Attached files
EXHIBIT 99.1
LATITUDE SOLUTIONS, INC. ANNOUNCES STRATEGIC REALIGNMENT OF
CORPORATE MANAGEMENT AND BOARD OF DIRECTORS
BOCA RATON, FLORIDA -- (JANUARY 20, 2012) - Latitude Solutions, Inc. ("LSI" or
the "Company"), trading symbol OTC: LATI.QB announced today that the Company has
implemented strategic changes to its Board of Directors and management team.
The following directors were added/appointed to the Board of Directors: Mr.
Jeffrey A. Wohler and Mr. Michael H. Gustin. Mr. Wohler has over 30 years of
experience in operating entities in the oil and gas, exporting trading, marine
and real estate industries. Mr. Gustin has been associated with the oil and gas
industry for more than thirty-five years. Former directors Kenneth J. Koock,
James W. Bohlig and Warren V. Blasland, Jr. have resigned from the Board.
Mr. Wohler will be acting as Chief Executive Officer replacing former Chief
Executive Officer, Harvey Kaye. Mr. Kaye will be functioning as Founding
Chairman, retaining his director status on the Board and will continue his
activities representing LSI and the not-for-profit foundation, Water the World
with Latitude(TM).
Additionally, V. Ray Harlow, was terminated as Chief Operating Officer of
Latitude Solutions, Inc. and Chief Executive Officer of the Company's
subsidiary, Latitude Energy Services, LLC.
Mr. Wohler, LSI's Chief Executive Officer stated, "At this stage in the
Company's transition into revenue generation and full scale field operations,
the Board of Directors has determined that additional industry and operational
skills are necessary to accelerate the Company's business objectives."
The management team will hold a conference call with investors and shareholders
on Monday, January 23, 2012 at 9:30AM EST. The call may be accessed by dialing
(712) 432-0900 and entering the access code 820890. A playback recording will be
available at (712) 432-0990.
ABOUT LATITUDE SOLUTIONS, INC.
Latitude Solutions, Inc. provides innovative wastewater remediation solutions to
oil & gas, energy, mining, food processing, agricultural and other industrial
users worldwide utilizing its patented Electro Precipitation(TM), (EP(TM))
technology. Based on this EP(TM) technology, LSI's Integrated Water Systems(TM)
(IWS(TM)) remediation processes have the ability to convert massive amounts of
contaminated water resulting from the operations of energy companies and other
industrial users into reusable water on a highly efficient and cost effective
basis. This provides our clients with a sustainable solution by substantially
reducing the cost and requirements of freshwater harvesting, regulatory
compliance and wastewater disposal. LSI provides its technology worldwide via a
recurrent revenue business model comprised of a monthly equipment lease payment
and a volumetric processing fee. The Company maintains ownership and operational
control of all its processing equipment in order to ensure the best possible
level of client satisfaction and quality control. LSI has offices and/or
operations in Boca Raton, Florida; Colorado Springs, Colorado; New York, New
York; Searcy, Arkansas, London, United Kingdom and Amsterdam, the Netherlands.
Information on the Company and its products can be viewed on
www.latitudesolutions.net
THIS PRESS RELEASE MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION
21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. INVESTORS ARE CAUTIONED
THAT SUCH FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES, INCLUDING
WITHOUT LIMITATION, ACCEPTANCE OF THE COMPANY'S PRODUCTS, INCREASED LEVELS OF
COMPETITION FOR THE COMPANY, NEW PRODUCTS AND TECHNOLOGICAL CHANGES, THE
COMPANY'S DEPENDENCE ON THIRD-PARTY SUPPLIERS, AND OTHER RISKS DETAILED FROM
TIME TO TIME IN THE COMPANY'S PERIODIC REPORTS FILED WITH THE SECURITIES AND
EXCHANGE
CONTACT:
Jeffrey A. Wohler, Chief Executive Officer
Latitude Solutions, Inc.
2595 NW Boca Raton Blvd., Suite 100
Boca Raton, FL 33431
(561) 417-0644
jwohler@latitudesolutions.net
Matthew J. Cohen, Chief Financial Officer
Latitude Solutions, Inc.
2595 NW Boca Raton Blvd., Suite 100
Boca Raton, FL 33431
(561) 417-0644
mcohen@latitudesolutions.net
Virginia Dadey, Director of Financial Relations
2595 NW Boca Raton Blvd., Suite 100
Boca Raton, FL 33431
(561) 353-7511
vdadey@latitudesolutions.net