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WAVETECH ANNOUNCES OPERATIONS AND MANAGEMENT AGREEMENT FOR NEW MEXICO DISPOSAL SITE

 WAVETECH ANNOUNCES OPERATIONS AND MANAGEMENT AGREEMENT
 FOR NEW MEXICO DISPOSAL SITE
 CHERRY HILL, N.J., Dec. 10 /PRNewswire/ -- Wavetech, Inc. (NASDAQ: WAVE) announced today that Wavetech has entered into an Operations and Management Agreement with Oppenheimer Industries, Inc., Santa Monica, Calif., and its wholly owned subsidiary, Armendarisa Water Corporation, Inc. (both referred to as Oppenheimer).
 Oppenheimer owns an existing waste disposal site consisting of approximately 200 acres and having an approximate remaining capacity in excess of 12 million cubic yards, located in Engle, N.M. Oppenheimer has agreed to grant Wavetech the exclusive right to operate and manage this disposal site for successive five-year periods, commencing on March 1, 1992.
 In consideration, Wavetech agreed to pay Oppenheimer 10 percent of any collected gross revenues generated from waste disposed of at the site up to 500 tons per day, and 15 percent for such waste in excess of 500 tons per day; also, Wavetech agreed to pay Oppenheimer $50,000 by Dec. 20, 1991; and $75,000 and 650,000 shares of common stock of Wavetech no later than April 1, 1991 (or within 30 days of the closing date). This agreement is subject to a more definitive agreement, and documentation satisfactory to Wavetech, prior to the closing that the site is in compliance with all applicable regulatory requirements. After the closing, Wavetech shall be solely responsible for operating the site in compliance with regulatory requirements and shall provide Oppenheimer with insurance for proper operation at the site. The agreement requires that net revenues be utilized to upgrade the facility to meet the new federal regulation standards for landfills. This requirement, however, will reduce the potential profit during the short term, but should enhance future potential profits.
 Wavetech also announced that it had terminated all negotiations with IMAR Corp. relating to any joint venture for asbestos testing, monitoring and other environmental services. In addition, as a result of its due diligence which disclosed potential liabilities, Wavetech terminated its purchase agreement with M.A. Smith Properties, Inc. for the Pittsburgh landfill.
 Ralph Leporace, president of Wavetech, said, "This operations and management agreement with Oppenheimer Industries provides a substantial increase to Wavetech's capabilities of providing waste management services as a further addition to its other environmental services."
 /delval/
 -0- 12/10/91
 /CONTACT: Ralph Leporace, president of Wavetech, 609-486-9200/
 (WAVE) CO: Wavetech, Inc.; Oppenheimer Industries, Inc.; Armendarisa Water
 Corporation, Inc.; IMAR Corp. ST: New Jersey, New Mexico, California IN: SU: JVN


CC -- PH023 -- 1075 12/10/91 14:01 EST
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Publication:PR Newswire
Date:Dec 10, 1991
Words:417
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