Vista Gives End of Year Update
Denver, CO - January 8, 2019
-- Vista International Technologies, Inc. (OTC BB: VVIT),
a pioneer in efficient Waste-to-Energy (WTE) technology, is pleased to give its investors an update on recent events in the company. The Company appreciates the patience of its investors as it works through its recent transition away from tire recycling to focus solely on waste to energy.
With regard to the Company's WTE business, Vista is pursuing the deployment of multiple gasification projects targeting high disposal value waste in target markets. The project that is closest to fruition is in Mississippi. Vista is close to finalizing this project and will send out a separate release once final details become available. From its gasification segment the Company will earn future revenues through the sales of gasification units, licensing of the technology, and owning/operating/maintaining waste to energy projects.
Concerning the cleanup of the Hutchins, TX tire facility, the process has taken longer than planned. The main reason for this is that a contractor which was hired by the Company to clear the tire material from the facility did not perform as anticipated and left the site after removing less than half the tire material present. This caused subsequent issues with the landlord, county and state. A citation has been issued by the state and county seeking an injunction forcing Vista to clear the site. Vista does not dispute its obligation to clear the site and approximate $470,000 has been set aside with the state and the landlord for this purpose.
The company has also recently had a change in management. Timothy D Ruddy has resigned as Interim CEO and from the board of directors to deal with some serious family medical issues. In his place Thomas P Pfisterer, the current Chariman of the Board of Directors, will serve as Interim CEO on a voluntary basis until a suitable replacement can be found. Mr. Pfisterer previously served as CEO of the company during a period from late 2009 through early 2011. Mr. Ruddy continues to work with the company, also on a volunteer basis, to aid in the transition.
Vista International Technologies, Inc. has been producing Waste-to-Energy gasification systems for over twenty-five years, with installations across three continents. The Company's technology has low costs of installation and operation, and allows for the processing of virtually any hydrocarbon-based waste product, including municipal solid waste, waste tires, waste coal, sewage waste, and biomass, among others. The company’s Waste-to-Energy systems are emission friendly and extremely efficient, and can be used to produce heat, steam, and/or electricity.
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