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Exhibit 99.1
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FOR IMMEDIATE RELEASE: December 4, 2000
NEW ANACONDA COMPANY TENDERS OFFER TO
ACQUIRE EWOX PROCESS RIGHTS.
Salt Lake City, UT - The New Anaconda Company OTC: (NANA:BB F) confirms
that the Company has ratified the offer terms negotiated with the Board of
International Waste Solutions PLC ("IWS") to acquire either the entire
share capital of IWS subject to shareholders approval and compliance with
the rules of the Financial Services Act or the acquisition of the goodwill
and transfer of the marketing rights under licence from Eco Waste Solutions
Inc. of Canada ("EWS") to market the patented two stage thermal oxidation
process ("EWOX") for municipal and solid waste gasification in the United
Kingdom and other locations outside of the Americas.
A formal offer was tendered on November 17, 2000 to the Board of
International Waste Solutions PLC ("IWS") for The New Anaconda Company
("NANA") to acquire the entire issued share capital of IWS, an unlisted
public company registered in England.
The offer was made with an agreed bid price of L2,616,036 ($3,765,000) and
will be financed on an equity only basis with 3,585,715 New Anaconda
Company shares being offered at an agreed notional price of $1.05 per
share, this being the average closing price for NANA over the preceding 180
days.
The offer included the possibility that IWS would become a wholly owned
subsidiary of NANA subject to approval and formal offer documentation being
prepared in accordance with the rules and regulations governing such
acquisitions, or in the alternative, IWS would transfer the goodwill and
licence agreements relating to the EWOX process with key personnel also
agreeing to transfer their service agreements as part of the acquisition.
The offer is made subject to a majority shareholder approval. A meeting of
the IWS shareholders has been called on Monday 18th December 2000 to review
the offer.
John F. Pope, Chief Financial Officer of the Company stated "New Anaconda
is pleased to make the offer as the technology has several common aspects
with our own proprietary WORS process and again focuses the direction of
the Company into the field of providing waste solutions to industry by
taking technology to the waste rather than the waste to the technology"
"It is also an important step that the Company is able to focus on
earnings and as such within the course of next year should be able to
become an operating company rather than a development stage company. It is
expected that the exploitation of the EWOX process will supercede that of
the WORS process due to the length of time needed by the Company to build
the initial pilot plant for the WORS process. The EWOX process is already
established and several potential clients in the United Kingdom have
expressed interest., It is therefore expected that the first orders for the
EWOX units will be received early 2001."
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The foregoing contains forward looking statements. For this purpose any
statements contained in this document that are not statements of historical
fact may be deemed to be forward-looking statements. Without limitating
the foregoing, such words as "may", "will", "believe", "anticipate",
"estimate", "continue" or comparable terminology intended to identify
forward-looking statements. These statements by their nature involve
substantial risks and uncertainties and actual results may differ
materially depending upon a variety of factors.
KEY CONTACT NUMBERS
THE NEW ANACONDA COMPANY, INC.
136 East South Temple
Suite 1700A
Salt Lake City, Utah 8111
Tel: 801-355-1341
Fax: 801-355-2990
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