CALGARY, Alberta, Dec. 12, 2006 (PRIME NEWSWIRE) -- Budget Waste Inc. (Pink Sheets:BDGW) announced today that it expects to meet or exceed their original 800% annual revenue growth forecast. Jim Can, CEO and President stated, "We have accelerated our growth strategy through acquisitions and expansion of existing services to take advantage of Alberta's hot economy. We started off with approximately $1.2 million in annual revenues and based on the current market, our activity level and recent month end results, we are on track to meet or surpass the 800% growth forecast." Due to significant public interest in the company, Budget Waste Inc. (BWI) is releasing the following corporate update:
Originally incorporated in 2001 with a mandate to provide waste removal services to the construction and industrial waste sector, Budget Waste Inc. went public in October 2004. In 2005, BWI reported annual revenues of $1.2 million and assets of approximately $400,000. Given past performance, current market activity and year-to-date revenues of over $7 million, BWI estimates that it will generate revenues of over $10 million, with current assets with a market value of over $8 million. Over the past 6 months BWI has completed the following acquisitions:
Company Business Line Budget Waste Inc. Waste Removal Kosland Waste Removal Ltd. Rural Residential Rocky Mountain Waste Services Inc. Residential Waste DB Waste Disposal (2005) Inc. Residential & Roll-off DB Porta-Podi Portable Toilets Strathmore Septic Services (1980) Ltd. Septic & Vac Truck AllWaste Systems Ltd. Construction & Recycling Provac Septic, Vac & Hydrovac Finnie Water Hauling Ltd. Water Hauling
Following its strategic growth plan, Budget Waste Inc. has recently signed Letters of Intent with the following companies:
-- HydroVac Alberta Inc. -- Recyc-Haul Waste Management Inc. -- PJ's Waste and Recycling Services Ltd. -- A & R Waste
BWI anticipates closing these potential acquisitions over the next few months. The company will continue to aggressively pursue its acquisition strategy to become "the largest provider of waste solutions in North America."
2006 Highlights
Over the past year Budget Waste Inc. has achieved a significant number of accomplishments including:
-- Expanded site services to construction market to include temporary
fencing, portable toilets, waste management and recycling
-- Expanded operations to Edmonton and surrounding area
-- Signed new agreements for residential curbside waste collection
-- Established a community recycling program for the Town of
Crossfield
-- Announced construction waste recycling pilot
-- Completed over $1,000,000 in equity financing
-- Began preparation of Form 211 with intent to become a reporting
company
-- Approved stock split
-- Won Consumers' Choice Award
-- Signed contract with Jayman MasterBUILT to provide construction
waste services
Budget Waste Inc. is a waste solutions company that provides complete waste and recycling services to commercial, industrial, oilfield, construction, homebuilding and residential clients. For more information on Budget Waste Inc., please visit our web site at www.budgetwaste.com or contact our investor relations department at:
Budget Waste Inc. Investor Relations 3915 - 61st Ave. SE. Calgary, AB T2C 1V5 Phone: 403-669-9191 Fax: 403-255-3237 Email: ir@budgetwaste.com
Safe Harbor:
The information presented in this document reflects the true and current state of the business and future intended direction of BWI, as best understood by the controlling shareholders as of December 2006. This document contains forward-looking statements relating to the operations and environment in which BWI operates, which are based on operations, estimates and forecast projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the control of BWI. A number of important events could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Although these forward-looking statements contained herein are based upon what management believes are reasonable assumptions, BWI cannot assure investors that the actual results will be consistent with these forward-looking statements. The readers should not rely solely on such forward statements and BWI disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.