PALM SPRINGS, Calif., Jan. 11, 2007 (PRIME NEWSWIRE) -- Environmental Service Professionals, Inc. (Pink Sheets:EVSP) today announced that the company has filed an 8-K for Material Modification to Rights of Security Holders. Environmental Service Professionals, Inc. (the "Company") recently entered into a Redemption, Lock-Up and Vesting Agreement (the "Agreement") with six principal shareholders, five of whom are members of management (collectively the "Executive"), effective November 1, 2006. The Executives are Edward L. Torres, Michael Fell, Lyle Watkins, Joe Leone, Hugh Dallas and Peter Torres.
Under the Agreement, each Executive agreed to allow the Company to redeem and cancel a portion of its already issued and outstanding common stock owned by the Executive, and to lock-up the balance of the Executive's shares in order to facilitate the Company's ability to raise capital. In return, the Company has agreed that the Executive will have piggyback registration rights for the remaining shares as they are released from the lock-up.
"The importance of establishing a solid foundation in order to build a national company and to provide the necessary building blocks to achieve many opportunities in our emerging industry has been achieved. This event represents a significant milestone in our business plan," said Ed Torres, Chairman and CEO of ESP. "We now have the proper foundation to move aggressively and pursue selected acquisitions, strategic alliances, and expansion of the company's marketing program to release new products."
About Environmental Service Professionals, Inc.
Environmental Service Professionals, Inc. ("ESP") is a California-based, Nevada Corporation. ESP is the first company in this industry vertical to become a publicly-traded company. It is traded under the stock symbol of EVSP.
Since 2002, Pacific Environmental Sampling, Inc., Environmental Service Professionals, Inc. (ESP) main division, has offered franchised inspection services for addressing mold and moisture intrusion that can have an acute or chronic negative impact on the indoor air quality of commercial and residential buildings. The Company meets Federal and specific State requirements as a highly regulated franchisor of environmental service companies. The franchises, offered throughout North America, are independently owned and operated. Pacific Environmental Sampling also provides services directly to builders and homeowners through subscription-based maintenance programs.
The Company (ESP) has recently embarked on a strategy to acquire a number of businesses that have stated goals for dealing with environmental issues and resolving environmentally sensitive problems. The Company is in various stages of discussion with several companies that are a good operational and economic fit. Of the current companies targeted, some will be free standing subsidiaries and others will be absorbed into existing operations.
With a goal of maximizing revenue growth while establishing long-term market value, ESP is targeting the acquisition of several complementary service companies. For more information visit www.espusa.net
Safe Harbor:
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.