SANDWICH, Mass., Feb. 18 /PRNewswire-FirstCall/ -- GS EnviroServices (BULLETIN BOARD: GSEN) announced a number of organizational changes today. Additionally, the Company is also providing an update on its recent stock purchase agreement with GS Clean Tech.
Bulletin Board Status. The Company is announcing today that GSEN has completed its transition from over the counter status (OTC) to Bulletin Board (BB) status. "We are proud of this transition, and we hope to bring additional value to our shareholders," noted James F. Green, President and CEO. "This is a major step as we continue the growth of the Company."
Change in Directors and Officers. The Company is also announcing the resignation of Kevin Kreisler as Chairman of the Board of Directors effective January 31, 2008. Mr. Kreisler is being replaced by James F. Green, the Company's President and CEO. His resignation will officially end Mr. Kreisler's association with the Company.
GSEN consists of two operating groups in the environmental management services industry, Enviro-Safe Corporation and Enviro-Safe Corporation (NE). The former is the Field Services Group which provides remedial clean-up services, emergency spill response and engineering services. The latter provides transportation and disposal of hazardous wastes from industry, hospitals, universities and government facilities. The Company operates from five strategic locations throughout New England.
Effective February 1, 2008, Steven Powers has been named President of Enviro-Safe Corporation (NE) and Ross Hartman has been named President of Enviro-Safe Corporation replacing James F. Green. These promotions will provide a clear path for growth for GSEN.
GS Clean Tech Stock Purchase. The Company is also announcing today that it has made its first payment of one million dollars to YA Global Investments in compliance with its redemption of its two million dollar convertible debenture. The source of funds was contributions from management and 4,366,666 shares were redeemed from YA Global Investments. The details of the Stock Purchase Agreement can be found in an 8K filing with the SEC dated February 1, 2008.
"This payment was critical to maintain compliance with our agreements with YA Global Investments. The failure to stay in compliance could cause considerable dilution to our common stock shareholders", noted Green. "Ultimately, this will ensure that all guarantees associated with GS Clean Tech activities will be eliminated. We look forward to our continued growth as an independent company apart from GS Clean Tech and believe these changes will bring enhanced value to our shareholders."
About GS EnviroServices Corporation
GS EnviroServices Corporation provides diversified environmental management services, including value-added, environmentally conscious and cost-effective hazardous and industrial waste management services based on the efficient management of wastes and with a focus on superior technical solutions for the management, recycling and reuse of wastes. GS EnviroServices also provides site remediation and environmental engineering services and operates a Resource Conservation and Recovery Act (RCRA) Part B permitted TDSF, and field and technical service centers throughout New England.
Safe Harbor Statement
This press release contains statements that may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GS EnviroServices, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For more information, please contact:
GS EnviroServices, Inc.
Phone: 508-888-5478
Fax: 508-888-9093
Email:
