Solucorp Industries (CE) (USOTC:SLUP)
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Solucorp Industries, Ltd. (Pink Sheets:SLUP) circulated a Letter to
Shareholders on December 8, 2006. The text appears below:
Dear Shareholder:
A Message from the President -
The dawning of a new era has arrived at Solucorp. This era is filled
with excitement, anticipation and aggressive goals. I am pleased to
share with you, our dedicated shareholders, a brief summary of the
present landscape and the future outlook of Solucorp Industries, Ltd.
The Present -
The year 2006 is winding down. It has been a year of transition and of
significant developments. In 2005, we entered into a contract with ENI
(a $60 billion Italian company) to remediate toxic heavy metals
(mercury, chromium and cadmium) from the soil of a site it owns in
Ravenna, Italy. This contract will have generated revenues of $5
million by the end of 2006. Snamprogetti, ENI's environmental
operations division, has been very pleased with Solucorp's permanent,
cost effective and efficacious Molecular Bonding System (MBS)
technology. As a result of our success at this site and the ability to
showcase the technology over the last 10 months, Solucorp expects to
garner new remediation contracts in 2007, not only with ENI, but with
several other companies throughout Europe. The recently instituted
European Union regulations preventing hazardous waste disposal have
opened the door to MBS remediation projects for years to come.
Solucorp's patented Integrated Fixation System (IFS) mercury emissions
control technology has opened vast opportunities in the multibillion
dollar coal fired furnace industry. Mercury pollution is one of the
most widely reported and greatest concerns facing the environment
today. Solucorp's technology is currently being implemented into a
working coal fired power plant. The commencement of full scale testing
awaits delivery of back-ordered parts, and is expected to commence in
a dry scrubber operation in mid January and the results will be
announced before the end of February. Independent testing to date
gives Solucorp high expectations for impressive results that will lead
to the commercialization of its mercury emission control technology in
the worldwide coal fueled power plant industry in 2007.
Solucorp has strengthened its team by signing on Gary M. Petersen and
Robert H. Sulnick as environmental and marketing consultants. Petersen
is one of the nation's leading conservationists, Chairman of Green
Seal, and was a pioneer in implementing the first recycling business
in the U.S. Sulnick, is the co-founder of the American Oceans
campaign. They will spearhead the introduction of the company's IFS,
MBS and WITS Electrocoagulation (EC) technologies via their powerful
network which reaches the highest levels of corporate and governmental
America. Their initial focus will be on our IFS mercury emission
control technology, which we expected to revolutionize the industry by
remediating both elemental and ionic mercury from coal fired power
plant furnaces.
In 2004, GeoNova Development, a Solucorp licensee, utilized Solucorp's
MBS technology, technical assistance and expertise to treat the
27-acre property's contaminated soil at the former Ocean State Steel
Mill. This resulted in one of the biggest environmental cleanups in
Rhode Island history. GeoNova Development, using Solucorp's MBS
remediation technology, earned the "Brownsfield's Project of the
Year" award from the Environmental Business Council of New England.
The redevelopment costs are estimated to be in the $200-300 million
range with Solucorp maintaining a 2% royalty. This project will
generate $4-6 million of additional revenues to Solucorp. Ground
breaking is anticipated to begin in 2007.
The Future -
The company, in addition to the dry scrubber technology which was
previously mentioned, is also working on scheduling a wet scrubber
pilot test using our IFS mercury emission control technology at an
operating coal fired power plant. This pilot test comes on the heels
of two highly successful bench scale tests which confirmed the
technology's ability to remove elemental mercury. We anticipate the
pilot test to occur either in the 1st quarter or second quarter of
2007. Successful results are expected, which will confirm Solucorp's
ability to reduce toxic mercury emissions from the two types of
scrubbing systems found in coal fired plants.
We have also stepped up our development and sales of new technologies
in associated fields (i.e. self remediating paint booth filters,
batteries, green ammunition and paint remover) by applying for nine
patents, three of which have been issued and six more that are in
patent pending status. Solucorp is continuing in its quest to become
the leading technology provider of cost effective and permanent
solutions of heavy metals environmental problems caused by heavy metal
contamination.
Management's goal is to have Solucorp become a fully reporting company
once again -- and the completion of the 2004, 2005 and 2006 financial
audits are an integral part of this process. In order to accomplish
this goal, the company will not only bring its audited financials up
to date, but also intends to add independent environmental and legal
representation to the Board of Directors. We are committed to
achieving our goals and have targeted the filing of our Form 10 with
the SEC in the second quarter of 2007 so that we can subsequently
apply for listing on a national security exchange.
In 2006, Solucorp has engaged Bibicoff & Associates, Inc., a
full-service investor relations and strategic planning firm, to
increase investment community awareness of the Company. Bibicoff &
Associates will initially concentrate on developing and implementing
communications strategies and programs specifically targeting the
investment banking, retail brokerage and institutional communities.
Once the company has filed its Form 10, their efforts will become more
apparent.
On a Personal Note -
I would like to thank our shareholders for their continued patience
and understanding as we undertake all steps necessary to ensure the
success of the company. It was over 20 years ago that our technologies
were first envisioned and now we are patented, technically proven and
ready to earn. Our technology continues to be listed on the Superfund
Innovative Technology Evaluation ("SITE") web site. In short, our
technologies are positioned to revolutionize the heavy metals
remediation and pollution prevention industries. Metal contamination
from indispensable manufactured products and energy sources previously
considered non-correctable can now be corrected by integration of
Solucorp's innovative IFS technologies. We look forward to an exciting
2007 and beyond. Our future promises to be bigger and brighter than
ever. If you are interested in learning more about Solucorp please
visit our website (www.solucorpltd.com).
Regards,
Richard A. Runco
President, Solucorp Industries Ltd.
About Solucorp Industries Ltd.
Solucorp Industries, Ltd (www.solucorpltd.com)
is a developer and provider of patented, cost-effective and permanent
technologies for the remediation and prevention of hazardous heavy
metals contamination. Solucorp operates three wholly owned subsidiaries:
Solucorp Industries, Integrated Fixation System Company, Inc. and WITS,
Inc.
The foregoing discussion contains forward-looking statements, which are
based on current expectations. Actual results, including the timing and
amount of revenues recognized, contracts awarded and performed and net
income may differ due to such factors as: delays in payment on contracts
due to dealing with governmental and foreign entities; fluctuations in
operating costs associated with changes in project specifications;
economic and other conditions affecting the ability of prospective
clients to finance projects; and other risks generally affecting the
financing of projects. Investors are cautioned to perform a proper due
diligence and consult-licensed professionals prior to making an
investment decision.