|
World Waste Technologies Announces Initial
Test Shipments of Quadra C Unbleached Pulp
Wednesday July 5, 6:00
am ET
World Waste Technologies, Inc. announced today that it has completed the initial test shipments of
its unbleached fiber pulp product, Quadra C Unbleached pulp, to
prospective customers. World Waste shipped a total of three truckloads
of product, containing approximately 20 tons of material each, to three
potential customers in the Los Angeles, California area. The product was
delivered without charge pursuant to a previously agreed-upon trial
phase with these potential customers designed to enable them to begin to
evaluate the product in connection with possible future purchases by
them at market prices and on a commercial scale. The material was
successfully blended into the raw material furnish at approximately 10%
concentration for the production of packaging grades at each of the
potential customer's paper making plants.
After the last of the
initial test shipments was made on June 26, 2006, World Waste began a
plant "wash-up" which involves suspending operations for a two week
period, in order to install additional processing equipment. After this
period, World Waste plans to continue limited test shipments free of
charge to its customers. The company currently anticipates that the
controlled startup of the plant will continue through at least the end
of 2006 and that therefore only limited revenue will be generated
through the remainder of the year. During this controlled startup the
Company will be implementing a process optimization program including
continual monitoring, measurement and analysis of plant operations, the
installation of additional equipment that the company deems necessary
for the plant to operate more efficiently. This additional equipment
includes but is not limited to equipment to remove the
biochemical-oxygen demand, BOD in its water effluent. The installation
of additional equipment may cost several million dollars before the
plant can reach full operating levels.
Separately, the
company announced the final results of its recent offerings of preferred
stock and warrants and related senior secured note exchange. Pursuant to
these transactions, the company issued $28.5 million total face amount
of its Series B convertible preferred stock, convertible into 11.4
million shares of common stock, and warrants to acquire 2.85 million
shares of common stock, in exchange for total gross cash proceeds of
$25.0 million and the cancellation of $3.5 million of senior secured
notes. After applying $2.9 million of these proceeds to the repayment of
the company's remaining obligations on its senior secured notes and $2.4
million to offering costs, the company generated net cash proceeds of
approximately $19.7 million. As previously disclosed, the company plans
to use these net proceeds for commissioning, operation, and process
improvement investments at the company's recently completed initial
plant located in Anaheim, California, and for working capital and
general corporate purposes.
About World Waste
Technologies, Inc. World Waste Technologies, Inc. is seeking to
commercialize a patented technology that management believes will allow
a significant amount of Municipal Solid Waste (MSW) to be recycled. A
major component of MSW is paper-based material, and the company's
technology converts paper, cardboard, and paper packaging found in MSW
into a cellulose biomass material that can be sold to box and paper
manufacturers or potentially be used in making other products such as
building product additives, cellulose insulation, ethanol and other
energy derivatives. The company recently completed construction of its
initial facility in Anaheim, California.
The contents of this
press release are presented as a general overview of the company. This
release 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 that may be relevant to a decision
to invest in the company. In addition, certain matters discussed in this
release may constitute "forward-looking statements." Actual results and
the timing of certain events may differ materially from those indicated
by such forward-looking statements due to a variety of risks and
uncertainties, many of which are beyond the company's ability to control
or predict, including, but not limited to risks and uncertainties
outlined in the company's periodic reports filed with the SEC. Other
risk factors may include, but are not limited to, the company's ability
to successfully implement its business strategy, including its ability
to produce and sell product at commercial levels and adequate prices and
the acceptance of its product by potential customers and by the market
in general, the ability of the company to achieve profitability even if
it is able to sell its product at commercial levels, the ability of the
company to successfully apply the proceeds of its recent offering for
their stated purposes, the company's ability to raise subsequent
financing in order to build additional facilities, fluctuations in
quarterly results, increased competition, the economical operation of
the company's process, and the company's ability to protect the
proprietary technology it uses. 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
statements made herein are made as of the date of this release, and the
company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Contact:
World Waste Technologies, Inc.
David Rane, 858-391-3400
World Waste Technologies, Inc. Announces $25,000,000 in New Equity
Funding
Friday May 26, 8:00 am
ET
World Waste Technologies, Inc.
announced that it has secured $25,000,000 in new equity financing in two
private placements. In the first transaction, which closed May 25, 2006,
the Company issued 89,000 shares of its newly created 8% Series B
Convertible Redeemable Preferred Stock at a price of $100 per share,
resulting in total gross proceeds to the Company of $8.9 million. In the
second transaction, the Company entered into definitive agreements for
the sale of an additional 161,000 shares of Series B Preferred Stock on
the same terms, for total additional gross proceeds to the Company of
$16.1 million. This second offering is expected to close on or around
May 26, 2006.
In addition to the sales described above, holders of the Company's
$6,250,000 aggregate principal amount of senior secured debentures have
the contractual right to exchange their debentures for shares of Series
B Preferred Stock on a dollar-for-dollar basis. Any debentures that are
not so converted will be repaid with a portion of the proceeds of these
offerings. The Company anticipates that the holders of approximately
$2,480,000 of such debentures will elect to exchange their debentures
and accrued interest for a total of 25,000 shares of Series B Preferred
Stock (which shares of Preferred Stock would be convertible into a total
of 1,000,000 common shares and be included in the registration statement
described below).
"We are delighted
to have in this financing such a solid group of investors whom we
believe will support World Waste now and over the long haul," said John
Pimentel, World Waste's Chief Executive Officer. "We intend to use these
resources wisely as we work to execute our strategy to get Plant #1 in
Anaheim running efficiently; begin the planning for additional World
Waste facilities; and ultimately to work internally and with partners to
identify and attempt to commercialize additional beneficial uses for our
cellulose biomass and other residual streams such as higher value added
paper products, fuel grade ethanol, building products, and refuse
derived fuels."
Each share of
Series B Preferred Stock is convertible for a period of five years into
40 shares of the Company's common stock. To the extent not converted by
the five-year anniversary of issuance, the shares are subject to
redemption at each holder's option, with any shares not redeemed subject
to automatic conversion. The shares are also subject to mandatory
conversion prior to the five-year anniversary of issuance if the
Company's common stock meets certain trading price and volume criteria
and under certain other circumstances. Holders of the Series B Preferred
Stock are entitled to receive cumulative dividends, payable quarterly in
additional shares of Series B Preferred, at the rate of 8% per annum.
The Company is
also issuing the investors in these transactions five-year warrants to
acquire up to a total of 2,500,000 shares of common stock at an exercise
price of $2.75 per share. The Company has agreed to file a registration
statement within 60 days of the closing covering the resale of the
shares of common stock issuable upon
conversion of the Series B Preferred Stock and exercise of the warrants.
After fees and
expenses and the repayment of the Company's secured debentures, the
Company estimates the total net proceeds to it from these two offerings
will be approximately $18.75 million. The Company currently intends to
use these net proceeds to start-up operations at, and make improvements
to, its initial facility located in Anaheim,
California, to begin preparations for additional facilities, and for
general corporate purposes.
Thomas
Weisel Partners, LLC, First Montauk
Securities Corp. and Chadbourn Securities, Inc. acted as the Company's
placement agents in the first offering. Thomas
Weisel Partners, LLC, Chadbourn Securities, Inc. and First
Montauk Securities Corp. are acting as the Company's placement agents in
the second offering, and Green Drake Capital Corp. is acting as selling
agent for Chadbourn Securities, Inc.
About World Waste
Technologies, Inc.
World Waste
Technologies, Inc. is seeking to commercialize a patented technology
that management believes will allow a significant amount of Municipal
Solid Waste (MSW) to be recycled. A major component of MSW is
paper-based material, and the Company's technology converts paper,
cardboard, and paper packaging found in MSW into a cellulose fiber
material that can be sold to box and paper manufacturers or potentially
be used in making other products. The Company recently completed
construction of its initial facility in Anaheim, California.
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 that may be relevant to a decision to invest in
the Company. In addition, certain matters discussed in this release may
constitute "forward-looking statements." Actual results and the timing
of certain events may differ materially from those indicated by such
forward-looking statements due to a variety of risks and uncertainties,
many of which are beyond the Company's ability to control or predict,
including, but not limited to risks and uncertainties outlined in the
Company's periodic reports filed with the SEC. Other risk factors may
include, but are not limited to, our ability to successfully implement
our business strategy, fluctuation in quarterly results, increased
competition, the economical operation of our process and our ability to
protect the proprietary technology we use. Further, we operate in an
industry sector where securities values are highly volatile and may be
influenced by economic and other factors beyond our control, such as
announcements by competitors and service providers. These statements are
made as of the date of this release, and the Company undertakes no
obligation to publicly update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
Contact:
World Waste Technologies, Inc.
David Rane, 858-391-3400