Concord, ON – March 15, 2011 – The Board of Directors of Environmental Solutions Worldwide, Inc. (OTCQB: ESWW) announced today that President and Chief Executive Officer David J. Johnson and the company have mutually agreed that Mr. Johnson will leave his position as President and Chief Executive Officer and resign as a board member of the Company, effective March 9, 2011. Mr. Johnson will provide consulting assistance to the Company until year end 2011 to ensure a fluid transition. Mark Yung in his role as Executive Chairman
will take the interim lead in the Company’s day-to-day affairs.
“David has been core to the vision and development of Environmental Solutions Worldwide and I would like to thank him for his dedication and extensive contributions to the company,” said Mr. Yung. “I am looking forward to working closely with David, through the transition phase to ensure the Company can leverage his deep industry and technical knowledge, contacts and experience.”
“It is with mixed emotions that I announce my departure from Environmental Solutions Worldwide,” said Mr. Johnson. “I have worked to develop a great team over the past 10 years creating a leading Company in the diesel engine emissions reduction market. I believe the Company is well positioned for future success with industry leading, precedent setting technologies. I look forward to working closely with Mark and the team in the coming months to ensure its continued growth trajectory and success.”
Also effective March 9, 2011, the Company promoted Frank Haas to Chief Technology and Regulatory Officer, Virendra Kumar to VP of Operations, and Praveen Nair to Chief Financial Officer. Mr. Kumar replaces Stefan Boekamp, who resigned on mutually agreeable terms from his position as Vice President of Operations on March 11, 2011.
Mr. Haas has been with Environmental Solutions Worldwide since 2001 and has been integral in the development of the Company’s various Level III verified catalyst products. Mr. Haas has been leading the Company’s R&D efforts developing and verifying the next generation of state-of-the-art emissions technologies.
Mr. Nair has been with the Company since 2005, previously in the role of Chief Accounting Officer. Mr. Nair will continue overseeing the finance functions, as well as leading Investor Relations for the Company.
Mr. Kumar has been employed by ESW America (“ESWA”), the Company’s wholly owned subsidiary, since 2009. In addition to his role as VP of Operations, Mr. Kumar will continue in his role as General Manager of ESWA and will play a key role in the growth and development of the Company’s air testing business.
“I look forward to working closely with Frank, Praveen and Virendra,” said Mr. Yung. “This is an extremely capable and hard working team;
that I will count on to elevate Environmental Solutions Worldwide into the leading provider of emissions technologies and air testing services in North America.”
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This press release is also an Exhibit to the Company’s Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission.
About Environmental Solutions Worldwide, Inc.
Headquartered in Concord, Ontario, Environmental Solutions Worldwide, Inc. is a publicly traded Company engaged through its wholly owned subsidiaries ESW Canada, Inc. and ESW America, Inc. (the ESW Group of Companies) in the design, development, ISO 9001:2008 certified manufacturing and sales of technologies for both the environmental control and military sectors. The ESW Group of Companies currently manufacture and market a diversified line of catalytic emission control products and support technologies for diesel, gasoline and alternative fueled engines. The ESW Group of Companies also operates a comprehensive EPA/CARB &
MSHA recognized emissions testing and verification laboratory under the ATS brand.
For updated information, please visit the Company’s Web site at: www.cleanerfuture.com
This press release and any related calls or discussions may contain forward-looking statements. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of and demand for our products; future industry market conditions; future production, operating and overhead costs; operational and management restructuring activities; future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our SEC filings and the following: current global economic and capital market uncertainties; potential dilution to our stockholders from our anticipated rights offering; potential inability to continue to comply with government regulations such as CARB and EPA; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to or pursued by us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.
For More Information Contact: Environmental Solutions Worldwide, Inc.: Investor Relations,
1-905-695-4141, begin_of_the_skype_highlighting1-905-695-4142, end_of_the_skype_highlightingInvestoremail@example.com