Solucorp Signs Contract for Sale of $5.5 Million of Its MBS Toxic Metals Remediation Products
June 13 2005 - 7:30AM
Business Wire
Solucorp Industries (OTC: SLUP) today announced it has signed a
contract for the sale of 5.5 Million U.S. dollars of its MBS(R)
heavy metals remediation products from Syndial, a company of the
ENI Group, an Italy based International Conglomerate. The MBS(R)
will be used to remediate mercury contaminated soil on a five plus
acre site in Ravenna, Italy. The Ravenna site is the first project
to commence under the Exclusive Agreement signed with Ambiente, in
February 2004. This agreement which was previously discussed in our
news releases of February 26, 2004 and March 3, 2004, grants
Ambiente, now called Snamprogetti S.p.A., the exclusive right to
market and apply the MBS(R) technology. Snamprogetti agrees to
exclusively use Solucorp's MBS(R) Technology for the ENI Group and
its customers, limited to the Country of Italy. Discussions have
already begun between Solucorp and Snamprogetti for, the sale of
MBS(R) products for additional projects containing heavy metals
contaminated soil, sludge and industrial ash. The contract also
includes a $300,000 payment to be made to Solucorp for its efforts
in the approval of the basic engineering of the treatment plant,
preparation of an operational manual and the technical
specifications for the MBS(R) reagents, bringing the total revenues
from the contract to 5.8 Million U.S. dollars. The signing of this
contract culminates eight years of working with Ambiente, an ENI
Group Company whose annual revenues averaged more than EURO 47
billion during the years 2000 through 2004. The work included
traveling to Italy by Solucorp personnel to assess the site and its
contamination problems, along with conducting studies to optimize
the ratios necessary for the most efficient treatment of the site's
contamination issues. Solucorp provided the "know how" and
technical support to Syndial for the development of an on site
treatment plant, including processing plans and procedures,
formulations and operation manuals. Solucorp also assisted Syndial
in the obtaining of Italian regulatory approvals for the project
and will train Syndial personnel on site to run the treatment
plant. The contract calls for Solucorp to supply its patented
MBS(R) formulation reagents, supervisory and technical advice, and
appropriate Solucorp staff throughout the duration of the project.
Syndial now expects the project to commence immediately and
Solucorp has agreed to specific requirements. As a matter of policy
Solucorp guarantees that its Environmental Protection Agency (EPA)
Superfund Innovative Technology Evaluation "SITE" proven technology
will achieve desired remediation results. Solucorp has consistently
proven the efficacy and cost effectiveness of its MBS(R) products.
Solucorp will be shipping product to the Ravenna site, beginning in
July for commencement of the actual cleanup in August. "Working
with Syndial and other companies within the European remediation
market is an exciting major step and represents a major revenue
stream for Solucorp.The Ravenna project will serve as a blueprint
of Solucorp's ability to effectively remediate toxic metal
contaminated sites for reuse. We expect the European market to
expand rapidly in light of new European Community regulations
(Council Directive 1999/31/EC of 26 April 1999) that will go into
effect in July prohibiting hazardous waste being disposed in
landfills. The Ravenna site contaminant is mercury and while the
MBS(R) technology is proven to remediate all heavy metals, we
believe our MBS(R) technology treats mercury waste better than any
other technology on the market today. Mercury contamination as well
as the mercury emissions issue for coal fired plants continues to
be a major concern worldwide, as evidenced by regular news reports
on this subject. MBS(R) is the answer (see press release dated
05/22/2005) for remediating this hazard," said Rich Runco,
President of Solucorp Industries. ENI is one of the World's energy
giants. Based in Rome, ENI is one of Europe's largest companies
employing more than 80,000 employees in more than 70 countries,
providing Solucorp with a worldwide alliance for its innovative
technologies. ENI is active in chemical production and marketing,
natural gas exploration and production, petrochemicals, engineering
and oil services. Snamprogetti is an environmental servicing
provider and leader in Italy in the areas of industrial waste
treatment and environmental rehabilitation and serves as the
Environmental Consulting Group for the ENI Group. About Solucorp
Solucorp Industries, Ltd., a Canadian corporation is parent to
three U.S. corporations including: Solucorp Industries, focusing on
the metals remediation and pollution prevention industries.
Solucorp's patented MBS(R) technology began development over twenty
years ago and offers a permanent solution to heavy metals pollution
problems. Solucorp's MBS(R) has also undergone U.S. EPA MEP
(Multiple Extraction Procedure) testing demonstrating its ability
to prevent the return of metal pollution for in excess of 1,000
years. Since being patented, MBS(R) has been used throughout the
United States and Canada as well as the UK, Italy, China and
Argentina. Solucorp's MBS(R) technology can be reviewed on the EPA
website at www.epa.gov by typing in the New Search Space,
"Molecular Bonding System." This technology is also presented in a
publication produced by the EPA titled Superfund Innovative
Technology Evaluation (SITE) Program, Technology Profiles 10th
Edition, and Demonstration Program. The Integrated Fixation System
(IFS) technology was developed from Solucorp's EPA SITE Program
proven MBS(R) process. The IFS technology deals with pollution
prevention rather than existing contamination problems. IFS can be
integrated into many types of product applications. IFS prevents
future contamination from metals such as lead, mercury, arsenic,
chromium (hex or tri), cadmium, zinc, nickel, selenium, antimony,
barium, beryllium, silver, thallium and vanadium. IFS can be added
to pollutant-bearing products such as batteries, paint strippers,
bullets, filters, computers, lamps, switches appliances, etc. IFS
can be applied through a multitude of delivery systems both as
solids and non-solids. The solid compound delivery systems include,
for example, blocks, tablets, spikes and flakes. Some examples of
non-solid delivery systems include laminates, inks, pastes,
powders, gels, and slurries. IFS can be designed to activate and
release under conditions such as exposure to light, pressure,
acids, natural oxidation, etc. IFS has no limitations in how and
where it can be integrated into metal containing products.
Customized products can be designed and manufactured to meet
specific needs. WITS Inc., founded in 2001 and purchased by
Solucorp in June 2004, is capable of supplying package systems to
treat contaminated wastewater as low as 20 gallons per minute and
upwards of 200 gallons per minute. By installing multiple package
systems, flows greater than that can be achieved. In addition to
pricing advantages, the WITS package produces a better water end
result without using harmful chemicals. The major water/wastewater
areas where the WITS' package can be utilized with significant
benefits includes water utilities; wastewater utilities; sludge
processing; combined sewer overflows; industrial pretreatment;
offshore oil rigs; livestock industry and in food & beverage
industry wastewater, automotive/metal processing discharging,
recyclable water recovery and phosphorous removal. WITS also has a
network of representatives throughout the Country to promote their
technology. This wide range of uses provides Solucorp with the
ideal complement to its remediation and metals pollution preventive
proprietary technologies. 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. Investors are
cautioned to perform a proper due diligence and consult licensed
professionals prior to making an investment decision.
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