An investigation on behalf of current investors Waste Services, Inc. (Public, NASDAQ:WSII), who purchased the shares before November 11, 2009, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price were announced.

The investigation by a law firm focus on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Waste Services, Inc. arising out of their attempt to sell Waste Services to IESI-BFC Ltd. On November 11, 2009 Waste Services, Inc. (NASDAQ: WSII) and IESI-BFC Ltd. (TSX: BIN)(NYSE: BIN) announced that their respective boards of directors have each approved a definitive merger agreement. Under the terms of the agreement IESI-BFC will issue 27.8 million common shares to Waste Services shareholders and the exchange ratio is 0.5833 common shares of IESI-BFC for each Waste Services, Inc. (WSII) common share held. Based on the closing share price of IESI-BFC stock the day before the announcement, the proposed transaction values Waste Services shares at $7.76 per share and implies a total transaction value of approximately $370 million.

Pursuant to the terms of the definitive agreement, WSI will have the right to nominate two members of the Board of Directors of the combined company. According to Waste Services based on the closing stock prices of both companies on Tuesday, November 10, 2009, this represents a premium of approximately 27% over the volume weighted average closing price of Waste Services's shares for the previous 30 trading days of US$6.10. According to Waste Services its largest shareholders, Westbury (Bermuda) Ltd. and Kelso & Company, L.P. have each signed a voting agreement in support of the transaction. Shares of Waste Services (WSII) traded at about $7.75 per share after the announcement and at about $7.50 per share the day before the announcement. WSII shares traded in 2008 at $9.39 per share and in 2007 at over $12 per share.

According to an investigation by a law firm the transaction appears to be unfair to current investors of Waste Services, Inc. (NASDAQ:WSII) because the offer to purchase Waste Services, Inc. (NASDAQ:WSII) appears opportunistically timed to take advantage of the current economic downturn. The investigation concerns whether the Waste Services Board of Directors breach their fiduciary duties to Waste Services, Inc. (WSII) shareholders by agreeing to sell WSII at an unfair price thereby harming Waste Services, Inc. and its shareholders, whether the directors of Waste Services, Inc. may have breached their fiduciary duties by not acting in WSII shareholders' best interests, and the Company may not have adequately shopped itself around before entering into this transaction and, pursuant to this proposed transaction, IESI-BFC Ltd. may be underpaying for Waste Services, Inc., thus unlawfully harming WSII shareholders.

Waste Services, Inc., located in Burlington, Canada, is a multi-regional, integrated solid waste management company. The Company has three operating segments: Eastern Canada, Western Canada and Florida. Waste Services is a holding company and all of its operations are conducted by its subsidiaries. The Company provides collection, transfer, disposal and recycling services for commercial, industrial and residential customers in the United States and Canada. Waste Services reported in 2007 Total Revenue of $461.45million and in 2008 Total Revenue of $473.03million.