RALEIGH, N.C., March 15 /PRNewswire/ --
Waste Industries, Inc. (Nasdaq: WWIN), a regional, non-hazardous solid
waste services company, announced today that the Company has been awarded a
long-term contract with Lawrence County, Tennessee to operate the county
landfill until filled, provide closure and post-closure services, operate the
county-built transfer station and provide transfer and disposal services.
The 23-acre landfill is expected to be completely filled within six
months. When it is, the Company will commence operation of a transfer station
and transport approximately 25,500 tons of waste annually to the Decatur
County landfill, which is owned and operated by the Company. The revenue
expected for 2001 is approximately $600,000. The contract is for five years
with three additional renewal periods. Under the terms of the contract the
Company will be responsible for closing the old landfill according to State
and Federal regulations and to provide post-closure services. Post-closure
services at old landfills are required for 30 years. The contract value to
perform closure services is estimated at approximately $1.0 million depending
on the length of time required to close the old site and construct the
transfer station.
"We are very pleased that Lawrence County officials selected our Decatur
landfill and hauling operations to provide these very significant and
comprehensive solid waste collection and disposal services. Waste Industries
is well positioned to provide a long-term solution for their solid waste needs
with our Decatur County landfill, which has more than 40 years of life
remaining. This contract award is an example of how we can achieve internal
growth through privatization of municipal waste contracts," stated Lonnie
Poole, Chairman and CEO.
The Company has approximately 246 municipal and county contracts
representing $75.0 million of annual revenues or approximately 30% of total
revenues.
Waste Industries, Inc. is a vertically integrated solid waste services
company that provides collection, transfer, disposal and recycling services to
commercial, industrial and residential customer locations in the states of
North Carolina, South Carolina, Virginia, Tennessee, Mississippi, Alabama,
Georgia and Florida. We currently operate 45 collection operations, 24
transfer stations, approximately 100 county convenience drop-off centers,
eight recycling facilities and ten landfills in the southeastern U.S.
This press release contains forward-looking statements under the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
can generally be identified as such because the statement will include words
such as the Company "expects," "believes," "anticipates" or words of similar
import. Similarly, statements that describe the Company's future plans,
objectives or goals are also forward-looking statements. Forward-looking
statements are subject to risks and uncertainties, such as risks in the
development and operation of landfills, availability of landfill space,
difficulties in managing rapid growth, and weather conditions, that could
cause actual results to differ materially from those currently anticipated.
Consider these factors carefully in evaluating the forward-looking statements.
Additional information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is contained
from time to time in the Company's SEC filings. The forward-looking
statements made herein are only made as of the date of this press release and
the Company undertakes no obligation to publicly update such forward-looking
statements.
SOURCE Waste Industries, Inc.
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Related links:
http://www.waste-ind.com
Company News On-Call:
http://www.prnewswire.com/comp/120685.html or fax,
800-758-5804, ext. 120685
CONTACT:
Trish Mueller, Investor Relations Director of
Waste Industries, Inc., 919-325-3000, ext. 3006
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