Environmental Solutions Worldwide, Inc Chairman of the Board Steps Down
TELFORD, Pa.--Oct. 16, 2002--Environmental Solutions Worldwide Inc.(ESW)(OTC Bulletin Board:ESWW) announced today that Mr. Bengt Odner has elected to step down as the Chairman of the Board.Mr. Odner remarked, "It has been an extremely difficult decision to step down as Chairman of the Company. However, after having served as Chairman, and as an executive officer of ESW from September 2000, I feel it is now time to relinquish this important position." Mr. Odner added, "I am confident that ESW continues to be in good hands under the direction of a strong management team and in an improving financial position with the increasing sales of our products and services. I am looking forward to continuing to serve as an active member of the board of directors and assisting the present management team wherever necessary."
ESW's current CEO, President, Vice-Chairman of the Board, John Donohoe has been named the new Chairman. According to Mr. Odner, "John Donohoe is an outstanding individual and well suited for the position. He has brought professional management and energy to the company and has instilled financial discipline and a focus on accountability."
Mr. Donohoe commented, "I am honored by the further trust and responsibility the Board of Directors has given me and look forward to continuing to serve the Company and the shareholders to the best of my abilities. In accepting the position of Chairman, I recognize the importance of working with the board and leading management into what I believe is as a very positive future. My goal is to continue to direct the ESW's management team in the many positive projects and programs currently underway. I am looking forward to taking on this important position and continuing to move the Company ahead. The Board and I again would like to thank Mr. Odner for the hard work and effort as Chairman he has brought to the Company."
About Environmental Solutions Worldwide Inc.
With headquarters in Telford, Environmental Solutions Worldwide is a publicly traded research and development company engaged through its subsidiaries in the design, development, manufacture and sale of environmental technologies currently focused on the international automotive and transportation industries. ESW manufactures and markets a line of catalytic emission control products and catalytic conversion technologies for a multitude of applications.
For updated information, please visit the Company's Web site at: www.cleanerfuture.com.
Safe Harbor
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased" "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filings.