ERD Waste announces resolution of regulatory issues.RAHWAY, N.J.--(BUSINESS WIRE)--April 15, 1997--ERD Waste (NASDAQ/NMS: ERDI ERDI Emergency Response Diving International ERDI Enhanced Remote Defect Indicator (Cisco) ERDI Exploratory Research and Development Initiative ) announced today that it has resolved the pending regulatory issues relating to its Long Beach facility by entering into a Consent Order with the Attorney General of the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and the New York State Department of Environmental Conservation. The order provides that the company will permanently cease operation of its Long Beach, New York Long Beach is a city in Nassau County, New York on a barrier island off the South Shore of Long Island and one of only two cities on the island. As of the United States 2000 Census, the city population was 35,462. facility, both as an incinerator and a solid waste transfer station effective April 14, 1997. The Consent Order also defines the obligations of the company with respect to the closure of the site pursuant to its permit, the cost of which the company does not anticipate at this time to be material. Upon completion and approval of the implementation of the closure plan provided for in the Consent Order, the company will be given a Release and Covenant Not to Sue COVENANT NOT TO SUE. This is a covenant entered into by a party who had a cause of action at the time of making it, and by which he agrees not to sue the party liable to such action. 2. by the State for any investigation or remediation of site conditions addressed by the closure plan. The company previously reported a write-down of the value of the Long Beach facility assets and recorded a net loss of $7,167,998 in its Annual Report on Form 10-KSB for the fiscal year ended September 30, 1996 to reflect the discontinuation of those operations. The Consent Order does not resolve any of the claims between the Company and the City of Long Beach. Joseph Wisneski, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "We are pleased to resolve the regulatory issues relating to the Long Beach facility and look forward to devoting increased focus on our continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and their performances." ERD is a diversified waste management company specializing in the management and disposal of solid waste and hazardous waste and provides brokerage, advisory, consulting and technical services to generators of waste. The company owns and operates three strategically located RCRA RCRA Resource Conservation & Recovery Act of 1976 RCRA Resort and Commercial Recreation Association Part B permitted Treatment, Storage and Disposal Facilities and provides environmental services including: consulting, technical contracting, tank management, site remediation, indoor and outdoor air quality testing and monitoring services and equipment, and technical support services related to all of the foregoing. The company also operates an oil filter recycling facility and a facility which manufactures various sorbent sorbent /sor·bent/ (sor´bent) an agent that sorbs; see absorbent and adsorbent. sorbent an agent that sorbs. products for use in marine, automotive and janitorial applications. CONTACT: ERD Waste Corp., Rahway, N.J. Joseph Wisneski, 908/381-9229 |
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