MSE Enviro-Tech Corp. Sells Rights to Hartindo for $5,000,000 Convertible Note and Acquires New Anti-Fire Product Line
December 23 2009 - 4:01PM
Marketwired
MSE ENVIRO-TECH CORP. (MEVT) (PINKSHEETS: MEVT) (FRANKFURT: MEH) is
pleased to announce the sale of its Hartindo product line rights to
Elemental Protective Coatings Inc. (EPC). The sales price of
$5,000,000 will be satisfied by the issuance to MEVT of a Note
convertible into 20,000,000 shares of EPC.
As part of this transaction, MSE Enviro-Tech Corp. has retained
the right to act as agent for EPC regarding the Hartindo product
line.
A New Anti-Fire Product Line
MSE Enviro-Tech Corp. has been collaborating with another entity
in the development of an effective and more economical fire
inhibitor that meets or exceeds the specifications of the Hartindo
Anti-Fire products. These new products will be manufactured in
North America and preliminary figures indicate that they will come
to market at a very competitive price. MEVT's valuable experience
in dealing with the anti-fire market, including rigorous testing
and the process of certification and market approvals, will stand
the Company in good stead as it advances this exciting product
toward an early market launch.
Marketing Network Well Advanced
MEVT's marketing efforts concerning the Hartindo product to the
textile and wood industries over the past two years have placed the
Company in a strong position with regards to supplying these
industries with a more economical product that will amply fulfill
their needs. Discussions are ongoing with various potential buyers
that MSE Enviro-Tech Corp. has worked with during this period. MEVT
is planning a marketing campaign and the establishment of a network
of agents and distributors for this exciting new anti-fire product
line.
Relationship with Megola
The relationship with Megola Inc. concerning the development of
major markets for the Hartindo Anti-Fire product has proven to be
disappointing in that Megola failed to deliver to MSE what it had
promised, and became a barrier to MSE's successful launch of
Hartindo products. The situation with Megola became intolerable,
prompting MSE Enviro-Tech Corp. to take this decisive action in
selling the Hartindo rights. MSE has, in the best interest of its
shareholders, attempted to improve the relationship with Megola
numerous times over the past few years. However, given these
exciting new products and the improved control over manufacturing,
MSE now feels it is in the best interest of its shareholders to
move beyond Megola.
MSE Enviro-Tech Corp.
As a technology transfer company focused on the identification
of promising opportunities, MEVT paid $1,200,000 for the United
States marketing rights to the Hartindo line of products in March
2007 and, by guiding a program of extensive testing and
applications formulating over the past 2-plus years, and by also
working with prospective major users who desire an economical and
effective fire inhibitor, the Company has positioned itself to
fulfill a critical anti-fire market need. Management is enthused
that by developing a superior and more economical fire inhibiting
product, MSE Enviro-Tech Corp. will now quickly achieve the
marketing goals that it had set for itself in bringing an effective
anti-fire product to a broad range of North American markets.
Common Shares Outstanding: 15,979,373
For more information and/or to subscribe for regular news
updates from MSE Enviro-Tech, please visit:
http://www.mseenviro-tech.com
Safe Harbor Statement
This release may contain forward-looking statements that involve
risks and uncertainties, including without limitation, acceptance
of the company's products, increased levels of competition, product
and technological changes, the company's dependence upon financing
and third-party suppliers, and other risks detailed from time to
time in the company's materials. Statements are subject to change
without notice. We assume no obligation to update any
forward-looking statements and nothing herein should be taken as a
promise or representation.
For further information: Contact: MSE Enviro-Tech Corp. Investor
Relations Contact: Mr. Brent O'Connor +1 647 343-2549