Solucorp Industries (CE) (USOTC:SLUP)
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Solucorp Industries Issues Corporate Update
FT. LAUDERDALE, Fla., July 22 /PRNewswire-FirstCall/ -- Richard Runco,
President of Solucorp Industries, Ltd., (OTC:SLUP) is pleased to provide an
update on the progress of the Company's activities:
GeoNova/East Providence Project: $1,457,148 of demolition and remediation work
has been completed to date. Included in the above figure is approximately
$300,000 of commissions and other fees collected and billed by "the Company".
The Ocean State Steel plant has been removed in its entirety from the site and
heavy metal contaminated soil remediation work continues to be treated
successfully. On December 4, 2003, Solucorp Industries Ltd. announced its
licensee, GeoNova's groundbreaking ceremony for the East Point Development
Project, its first "Brownfield" Project. The project as noted by GeoNova and
the City of East Providence calls for a New England style village with 35
single-family homes, 40 townhouses, 70 row houses and 294 multiple family
dwellings. The village will also have 75,000 square feet of commercial space
for such things as restaurants, retail shops, a marina, offices, etc, employing
at least 108 people.
Judgment Against Environmental Waste Technology (EWT): Solucorp was awarded a
$900,000 default judgment against Environmental Waste Technology (EWT) by the
Superior Court of Massachusetts. The judgment award includes monies owed
Solucorp plus interest and penalties, for work performed at the Newton Creek
and the Boston Central Artery projects, where EWT was acting as General
Contractor. Solucorp is uncertain as to the collectability of the judgment and
is awaiting recommendations from its attorneys.
Savage Range Systems: Solucorp has already shipped product to select Savage
Range Systems clients for inclusion in their bullet traps creating the first
self-remediating gun ranges. On May 26, 2004, IFS announced that its Integrated
Fixation System Company subsidiary had signed a contract with Savage Range
Systems to produce the world's first self-remediating and environmentally safe
gun range system. Savage has commenced and will continue to offer the
Integrated Fixation System product to all of its existing and future customers
including the U.S. Military. Savage Range Systems reported to the company that
it is planning a full-scale product launch for this fall.
Massachusetts Highway -- On January 15, 2004, Solucorp announced its technology
was approved for use in the remediation for two major roadways in Massachusetts
and our licensee was therefore awarded a contract for the remediation work.
The licensee reports that it has commenced work on the project site and that
remediation activities are targeted for mid August of this year.
Ravenna, Italy Project: Solucorp has received a written project schedule from
Ambiente and Syndial. The schedule indicates "civil work", which includes
environmental and governmental permitting on the site will commence in
September of this year. Syndial has already received the Italian Ministry of
the Environment approval to proceed with the clean-up utilizing Solucorp's
patented MBS soil remediation process. Solucorp will tentatively receive the
Contract/Purchase Order for review and approval by October/November of this
year. As mentioned in the March 3, 2004 press release, the Ravenna Project is
the first project that will be contracted as a result of the Exclusive
Agreement signed between Ambiente and Solucorp Industries. Ambiente, a jointly
owned Italian government and Syndial Company, is one of the largest
environmental companies in the multi-billion dollar Italian market.
The March 3, 2004 press release details additional information as to market
size and government funds set up to clean up hazardous sites in Italy. From
lengthy discussions, negotiations and proposals submitted, Solucorp has priced
the Ravenna project at US $4.7 million as of this update. The actual projected
revenues may vary and any changes will be the subject of an updated report. To
review the original press releases in this update please visit
http://www.solucorpltd.com/ or http://www.otcfn.com/slup.
Financials: Solucorp has prepared its financials for an audit through year-end
2003 and has been interviewing certified public accountants over the past 8
weeks. Solucorp expects to make a selection and commence the audit shortly. The
targeted time frame for the audited financial statements is late August through
mid September 2004 at which time the company's attorneys will review the
company's qualifications for listing on a national exchange.
Efforts are being vigorously directed towards commercialization of Solucorp's
and WITS (Waste Innovative Technology Solutions) patented products through the
building of a strong sales and operations infrastructure. Along this line the
following has occurred:
Bill Seagraves President of WITS, has assumed the added responsibility for the
Sales and Marketing of IFS products in addition to his WITS duties. IFS uses
the MBS process to deal with pollution prevention rather than existing
contamination. IFS has developed prototypes and commenced commercialization
for integration into many types of consumer and industrial applications such as
paint strippers, batteries, filters and ammunition. Mr. Seagraves has over 35
years of environmental experience. His family has owned and operated
environmental service companies from 1950 with over 100 employees, selling one
of their businesses to W.R. Grace in 1985. In 1998 the balance of the family
businesses were sold to Earthcare Inc. (a Texas roll-up company).
Tom Gus Gavrel and Ira Vinson will be responsible for the Sales and Marketing
of the MBS (R) (Molecular Bonding System) products. MBS is an EPA "SITE"
(Superfund Innovative Technology Evaluation) program technology, proven
successful at the Midvale Slag Superfund site and on numerous other commercial
applications. Messrs. Gavrel and Vinson both have extensive experience and
contacts within the environmental industry. Ira & Gus are also inventors of
patents for processes currently being used commercially in the environmental
industry.
Tony Nightingale will serve as Senior Vice President of Sales and Marketing of
the WITS Company focusing on the sales and marketing of the patented
Electrocoagulation Waste Water Treatment process. Mr. Nightingale has over 27
years of wastewater and water experience working for companies such as US
Filter/Vivendi and Suez. Tony was responsible for sales management of a $26
million budget together with products and personnel from several different
businesses and also spent 15 years in wastewater remediation sales in the
United Kingdom.
Dr. Ted Sall, PhD. has joined Solucorp as head of the companies scientific and
technical staff. He is considered a valuable asset for the introduction of IFS
Products to many industries and contacts for which he has been involved with
over the past 40+ years. Dr. Sall has held numerous positions since 1955
including Professor of Life Sciences at Ramapo College, Senior Scientist at
Radio Corporation of America Space Center/NASA Coordinator, Research Scientist
at the New Jersey Department of Health and Director of Clinical Microbiology at
the Metropolitan Hospital, New York Medical College. He has certifications from
the American Board of Microbiology and the New York City Department of Health.
Dr. Sall is a member of several societies including the American Association
for the Advancement of Science, New York Academy of Sciences and the American
Association of Clinical Chemists. He has been a director of among others DUSA
Pharmaceutical, Inc., International Vitamin Corporation and Fluoroscan Corp.
Among his other accomplishments are the publishing of approximately 100
articles in various scientific journals involving analytical chemistry, metal
recovery via microbial activity, heavy metal chelation methods and infectious
diseases. He has also provided consultation services to Biometallic Technology,
Inc., New England Nuclear Corp., Barnert Hospital, St. Joseph's Hospital, New
York Medical College and several others.
Additional projects the Company is working on include:
WITS has just completed a successful pilot project for a Heavy Equipment
Manufacturer's cutting oil waste stream at its plant located in the Midwest.
The objective was to use WITS' patented electrocoagulation technology (E.C.) to
remove emulsified oil from the waste stream. Emulsified oil causes the
Biological Oxygen Demand ("BOD") to reach levels that are unacceptable for
discharge and results in the company producing the wastestream to pay excessive
penalty surcharges which in turn negatively affects the company's
profitability.
The E.C. technology has been proven to be very effective in dramatically
reducing BOD's in almost all industrial wastestreams. It is more economically
efficient than chemical treatment, the traditional way of dealing with this
problem. The visual results of the pilot test were encouraging and the
analytical results from the lab are expected to result in a much lower BOD as
has been the case in all prior applications of E.C. to BOD's.
WITS then moved the Electrocoagulation pilot equipment from the above
referenced site to a municipal wastewater facility in Indiana for a pilot
project, which began July 20, 2004. The objective at the new site is to
utilize the E.C. technology to remove copper from the final effluent before
discharge. The city has repeatedly been above the designated limit for copper
and believes, based on our prior results, that the E.C. technology will be
instrumental in bringing them back into compliance with the state of Indiana's
rules and regulations. Based upon previously compiled data on copper removal
at other sites, in conjunction with the fact that the city of Keysville,
Virginia has placed an order for the WITS E.C. technology specifically for the
removal of copper, the client is confident that WITS E.C. technology will solve
the problem.
Solucorp President Richard Runco said, "We are pleased with our progress to
date and look forward to continued success in the months ahead to the benefit
of our valued shareholders."
About Solucorp Industries Ltd.
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/