Toronto extends contract for composting of Green Bin waste
BURLINGTON, ONT-The contract for composting services awarded by the city of Toronto to GSI Environment, a subsidiary of Environmental Management Solutions (EMS), has been amended to extend the term of the contract from 2008 through to 2012. The revised agreement will also double the tonnage of source-separated organic waste to be treated. Under the agreement announced in June 2005, GSI is treating and processing residential organic waste as part of Toronto's Green Bin program designed to reduce the amount of waste sent to landfill sites. The original three-year contract between GSI and the city was expected to generate approximately $8 million of revenue for GSI over its term. The amended agreement will increase GSI's revenue to approximately $21 million. "We believe today's announced contract amendment is beneficial to both the Company and the City of Toronto," said EMS president and CEO Tony Busseri. The contract amendment will benefit both the company and the city, providing Toronto "a secure, longer-term and environmentally sound alternative to deal with its waste," he added.