Whitewing Environmental Corp. Secures Acquisition Financing

    RIDGEFIELD, N.J.--May 12, 2003--As part of its previously announced growth objectives, Whitewing Environmental Corp. (OTCBB:WWLI.OB); a provider of automotive recycling parts and services, announced today that the Company has completed the financing arrangements necessary to close on several pending acquisitions and complete capital improvements--both of which are expected to improve the Company's bottom line.
    The financing was structured as a one-year loan, convertible into common stock at $.15 per share and includes the issuance of warrants exercisable for two years to purchase common stock at the same price. Under the terms of the financing, the Company - which expects to close on additional financing in the next two quarters - has the right to repay the loan of $1M without penalty within six months.
    Joe Bianco, Chairman of Whitewing, commented, "The ability of Whitewing to secure financing at this time further confirms my belief that, similar to industry leaders such as Clean Harbors and International Absorbents Corp. (AMEX: IAX), our aggressive pursuit of acquisitions will effectively deliver a consolidated, profitable enterprise from a field of fragmented competitors."

    About Whitewing Environmental Corp.

    Whitewing is a vertically integrated supplier of recycling services and related products to the retail and fleet automotive maintenance industry. Servicing over 7,000 customers in 16 states, Whitewing also collects and processes crankcase oil, which it then resells to industrial users as an alternative fuel; manufactures and distributes a full line of industrial absorbents, and is engaged in oil filter processing, antifreeze recycling, parts and brake washer sinks and service, waste oil service, laboratory service, and oil water separator service. For more information on Whitewing Environmental Corp.'s products and services: www.whitewingenvironmental.com

    Forward Looking Statements

    Statements contained in this news release that relate to management's expectations, intentions or beliefs concerning future plans, expectations, events, competitors, partners or their affiliates and opinions thereof, and performance are "forward looking" within the meaning of the federal securities law. The investor should review such public filings to obtain a comprehensive picture and analysis of all conditions, circumstances.
    The Company expressly disclaims any intent or obligation to update any forward-looking statements. Actual results or events could different materially from those anticipated in the forward-looking statement due to a variety of factors set out above, including without limitation, integration of business and management associated with the Company's business relationships and acquisitions, acceptance by customers of the Company's products and services, competition, government regulations, the Company's operating history, general economic conditions, availability of capital and other factors.