EXHIBIT 99.1
PLANET EARTH RECYCLING INC.
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435 MARTIN STREET, SUITE 3000
BLAINE, WASHINGTON 98230 LISTED: OTC BB
TRADING SYMBOL: PERI
MAY 18, 2001
PRESS RELEASE
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FOR IMMEDIATE DISSEMINATION
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PLANET EARTH RECYCLING INC. CORRECTS AND CLARIFIES CERTAIN STATEMENTS MADE IN
PRESS RELEASES DATED APRIL 25 AND 26, 2001
MAY 18, 2001 - BLAINE, WASHINGTON - On April 25 and 26, press releases
discussing PLANET EARTH RECYCLING INC. (the "Company") and its financial
condition were published by the Company. Some of the statements made and
information contained in those press releases require correction and / or
clarification, which the Company provides through this press release.
On April 25, 2001, the Company published a press release ("Security Analyst
Howard Stillman Initiates Coverage on Planet Earth Recycling Inc. ") through PR
Newswire intended to correct an April 24, 2001 press release issued by
Whitehorne & Company, Ltd. ("REPEAT / Whitehorne & Company, Ltd. Announces
Investment Opinion on Planet Earth Recycling Inc."). The April 25, 2001 press
release was also published through Business Wire on April 26, 2001 ("Planet
Earth Recycling Announces Security Analyst Howard Stillman Has Initiated
Coverage "). The April 25 and 26, 2001 press releases essentially contained the
same information as the April 24, 2001 Whitehorne & Company, Ltd. press release.
In the April 25th and 26th press releases, the Company sought to clarify that
Howard Stillman, a securities analyst, is not part of management nor an employee
of the Company and that Mr. Stillman was not compensated by the Company for
preparing his report on the Company. The Company believes that Mr. Stillman was
paid $5,000 by a third party for preparation of his report. It also sought to
correct the estimated earnings published by Whitehorne & Company, Ltd.
The Company's management did not realize that by presenting and correcting Mr.
Stillman's report in its press release, it could be deemed to have adopted Mr.
Stillman's statements. The Company expressly disclaims Mr. Stillman's
statements. In addition, the Company wishes to clarify the following points:
- - The April 25th and 26th press releases contained a price target. The
Company is unable to accurately predict the price at which its common stock
will trade in the future, and the Company's policy is not to comment on its
opinion of its stock price, either currently or prospectively. The price
target is speculative and no investor should rely on the price target in
forming an investment decision regarding the Company's stock.
- - Mr. Stillman's report contains information about the Company's projected
revenues. The Company is unable to specifically forecast its revenues, as
the amount and timing of future revenues depends on future events over
which the Company may not have control. Because of this inherent
uncertainty, the Company's policy is not to forecast specific revenue
targets. The Company may not generate the revenue as projected in the press
release.
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- - Mr. Stillman's report contains information about projected earnings per
share for the Company. The Company is unable to specifically forecast its
earnings, as the amount and timing of future earnings depends on future
events over which the Company may not have control. Because of this
inherent uncertainty, the Company's policy is not to forecast specific
earnings targets. The Company may not meet the specific earnings per share
targets contained in the press releases.
ABOUT PLANET EARTH RECYCLING INC.
Planet Earth Recycling Inc. ("PERI") recognizes the global, environmental crisis
and has adopted a high-growth approach for its business with cutting-edge
solutions for managing and recycling waste materials, including: scrap tires,
glass, plastic, paper, cardboard, metals, and particularly organic waste. From
waste audits, acquisition and processing of raw waste materials to construction
ownership and operation of satellite centers, depackaging centers, transfer
stations, recycling centers and bio conversion plants, PERI does it all. PERI
has the needed expertise, technologies, infrastructure and resources to meet all
of its objectives profitably and rapidly. PERI's expert team of consultants has
over three centuries of combined experience deriving revenues from financing,
permitting, engineering, construction, training, research and development,
marketing, operations and systems support. PERI is a one-stop recycling shop.
When making an investment decision concerning PERI, you should rely on financial
and other information about the company provided through its filings with the
U.S. Securities and Exchange Commission. You may also contact PERI directly to
ask questions and obtain further information about the Company at the address
and telephone number below.
CERTAIN STATEMENTS CONTAINED HEREIN ARE "FORWARD LOOKING STATEMENTS" (AS SUCH
TERM IS DEFINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995). THESE
STATEMENTS ARE BASED UPON THE BELIEF OF THE COMPANY'S MANAGEMENT, AS WELL AS
ASSUMPTIONS MADE BEYOND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY'S
MANAGEMENT. BECAUSE SUCH "FORWARD LOOKING STATEMENTS" ARE SUBJECT TO RISKS AND
UNCERTAINTIES, ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR
IMPLIED. SUCH "FORWARD LOOKING STATEMENTS" INCLUDE BUT ARE NOT LIMITED TO,
COMPETITIVE FACTORS, GENERAL ECONOMIC CONDITIONS, CUSTOMER RELATIONS,
RELATIONSHIPS WITH VENDORS, GOVERNMENT SUPERVISION AND REGULATION, PRODUCT
INTRODUCTIONS AND ACCEPTANCE, TECHNOLOGICAL CHANGES IN INDUSTRY PRACTICES, AND
OTHER FACTORS DISCUSSED IN FILINGS MADE BY THE COMPANY WITH THE SECURITIES AND
EXCHANGE COMMISSION.
On Behalf of the Board of Directors of:
PLANET EARTH RECYCLING INC.
"Donald Dick"
Donald Dick
Chairman
FOR MORE INFORMATION REGARDING
PLANET EARTH RECYCLING INC.
PLEASE CONTACT:
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Mr. Kevin Skett
435 Martin Street, Blaine, WA 98230
Tel: (360) 332-1350
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