SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 21, 1997
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WASTEMASTERS, INC.
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(Exact name of registrant as specified in its charter)
Maryland 0-12914 52-1507818
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(State or other (Commission (IRS Employer
jurisdiction of) File Number) Identification No.)
250 West Pratt Street, Suite 1100, Baltimore, Maryland 21201
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(Address of Principal Executive Offices) (Zip code)
Registrant's telephone number, including area code: (410) 659-5600
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<PAGE>
FOR IMMEDIATE RELEASE
March 21, 1997
NASDAQ: "WAST"
WASTEMASTERS, INC. NEW MANAGEMENT TEAM TO STABILIZE COMPANY UPON CLOSING
PROPOSED FINANCING
BALTIMORE, MD.-March 21, 1997-WasteMasters, Inc. (NASDAQ SmallCap:WAST)
announced that upon the closing of a proposed $4,000,000 line of credit to the
company with Strategica Capital Corporation ("Strategica") of Miami, Flordia,
(which is anticipated to occur on or about the end of March) all of the officers
and all but two (2) of the five (5) members of the board of directors will
resign and be replaced by a new management team and directors. The closing is
subject to the completion of due diligence by Strategica and restructuring of
the existing indebtedness of the Company to creditors other than Strategica, on
terms satisfactory to the Company and Strategica.
WasteMasters present management include Richard Masters, Chief Executive Officer
and director who resumed the Presidency after Paul Williamson, who remains a
director, resigned as President to pursue other opportunities, Peter Stefanou
CPA, who assumed the acting Chief Financial Officer and Treasurer positions
after the resignation of Dennis O'Leary CPA, Robert Crabb is Secretary.
The present directors are A. Leon Blaser Ph.D., Bill Basham, (who are expected
to remain on the board of directors) Paul Williamson, Richard Masters and Robert
Fahey. Former director Ronald W. Pickett has resigned. Prior to resigning the
current board of directors have agreed to recommend for ratification at a
special meeting of the shareholders, a one for ten (1:10) reverse split of the
Company's common stock. The directors believe the reverse stock split will be in
the best interest of the Company's shareholders. This action will allow the
Company to pursue additional acquisitions in the waste industry which will
ultimately enhance shareholder value.
WasteMasters, Inc., Chairman of the Board, A. Leon Blaser, Ph.D. stated "The
Strategica financing will provide adequate resources to the new management team
which will enable them to successfully complete the development of the Company's
landfills and move forward to other waste disposal opportunities."
FOR MORE INFORMATION CONTACT:
MIKE M. MUSTAFOGLU TRANSGLOBAL FINANCIAL CORP.
14255 HIGHWAY ONE, SUITE 253 JUNO BEACH, FLORIDA 33477
561-775-1429 (VOICE) 561-575-5176 (DIRECT) 561-575-7611 (FAX)
