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Budget Waste Inc. Announces Reverse Takeover of Gray Creek Mining Inc.
Monday November 10, 12:21 pm ET
CALGARY, AB -- Budget Waste Inc announces that it has completed the acquisition of Gray Creek Mining Inc, , a fully reporting Nevada corporation. Gray Creek Mining is currently a mining and exploration company. Effective November 10, 2008, BWI sold its wholly owned subsidiary, Budget Waste, Inc., an Alberta corporation, which holds and controls 100% of BWI's assets and business operations, for approximately 52% of the outstanding shares of common stock of Gray Creek in a share exchange transaction. The effect of the transaction was that BWI took control of Gray Creek in a reverse transaction such that Budget Alberta has become a wholly owned subsidiary of Gray Creek, with Gray Creek under the control of BWI.
Gray Creek will be immediately changing its name to "BWI Holdings, Inc." and will continue to trade under the symbol GYCK until a new symbol is assigned by NASDAQ after the name change. Gray Creek will continue to operate as "Budget Waste" in Canada.
BWI will distribute to its shareholders of record as of November 12, 2008, as a liquidating distribution, all of the Gray Creek shares it acquired in this transaction, following which Gray Creek/BWI Holdings, Inc., will be a stand-alone corporation controlled by BWI's shareholders, and continuing the business and operations of Budget Waste unabated and unchanged. The new board of directors of Gray Creek is comprised of Jim Can, Kendall Dilling, and Robert Baker, the same board of directors of BWI. Jim Can is the new CEO of Gray Creek, and Bruce Milroy, BWI's CFO, is now the new CFO of Gray Creek.
"We are excited to have met our goal of having Budget Waste become fully reporting and trading on the Over the Counter Bulletin Board," stated Jim Can, CEO of BWI and new CEO of Gray Creek. "In the next week or so we will have completed the name change of Gray Creek to 'BWI Holdings, Inc.,' distributed to our shareholders the Gray Creek shares BWI received in this transaction, and changed the symbol to reflect the name change. Now, the 'new' Budget Waste is an OTCBB trading company."
In other matters, previously on August 11, 2008, the Company announced an increase in first quarter profits. The actual profit presented for the 3 months ended June 30, 2008 was $47,296 with a corresponding income per common share of $0.04. The Company then announced on August 26, 2008 the same information regarding the net profit and the income per common share of $0.04. On August 15, 2008 the Company filed its interim consolidated financial statements for the 3 months ended June 30, 2008 showing a "Income before other items and income taxes" of $47,296, as reported in the press releases, but with a "Income " for the period of $3,502,295. The income for the period of $3,502,295 resulted in an income per share of $0.04.
Unfortunately the item that mainly created the large income, being the gain on the redemption of non-controlling interests of $3,400,000, was determined in accordance with Canadian generally accepted accounting standards rather than US generally accepted standards. In most instances the accounting principles in the two jurisdictions are relatively similar. However, for Canadian accounting purposes the preferred shares issued to the non-controlling interests were considered as liabilities based on the characteristics attached to the preferred shares. For US accounting purposes the preferred shares are considered short-term equity and as such, any gain or loss associated with the redemption of these shares is considered a capital transaction and has no effect on the income statement.
The actual profit for the quarter ended June 30, 2008, as reviewed by our independent public accountants, was $54,988. For a more detailed description of the changes made, please see the refiled and amended interim consolidated financial statements for the quarter ended June 30, 2008.
BWI has filed on November 7, 2008 the Amended interim consolidated Financial statements for the Quarter ended June 30th, 2008 to Pinksheets.
Budget Waste Inc. is a waste solutions company in Western Canada providing complete waste and recycling services to commercial, industrial, construction, homebuilding, oilfield and residential clients. With our broad range of innovative services we offer our customers more value for their dollar and reduce accounting costs by providing streamlined billing. BWI is currently following its growth through acquisition strategy with exceptional success. With regulations throughout North America pressing companies and individuals to be more vigilant in the way they handle their waste products we see vast opportunity for expansion of our distinctive services. We are confident that extraordinary growth and focus on customer needs will bring our stockholders outstanding value for the confidence they have placed in BWI.
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