Solucorp Industries (CE) (USOTC:SLUP)
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Solucorp Industries Appoints New President
-- Initiates Corporate Office Move To Fort Lauderdale, Florida --
WEST NYACK, N.Y., June 7 /PRNewswire-FirstCall/ -- Solucorp Industries, Ltd.
("The Company") (OTC:SLUP), announced today that its Board of Directors has
appointed Richard A. Runco as President of Solucorp Industries Ltd.
Runco is the CEO and Chairman of WITS (Waste Innovative Technology Solutions)
of Ft. Lauderdale, Florida and previously held executive level positions at
Finalco Group Inc, Equilease Corp (an Allied Signal Subsidiary) and Citibank
where he was the Director of Tax Administration. While at Citibank, Runco was
appointed to the Presidential Commission on personal interchange, which was
designed to cross train and familiarize corporate and government employees with
the impact of their decisions on both the corporations and the U.S. Government
during the Ford and Carter presidential administration. Runco has also served
as special assistant to the Director of Finance and Administration of the U.S.
Small Business Administration. Runco holds an MBA from City University in New
York and graduated with a B.A. in accounting from St. John's University.
Mr. Runco said, "Solucorp is at a unique time in its growth phase. With
critical technologies going to market and the potential for exponential
development, I look forward to working with the Solucorp team to ensure
continued success."
Mr. Runco continued, "Over the next several months, I intend to work toward
commercialization of Solucorp's IFS product lines while building the Company's
infrastructure and ensuring completion of audited financials and other
regulatory compliance issues."
Simultaneous with Mr. Runco's appointment, the Company pursuant to a "Letter of
Intent" has substantially completed "due diligence" with the intention of
acquiring WITS (Waste Innovative Technology Solutions) Inc. of Fort Lauderdale,
Florida. WITS is currently the owner or "irrevocable" sole licensee of five
(5) patents and patent pending for the electrocoagulation (EC) waste water
treatment process technologies which are highly synergistic to the Company's
MBS(R) soil remediation process giving Solucorp metal waste water treatment
capabilities.
WITS provides the Company with a proven and accomplished remediation, marketing
and legal expertise capable of advancing the full commercialization of its
remediation technologies while ensuring that the Company meets all the
requirements of U.S. and Worldwide environmental regulators. Also, Mr. Runco
will begin work immediately to enable the Company to meet the requirements of
the 12G(1) fully reporting Company Act to pursue the listing on the OTC:BB. The
Company will initiate necessary filings, 10K/SB and 10Q's, to comply with fully
reporting requirements.
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.
CORPORATE CONTACT:
Brian Binckes
913-685-4530
DATASOURCE: Solucorp Industries, Ltd.
CONTACT: Brian Binckes of Solucorp, +1-913-685-4530
Web site: http://www.solucorpltd.com/