World Waste Technologies Announces Management Changes
Company Augments Leadership Team With Waste Industry and Finance Veterans
San Diego, CA — World Waste Technologies, Inc. today announced Board and management changes in anticipation of the commercialization and operational launch of its patented technology designed to cost effectively extract high value paper pulp from municipal solid waste.
The World Waste Board of Directors has appointed Board Chairman John Pimentel to the additional post of chief executive officer. Mr. Pimentel succeeds Thomas L. Collins who has been named executive vice president.
Additionally, the Company has appointed Sam P. Cortez and Ross M. Patten to its Board of Directors. They succeed Fred Lundberg and Steve Racoosin who have relinquished their board seats -- both Lundberg and Racoosin remain officers of World Waste.
"Ross and Sam add industry depth and financial acumen to the board, and we are delighted to gain their deep experience and vast industry contacts," said John Pimentel, World Waste chairman and chief executive officer. "Given general industry trends such as rising global pulp prices, and increasing solid waste recycling and disposal costs -- and with Ross and Sam joining our team -- World Waste is well positioned to enter our operational and growth phases."
Ross M. Patten brings over 25 years' experience as an accomplished waste management executive. He is presently Vice President and Chairman of Synagro Technologies, Inc. (Nasdaq:SYGR), a residuals management company. Mr. Patten served as Synagro CEO from 1998 through 2003, where he led that company's revenue growth from $34 million in 1998, to more than $326 million in 2004, through the development and successful execution of a growth and acquisition strategy.
Prior to serving at Synagro, Mr. Patten enjoyed a 17-year career at Browning-Ferris Industries, where he last served as Divisional Vice President -- Corporate Development. Previously, he served as EVP - Development for Wheelabrator Technologies, a Waste Management, Inc. subsidiary, and Director and VP - Business Development at Resource NE, Inc. prior to its acquisition by Waste Management.
Sam Cortez brings more than 15 years' experience in corporate development and finance. He has completed investment banking tours with Lehman Brothers; Donaldson, Lufkin & Jenrette; Alex Brown, and Morgan Stanley. His track record includes dozens of capital raises and M&A transactions for environmental companies including Allied Waste, Casella Waste, Stericycle, Synagro, Waste Management and many others.
Presently, Mr. Cortez serves as a principal at KCL Development, LLC, where he provides business consulting and financial advisory services to venture-stage and emerging growth companies. Mr. Cortez received his MBA from Harvard Business School, and holds a B.S. in chemical engineering from UC Berkeley.
SOURCE: World Waste Technologies, Inc.