Solucorp Signs First Contract for Utilization of its Revolutionary IFS Product Line
May 26 2004 - 2:51PM
PR Newswire (US)
Solucorp Signs First Contract for Utilization of its Revolutionary
IFS Product Line WEST NYACK, N.Y., May 26 /PRNewswire-FirstCall/ --
Solucorp Industries, Ltd. (OTC:SLUP), a provider of advanced
technology solutions to the remediation and environmental
marketplace worldwide, announced today that its Integrated Fixation
Systems Co. subsidiary has signed its first contract to market the
revolutionary new IFS technology which was unveiled to the media on
March 25, 2004 at The Harvard Club in New York City. The contract
is an exclusive licensing and distribution agreement with Savage
Range Systems (SRS), a wholly owned subsidiary of Savage Sports
Corporation which has provided advanced gun and gun related
technology to the arms and ammunition industry for over 100 years.
By combining Solucorp's self-remediating IFS technology with SRS's
environmentally safe "Snail(R) Traps" systems, the world's first
environmentally safe and self-remediating gun range systems will be
produced allowing the residual bullets to be recycled, collection
tank sludge to be sent to a non-hazardous landfill and water to be
safely reused or emptied into municipal systems. This
groundbreaking technology will be offered to all SRS clients
including the U.S. military and will also be marketed by SRS to
other target and shooting ranges throughout the United States. The
exclusive license and distribution agreement provides SRS with the
exclusive right to market and promote the IFS process within the
target and gun range industry. SRS agrees to encourage all current
and future clients to use the IFS technology. Pursuant to the
licensing agreement SRS will also promote and sell Solucorp's
patented MBS process for use in the remediation of heavy metal
contaminated soils that may be present at SRS clients. The terms of
the agreement between the two companies will be for five (5) years
with annual options thereafter for up to an additional five (5)
years. The revenues from this agreement are dependent upon SRS. It
is the intent of SRS that products and/or chemicals will be sold to
both their existing and future client base as well as other target
and gun ranges. There is no requirement of any minimum purchase in
the terms and conditions set forth in the agreement. Savage Range
Systems SRS of Westfield, MA is a manufacturer of the patented
Snail shooting range system. SRS is a sister company of Savage Arms
the well-known firearms company that pioneered numerous product
inventions and calibers over it's 109 year history. By 1994, SRS
was supplying major US firearms and ammunition facilities with a
broad range of bullet-collection systems, for function, accuracy
and proof testing a myriad of bullets and firearms, including .50
cal machine gun bullets made of steel. From that success, SRS
broadened its market by designing larger and wider indoor and
outdoor ranges, and specialty collection systems and became known
as the leader in bullet collection technology. With quality
accessories and well-proven ranges installed in the U.S. and
numerous overseas facilities, SRS has earned its reputation for
providing solutions to complex shooting conditions, both indoor and
outdoors. SRS has revolutionized the bullet trap industry with the
Company's patented Snail(R) Systems Wet/Dry Bullet Traps and
Ranges. Snail(R) Systems unique design directs the bullet over the
specially angled entrance ramps, into a circular deceleration
chamber, where it is ultimately captured in the collection tray.
Bullets are captured safely, while health concerns associated with
lead dust are eliminated. Snail Bullet Traps deliver the best
solution for bullet collection and recycling in an environmentally
sound manner with minimal maintenance costs and proven longevity.
More information on Savage Range Systems can be found at
http://www.snailtraps.com/. Solucorp / IFS 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 (2) patents on its Molecular
Bonding Systems (MBS(R)) technology and 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 preventive 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 products life cycle. Consumer
products developed in conjunction with and specifically for
consumer product manufacturers targeted for IFS include gun ranges,
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. 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. Contact: Brian Binckes, 913-685-4530 or
Geoffrey Eiten, Investor Relations, at OTC Financial Network:
781-444-6100 x 613 or DATASOURCE: Solucorp Industries, Ltd.
CONTACT: Brian Binckes of Solucorp Industries, Ltd.,
+1-913-685-4530; or Geoffrey Eiten, Investor Relations of OTC
Financial Network, +1-781-444-6100 ext. 613, Web site:
http://www.solucorpltd.com/
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