Environmental Waste International Inc. Mails Meeting Materials To Approve Acquisition by Hydrotrux Group Ltd

Rhea-AI Summary

Environmental Waste International (TSXV: EWS) has mailed its management information circular and proxy materials to securityholders regarding the annual and special meeting scheduled for November 20, 2024. The meeting aims to approve the previously announced acquisition by Hydrotrux Group of 100% of EWS's outstanding shares through a statutory plan of arrangement. Under the agreement dated September 30, 2024, shareholders will receive C$0.0035 in cash per share. The company's Board has unanimously recommended the arrangement, and detailed information about the transaction is available in the circular on the company's website and SEDAR+.

Positive

• Board's unanimous approval of the acquisition
• Guaranteed cash payment of C$0.0035 per share for shareholders

Negative

• Low acquisition price of C$0.0035 per share indicates minimal company value

Whitby, Ontario--(Newsfile Corp. - October 29, 2024) - Environmental Waste International Inc. (TSXV: EWS) (the "Company" or "EWS") is pleased to announce that it has mailed its management information circular (the "Circular") and related proxy materials to its shareholders and other securityholders (collectively, the "Securityholders") in connection with the annual and special meeting of Securityholders to be held at 10:00 a.m. (Toronto time) on November 20, 2024 (the "Meeting").

At the Meeting, Securityholders will be asked to approve the Company's previously announced transaction with Hydrotrux Group Ltd., through its subsidiary ("Hydrotrux"), whereby Hydrotrux is proposing to acquire 100% of Company's issued and outstanding common shares ("Company Shares"). The transaction will proceed by way of a statutory plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario). The Arrangement is being proposed under, and is subject to the terms and conditions of, an arrangement agreement dated September 30, 2024 between the Company and Hydrotrux (the "Arrangement Agreement"). Assuming the Arrangement becomes effective, Company shareholders will be entitled to receive, in respect of each Company Share held at the effective time of the Arrangement, C$0.0035 in cash.

The Circular contains, among other things, details concerning the Arrangement, the background to and reasons for Company's Board's unanimous favourable recommendation of the Arrangement, the requirements for the Arrangement to become effective, the procedure for receiving consideration payable under the Arrangement for Company Shares, procedures for voting at the Meeting and other related matters. Securityholders are urged to carefully review the Circular and accompanying materials, as they contain important information regarding the Arrangement and its consequences to Securityholders. A copy of the Circular and other meeting materials are available on Company's website at www.ewi.ca or under Company's profile on SEDAR+ at www.sedarplus.ca.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Kelli Harrington, CEO
(800) 399-2366
kelli.harrington@ewi.ca
www.ewi.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228178

FAQ

What is the acquisition price per share for Environmental Waste International (TSXV: EWS)?

Under the arrangement agreement, shareholders will receive C$0.0035 in cash for each share held at the time the arrangement becomes effective.

When is Environmental Waste International's special meeting to approve the Hydrotrux acquisition?

The annual and special meeting is scheduled for November 20, 2024, at 10:00 a.m. (Toronto time).

What percentage of Environmental Waste International is Hydrotrux acquiring?

Hydrotrux Group is proposing to acquire 100% of Environmental Waste International's issued and outstanding common shares.

When was the arrangement agreement between Environmental Waste International and Hydrotrux signed?

The arrangement agreement between Environmental Waste International and Hydrotrux was signed on September 30, 2024.