Gray Creek Mining Inc. (OTC BB:GYCK.OB) announces that effective November 10, 2008, it has acquired from Budget Waste Inc., a Nevada corporation (“BWI”) (Other OTC:BDGW.PK) 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 is that BWI has taken control of Gray Creek in a reverse transaction such that Budget Alberta has become a wholly owned subsidiary of Gray Creek.
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. It will continue to operate as “Budget Waste” in Canada.
BWI will distribute to its shareholders as a liquidating distribution all of the Gray Creek shares it acquired in this transaction, following which Gray Creek 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.