DENVER, Aug. 18, 2017 (GLOBE NEWSWIRE) -- Vista International Technologies, Inc. (OTCBB:VVIT), a pioneer in efficient Waste-to-Energy technology, is pleased to give investors an update on some recent events within the Company.
The Company has decided to relocate their newest Thermal Gasifier from its current location to a new site in the central US, close to the Mississippi river. This new site will maximize disposal opportunities available in the central US and allow for quicker permitting. The new location will be the permanent home for this unit, and it will go into commercial operation there upon final installation. Various aspects of securing local support, site selection, and project development are currently underway, and the Company looks forward to sharing additional information on the project as this information becomes available in the next few weeks. It is anticipated that this project will serve as a template for other Thermal Gasifier projects that are currently in various stage of development.
The Company also recently settled a complaint brought by former officers of the company regarding salary payments from 2007-2009. The former officers had alleged that salary payments totaling approximately $500,000 were not paid over the given period. The Company disputed these claims. A settlement of $85,000 was approved by the parties involved, and on August 15, 2017 the complaint was dismissed by the District Court in Adams County Colorado on the basis of this settlement. The settlement has already been paid. The nearly $500,000 in contested payments were being held as a liability on the Company’s balance sheet, therefore the settlement removes this liability and thus improves the Company’s overall financial condition significantly.
Vista International Technologies, Inc. has been producing Waste-to-Energy gasification systems for over twenty 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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