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WAVETECH TO EXPAND NEW MEXICO LANDFILL AND ADD RECYCLING FACILITY

 WAVETECH TO EXPAND NEW MEXICO LANDFILL AND ADD RECYCLING FACILITY
 CHERRY HILL, N.J., Feb. 3 /PRNewswire/ -- Wavetech, Inc. (NASDAQ: WAVE) announced today it will expand its operations in Engel, N.M.
 In addition to its agreement to manage and operate the Oppenheimer Site, the company has reached an agreement to purchase a 1,000-acre parcel of property from Oppenheimer. The company will file an application to construct a 500-acre secure disposal site on the property. The site will be designed to handle incinerator ash, contaminated soils and asbestos products. The company will own, manage and operate the site when completed. The remaining 500 acres will be transferred to a new holding company. The site will be used to build a municipal waste recycling facility. Wavetech will own a 50 percent interest in the facility. A non-affiliated investment group will own the other 50 percent interest.
 The investors group is led by Frank Gedman, a resident of New Mexico. Gedman has 20 years of experience in the waste business in New Mexico. He was the planner for the Regional Waste Disposal Program that will service Sierra County.
 At meetings held in Sierra County Jan. 28 through Jan. 30, 1992, the Sierra County commissioners reaffirmed their previous vote of 2 to 0 in favor of the disposal site and recycling project. The Sierra County Development Authority gave the projects their approval at a Jan. 29, 1992. meeting. These approvals are subject to the projects being constructed and operated in compliance with all local, state and federal requirements.
 The recycling facility will convert the current landfill disposal program into a total recycling program. The facility will recover glass, aluminum and metal from the waste stream. The remaining material will be converted into refuse-derived fuel. The Gedman Group is negotiating with local power generators to sell them the refuse-derived fuel. The project will take an estimated 42 months to complete.
 Wavetech will also be responsible for the management and operation of the recycling facility. Oppenheimer and the Gedman Group will be responsible for negotiating waste stream contracts and the sales of recycled products.
 The project will provide an estimated 80 jobs in the community. The facility is designed to handle 3,000 tons per day of municipal solid waste. Negotiations are ongoing to enter into long-term disposal contracts for that amount. These negotiations are based on an initial disposal fee of $16 per ton with escalation clauses beginning after the first year. Wavetech should receive a minimum of $5 per ton for management and operation fees. In addition to these fees, the company will receive 50 percent of 609-486-9200/
 (WAVE) CO: Wavetech, Inc. ST: New Jersey, New Mexico IN: SU:


MK-CC -- PH014 -- 6111 02/03/92 11:04 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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