Environmental Waste International (OTCMKTS:YEWTF) has made an announcement that Glenn Myers has stepped down from the board for health reasons (effective from April 17, 2022). The company specializes in eco-friendly systems for the breakdown of organic materials, including tires. It has spent over a decade to engineer systems that integrate the EWS patented Reverse Polymerization process and proprietary microwave delivery system.
Technical Data
YEWTF stock is trading below the 20-Day and 50-Day Moving averages of $0.0539 and $0.0556 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0971.
Trading Data
On Friday, YEWTF stock ended flat at $0.0429 with 7.8K shares, compared to its average volume of 10.50Kshares. The stock moved within a range of $0.0429 – 0.0429 after opening trade at $0.0520.
Environmental Waste International Announces Board Change & Debt Extension
The board is thankful to Glenn for his services and wise counsel, while wishing him the very best. Bob MacBean, the CEO and a director of the company, has also agreed to extend the repayment date on funds owing to him to January 15, 2024. The amount owing as of January 15, 2022 was $286,223 and is composed of accrued salary and business expenses. Interest will accrue on this debt at the rate of 6% per annum.
The deferral agreement involves a related party transaction as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101) under applicable securities laws. The company is dependant upon on exemptions from the MI 61-101 formal valuation and minority approval requirements applicable to related party transactions available as neither the fair market value of the subject matter of, nor the fair market value of the consideration for the related party transaction, exceeds 25% of the company’s market capitalization at the time at which such transactions were decided upon. Related party transactions were approved by directors of the company who are independent of the related parties.
