Eurotech (CE) (USOTC:EUOT)
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A Shareholder Update From Eurotech's CEO
MANASSAS, Va., June 1 /PRNewswire-FirstCall/ -- Eurotech, Ltd. (OTC Pink
Sheets: EUOT) today issued the following message to its shareholders from Carey
Naddell, CEO and Chairman of the Board, of the Company.
Over the last two years, I have worked diligently and successfully to retire
much of the debt incurred by the former management of Eurotech. I have also
spent many hours repairing relationships and rebuilding confidence in our
ability to succeed. In late 2004, it became apparent to Eurotech's management
and Board of Director's that certain strategic alliance partners and investors
were less than enthusiastic in contributing to Eurotech's survival and may even
have been working counter to our efforts to revitalize the company. Eurotech's
Board of Directors has been disappointed by the pace of commercialization of
our patented technologies by our strategic licensing partners. Accordingly, in
the first quarter 2005, Eurotech engaged several technology commercialization
specialists with whom we are aggressively working to rebuild the company
through marketing and licensing of key technologies from our patent portfolio.
The progress outlined below has resulted since January 2005 from this
collaboration.
We have entered into discussions regarding our nuclear waste encapsulation
technologies and our related environmental technology, AC/EMR, with an
internationally recognized nuclear engineering firm and major Department of
Energy contractor whose North American Headquarters is located in Virginia. The
significance of these discussions is that this company contacted Eurotech
seeking out our nuclear waste related technologies. Additionally, we are
attempting to increase the supporting activities needed to place the AC/EMR
technology into the waste sensing and monitoring market and allow us to proceed
with potential environmental, Department of Defense, and Homeland Security
applications. In related non-nuclear applications of our EKOR material, we
have recently initiated marketing contacts and initial discussions on the use
of EKOR as a protective coating for corrosive materials storage containers.
We have successfully secured the process know-how and formulations for several
of our patented polymer technologies including HNIPU. This has allowed us to
move forward independent of a continued reliance on unreliable third parties
and will provide for North American based production, where we can control the
technology, its applications, and extensions. As part of the technology
marketing revitalization process, we have entered discussions for potential
licensing and/or toll production of HNIPU with the world's largest producer of
thermosetting resins headquartered in Ohio, which includes a portion of a resin
business unit that had been evaluating our HNIPU in 2003. Eurotech has also
entered into preliminary discussions for the potential licensing of HNIPU with
a major paint and coatings manufacturing company located in Ohio, and a
specialty polymer manufacturing company specializing in binders for floor and
wall coatings. They are in early stage performance evaluations of the
technology.
We anticipate the possibility that some form of cooperation with Environmental
Friendly Materials (EFM), GMBH could emerge for the manufacturing of some
individual versions of the HNIPU binder in Europe for shipment to the US as the
base for paint production here.
I am excited with the significant progress we've been able to achieve in the
first quarter after refocusing on our business development efforts. With
continuation of this momentum, Eurotech is poised to reemerge as a fully
operational and viable business entity. There have been insufficient funds to
bring our filings current, however in light of our new business development
thrust, it's on my agenda to address this situation as soon as funding allows.
You have my personal assurance that I will continue to work diligently to see
that our current technologies are utilized to their fullest extent and that new
opportunities are capitalized on as they emerge. I appreciate your continued
support as we return Eurotech to full operations.
About Eurotech, Ltd.
Eurotech is a corporate asset manager seeking to acquire, integrate and
optimize a diversified portfolio of advanced technologies in various markets.
Our mission is to build value in our emerging technologies by providing each
with the resources it needs to realize its strategic business potential.
Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995 Investors are
cautioned that certain statements contained in this document as well as some
statements in periodic press releases and some oral statements of Eurotech,
Ltd. officials during presentations about Eurotech, Ltd., are "forward-
looking" statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Act").
Forward-looking statements include statements which are predictive in nature,
which depend upon or refer to future events or conditions, which include words
such as "expects," "anticipates," "intends," "plans," "believes," "estimates,"
or similar expressions.
In addition, any statements concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business strategies or
prospects, and possible future actions, which may be provided by management,
are also forward-looking statements as defined by the Act.
Some of the factors that could significantly impact the forward-looking
statements in this press release include, but are not limited to: insufficient
cash flow to continue to fund the development and marketing of the Company's
products and technology; a rejection of the Company's products and technologies
by the marketplace, and; disputes as to the Company's intellectual property
rights.
Forward-looking statements are based upon current expectations and projections
about future events and are subject to risks, uncertainties, and assumptions
about Eurotech, its technology, economic and market factors and the industries
in which Eurotech, Ltd. does business, among other things.
These statements are not guarantees of future performance and Eurotech, Ltd.
has no specific intention to update these statements. More detailed information
about those factors is contained in Eurotech Ltd.'s filings with the Securities
and Exchange Commission.
DATASOURCE: Eurotech, Ltd.
CONTACT: Carey Naddell of Eurotech, Ltd., +1-561-350-5155
Web site: http://www.eurotechltd.com/