Whitby, Ontario--(Newsfile Corp. - December 19, 2023) - Environmental Waste International (TSXV: EWS) (the "Company" or "EWS") announced today that it intends to raise up to $500,000 in a $0.02 per unit private placement financing, with a first tranche closing prior to December 31, 2023. Each unit consists of one common share and one share purchase warrant. Each warrant expires two years from the closing and has an exercise price of $0.05.

The Company intends to close an additional private placement in Q1 2024. The Company has received firm commitments of $200,000 for the December 2023 Financing to date. Management believes that on or around May 30, 2024, working capital will be over $250,000 and the Company's cash position is expected to be almost $1.0 million, which will allow for the continued expansion of the Sault Ste. Marie plant upgrade.

No broker or finder fees are anticipated to be paid in connection with the financing. All securities issued pursuant to the financing will be subject to four months and a day statutory hold period. The financing is subject to TSX Venture Exchange acceptance of regulatory filings. The funds will be used for upgrading the Company's Sault Ste. Marie facility, repayment of debt and for working capital.

The Company is also pleased to announce that a board member (the "Related Creditor") has loaned the Company an aggregate amount of $50,000 (the "Loan"). The Company issued a demand promissory note to the Related Creditor in respect of the amount advanced (the "Promissory Note"). The Promissory Note bears interest at a rate of 12% per annum, which shall accrue and become payable along with the principal amount on the maturity date. The Promissory Note is secured with a general security agreement over the assets of the Company.

The participation in the Loan by the Related Creditor constitutes a "related party transactions" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") under applicable securities laws (the "Related Party Transaction"). The Company is relying on exemptions from the MI 61-101 formal valuation and minority approval requirements applicable to related party transactions available as neither the fair market value of the subject matter of, nor the fair market value of the consideration for the Related Party Transaction, exceeds 25% of the Company's market capitalization at the time at which such transactions were agreed to. The Related Party Transaction was approved by directors of the Company who are independent of the related party.

As outlined in the Company's recent MD&A, EWS has a $2,000,000 term loan with the Northern Ontario Heritage Fund Corporation ("NOHFC"). The loan is technically in default. However, the Company has had a very cordial and productive relationship with the NOHFC, and they have been very responsive to the Company's needs. We expect the amended terms to the loan agreement will be completed in parallel with the complete upgrade financing which should be on or around early Q2 2024. At that time the loan will become long-term and will not then affect working capital.

About Environmental Waste International Inc.

Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. The Company has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator. For more information please visit, .

FOR FURTHER INFORMATION PLEASE CONTACT:

Kelli Harrington, CEO
(780) 429-1900 or (800) 399-2366
kelli.harrington@ewi.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at .

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