Environmental Solutions Worldwide Completes $2.0 Million Private Placement
17 October 2000
Environmental Solutions Worldwide Completes $2.0 Million Private Placement
MARKHAM, Ontario--Oct. 17, 2000--ENVIRONMENTAL SOLUTIONS WORLDWIDE, INC. (OTCBB:ESWW), the developer of new environmental technologies, announced today that it has completed a private placement of $2.0 million of its securities with accredited investors with an option for a further $1.5 million as necessary."This latest financing is an expression of confidence by high quality investors. This will allow the Company to accelerate the Enviro Cat's full development. It also provides the working capital to engage in transactions with other environmental companies as opportunities emerge," stated Mark Nicole, Chief Executive Office of the Company.
Environmental Solutions Worldwide, Inc., through its wholly-owned BBL Technologies, Inc., subsidiary, is a developer of proprietary catalytic converter technology used in its prototype Enviro Cat(TM) catalytic converter, which is designed to dramatically reduce toxic emissions, including nitrous oxide, expelled by internal combustion engines. The converter requires no precious metals in the manufacturing process, making it less expensive to produce.
The Company also has developed a new, highly efficient spark plug with the potential of increasing the efficiency of internal combustion engines, reducing toxic emissions while increasing fuel economy. ESWW holds Canadian patents and U.S. patent pending on its catalytic converter technology, and is in the process of obtaining worldwide patent protection. The Company also holds a U.S. patent for its spark plug technology. For additional information, visit the Company's Web site at (www.cleanerfuture.com) or call Mark Nicole, CEO, or David Johnson, COO, at 905/947-9923.
This press 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 "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.