NuEarth Testing Lab – TerraSolve – to Be Relocated to Monessen, PA
December 07 2009 - 7:30AM
Business Wire
NuEarth Corporation (Pink Sheets: NUEC) (“NuEarth”), a
manufacturer and marketer of "Clean & Green" products and
technology, announced today that it has finalized an agreement with
our Joint Venture Partner Laboratorio Internazionale Agricoltura,
S/p/A (“LIA”) of Italy to relocated the TerraSolve Testing and
Research Laboratory to Monessen, PA USA.
The 75.00% controlled non-consolidated joint venture is a
state-of-the-art research and development-testing lab that during
the fiscal year end 30 June 2009 completed $16.34 Million in gross
sales and employed 36 mid-level technology jobs. The Avalon Group
Ltd, the largest shareholder in NuEarth Corporation, has purchased
three residential properties in the region surrounding Monessen, PA
USA and is in the final negotiation on commercial space to house
the Laboratory. "The focus of the relocation of the laboratory is
based on the recent acceptance of a White Paper by the United
Nations on the emerging market for clean new technology for the
coal industry. The Paper titled “DUSTBLOCK™ – A Low Cost Dust
Control for the International Coal Industry,” discusses a new
application for our DustBlock™ product line that can significantly
reduce the risks of Coal Dust explosions in below-ground mines and
revitalize the safety record of an industry and natural resource
with extensive reserves in the USA,” said Alfon Rosalini COO of
NuEarth. Last year alone, mine operations in the USA were cited
more than 7,000 times for allowing unsafe accumulations of dust
underground, according to the MSHA data.
“We believe, based on an market analysis, that this single
mining industry application of our DustBlock™ product line could
generate in excess of $45Million per annum. We have seen incredible
value from the lab, which has paid for itself several times over
through year 2008 and 2009 testing efforts alone. It represents a
new, higher standard for doing business in IT throughout the
environmental and agricultural industries. We're taking more risk
out of the system, putting more structure into it, suffering less
downtime and delivering higher-quality services," stated Marcie
Corbin acting CFO of NuEarth.
NuEarth is a company dedicated to bringing to market "Clean
Solutions to Complex Problems" by offering a wide range of
biodegradable, environmentally friendly products and technologies
that will substitute for many of the hazardous chemicals commonly
used all over the world. For information about NuEarth and its
product offerings visit us on the web at www.nuearthcorp.com
This press release contains forward-looking statements regarding
NuEarth within the meaning of Section 27A of the Securities Act of
1933 as amended, as such, may involve risks and uncertainties. Such
statements are based on management's current expectations and
cannot be guaranteed. The forward-looking statements discussed in
this release may not occur and actual results could differ
materially as a result of known and unknown risk factors affecting
NuEarth. Forward-looking statements speak only as of the date on
which they are made and NuEarth undertakes no obligation to
publicly revise any forward-looking statement based on the result
of new information, future events, or otherwise.
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