Environmental Management Solutions Inc.(TSX:EMS) has announced that shareholders holding 97.9 per cent of shares have voted to approve a resolution that EMS enter an agreement through which the company will be recapitalized with approximately $20-million of new financing.
With shareholder approval, EMS expects to close the agreement with ONCAP II, L.P. by March 31. It also expects to conclude the settlement of litigation between EMS and its related parties and former CEO Frank D’Addario and his related parties. The settlement is conditional on the closing of the
“With the solid financial foundation created by the ONCAP financing, and with significant litigation
risk removed, EMS can move forward with its strategy to create sustainable value for shareholders. We are now fully positioned for a new phase of profitable growth,” said Tony Busseri, president and CEO of EMS.
EMS is a leading environmental services company specializing in the management, treatment, re-use and disposal of organic waste and contaminated soil, with an emphasis on beneficial re-use.
The company has scheduled its Annual General Meeting for May 8, 2006 at the Hilton Toronto Hotel.
For further information, contact EMS President and CEO Tony Busseri at 905-335-2100.