Date: July 11, 2006
Source: EarthFirst Technologies, Inc.
EarthFirst Technologies, Inc. and Cast-Crete Corporation Announce Merger Terms and Provide Earnings Guidance
EarthFirst Technologies, Inc. ("EarthFirst", or "the Company") (OTCBB:EFTI) and Cast-Crete Corporation ("Cast-Crete") today announced that the Board of Directors and shareholders representing the majority interests of both companies, have approved the terms of the merger effective immediately. The primary terms are as follows:
(1) The Company will change its name to Cast-Crete;
(2) The Company will effect a 60-1 reverse split of its stock;
(3) Total shares outstanding after the merger, and after the reverse split of the stock will be approximately 15 million shares; and,
(4) The assets of Cast-Crete cannot be encumbered until acquisition debt is retired.
The following Pro Forma earnings for the twelve month period ending June 30, 2007 was also provided for Cast-Crete's operations, based upon actual results for the six-months ended June 30, 2006.
TWELVE MONTHS PRO FORMA EARNINGS
JULY, 2006 - JUNE, 2007
Earnings before interest and taxes 65,000,000
Interest expense on Acquisition Debt (25,000,000)
Income taxes (16,000,000)
Net Income $ 24,000,000
Estimated Outstanding Shares 15,000,000
Earnings Per Share (EPS) $1.60
About EarthFirst Technologies, Incorporated
EarthFirst Technologies, www.earthfirsttech.com, is a specialized holding company engaged in researching, developing and commercializing technologies for the production of alternative fuel sources and the destruction and/or remediation of liquid and solid wastes, and in supplying electrical contracting services to commercial and government customers internationally. Through its subsidiary World Environmental Solutions Company (WESCO), EarthFirst markets solid waste remediation plants utilizing a proprietary Catalytic Activated Distillation (CAVD) process, which is a superior technology developed by EarthFirst to recycle rubber tires and other waste by heating the material without burning it. Through its subsidiary Electric Machinery Enterprises, Inc., www.e-m-e.com, the Company provides electrical contracting services both as a prime contractor and as a subcontractor, electrical support for industrial and commercial buildings, power generation stations, and water and sewage plants in the US and abroad. Through its subsidiary EarthFirst Americas, Inc., the Company is engaged in the global development, marketing and distribution of biofuels.
EarthFirst Technologies, Inc., Tampa
Beverly Mercer, 813-238-5010