Solucorp Industries (CE) (USOTC:SLUP)
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Solucorp Industries Acquires WITS Inc.
-- Adds Electrocoagulation To Its Environmental Solutions Arsenal --
FT. LAUDERDALE, Fla., July 1 /PRNewswire-FirstCall/ -- Solucorp Industries,
Ltd. ("The Company") (OTC:SLUP), announced today that it has completed due
diligence and finalized purchase of WITS, Inc., a privately-held Florida-based
environmental contractor that holds patents and licenses to provide
decontamination of water and wastewater.
Newly appointed Solucorp President Richard Runco said, "We are pleased to have
finalized the acquisition of WITS, adding its proprietary remediation solutions
to the Solucorp arsenal for environmental solutions. WITS adds seasoned
environmental professional sales, marketing, and operational staff to Solucorp.
We look forward to the benefiting from the increased operating efficiencies
and enhanced economies of scale that this particular acquisition invites."
WITS' electrocoagulation (EC) waste water treatment process technologies are
highly synergistic to the Company's MBS(R) soil remediation process, giving
Solucorp metal waste water treatment capabilities. WITS' electrocoagulation
technology was recently contracted by the City of Keysville, VA for removal of
copper from the city's wastewater treatment plant. Other projects that have
been ongoing since 1997 to present include treatment of wastewater from
aircraft manufacturing and maintenance facilities as well as removal of rare
earth catalyst from petro-chemical refining.
The purchase of WITS was a stock-only transaction and provides Solucorp with
100% ownership of WITS, whose patents are synergetic and valuable to Solucorp
and its future plans. Concurrent with the acquisition, Richard Runco, President
of Solucorp, has relocated the public company's headquarters and Molecular
Bonding Soil remediation (MBS) operations to Fort Lauderdale, Florida.
Solucorp, however, will continue operating in the New York area, separate from
public company affairs.
Bill Seagraves, President of Solucorp's WITS subsidiary can be reached at
888-633-6773.
About Solucorp Industries
SOLUCORP is an innovative developer of superior metals remediation
technologies. The Company develops environmentally-friendly technologies for
the treatment and prevention of hazardous heavy metal contamination of waste
streams. Solucorp owns two patents on its Molecular Bonding System (MBS(R))
technology, has applied for several patents including bullet traps,
projectiles, paint strippers and filter material with its IFS technology and
has received a notice of allowance from the Patent Trademark Office (PTO) for
the main IFS patent application. The effectiveness of the Company's patented
MBS is acknowledged by its successful completion of the U.S. EPA's Superfund
Innovative Technology Evaluation (SITE) Program. MBS has proven to cost
effectively and permanently remediate heavy metals contamination in soils and
industrial wastes.
MBS has been successfully used internationally in soil and other remediations
as well as in the Company's preventative technology IFS (Integrated Fixation
System). IFS delivers consumer product safety systems to manufacturing
institutions, and can be applied to a multitude of hazardous pollutant sources
that render them insoluble, and hence, non-hazardous, at the end of a product's
life cycle. Consumer products targeted for IFS include: auto and household
batteries, mercury switches, paint removers, electronic circuit boards and air
emission and paint booth filters. For additional company information, visit:
http://www.solucorpltd.com/. For updated investor information, visit:
http://www.otcfn.com/slup.
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 dealings 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. In March 2003, Solucorp settled
a civil action by the SEC the details of which can be found on the SEC website,
as such investors are cautioned to perform a proper due diligence and consult
licensed professionals prior to making an investment decision.
INVESTOR RELATIONS:
Geoffrey Eiten
781-444-6100 x613
http://www.otcfn.com/slup
DATASOURCE: Solucorp Industries, Ltd.
CONTACT: Geoffrey Eiten, OTC Financial Network, 781-444-6100 x613; or
Bill Seagraves, President, Solucorp's WITS subsidiary, +1-888-633-6773
Web site: http://www.solucorpltd.com/