EFTI Earthfirst Technologies Inc (CE)

EarthFirst Technologies, Incorporated ("EarthFirst" or "the Company") (OTCBB:EFTI) announced today that it has executed an Agreement with Orion Industrial Services Corporation (�Orion�) to joint venture the final design, construction and commercial roll-out of its next generation tire processing facility, known as the Catalytic Activated Vacuum Distillation Reactor (�CAVD�). Under the terms of the Agreement EarthFirst�s WESCO subsidiary will contribute certain intellectual property rights relating to CAVD tire technology, use of the Mobile facility and up to $450,000 cash. Orion contributes certain intellectual property, construction and operational resources plus cash or cash equivalents of up to $850,000. Profits from the venture will be shared equally. �Orion�s affiliate has been our CAVD engineering firm for years. We could not ask for a better partner,� stated EarthFirst�s CEO John Stanton. EarthFirst has expended millions of dollars to perfect the CAVD system. In 2004 a full scale, pilot CAVD Reactor was built in Mobile, Alabama. This reactor named �Green-Go� has operated for over 750 hours and has successfully deconstructed over 1 Million pounds of tire chips into recoverable by-products consisting of carbon black, oil, steel and syngas. Last summer EarthFirst�s new management in WESCO evaluated almost two years of data and discovered a previously disregarded carbon product and unused reactor technology. These were pursued with Orion, carbon customers and potential reactor customers and assimilated into an upgraded reactor design that should reliably produce readily saleable, commodity grade by-products. There are two pending patent applications covering WESCO�s initial and improved reactor process, technology and design. In customer tests, WESCO�s CAVD carbon black has been successfully substituted for Series 700 virgin carbon blacks and the CAVD tire oil has been found to be similar to a #6 Residual Oil. Series 700 carbon black list priced at approximately 71 cents per pound last week according to industry quotes. The nationwide average price of comparable Residual Oil was $1.34 per gallon in June, according to the most recent report released by the US Department of Energy. However, WESCO�s CAVD products are something special states Brad Mierau, PhD and WESCO�s V.P. of Operations. �EarthFirst�s tire process creates high energy gas and liquid fuels low in toxic polyaromatics, and a carbon black proven to substitute for blacks derived from petroleum. In addition to producing commercially viable products, the recovery of carbon black already present in tires allows for reductions in green-house gas emissions relative to virgin production methods. Rising fuel prices, the energy content of our fuel and the ability to market our CAVD carbon in applications currently dominated by commodity blacks should make the WESCO CAVD process attractive financially and environmentally.� Dr. Mierau concluded, �EarthFirst�s Green-Go Reactor could lead an industry revolution in handling of the 285,000,000 waste tires generated in the United States annually. Tires should no longer be burned or buried because each tire contains more than 5 pounds of valuable carbon, over 40,000 BTU�s of gas and 1.5 gallons of oil. WESCO�s CAVD process recovers these by-products using an estimated 5% of the energy while producing only 5% of the CO2 it takes to create virgin carbon black and oil products. Most significantly WESCO�s CAVD process has been certified by Oak Ridge National Laboratory as producing virtually no fugitive emissions. � Earlier this year, WESCO�s reactor and facility in Mobile was granted a full operating air-permit by the Alabama Department of Environmental Management. Orion�s John Kateon has been designated as the President and CEO of the WESCO/Orion CAVD tire reactor venture. Kateon and Orion�s affiliate have substantial experience conducting engineering projects for major companies like Chevron/Texaco, GE Energy, Shell Oil and Hunt Refining. www.Orion-Eng.com. Mr. Kateon remarked, �This will be a challenge and we all have a lot riding on success. But, I feel WESCO�s CAVD will finally deliver as promised. It has been all about EarthFirst�s new management on the project following our joint development vision. All the heavy lifting has been done over the last several months. We are building a truly commercial machine to run 24/7 and is designed to make high quality by-products from a waste stream. If we are serious as a Nation about CO2 reduction and going green, there is no better way to dispose of tires.� Revamp of the EarthFirst �Green-Go� Reactor in Mobile, Alabama is estimated to begin within 45 days and scheduled for completion by years end. About EarthFirst Technologies, Incorporated EarthFirst Technologies, www.earthfirsttech.com, is a specialized holding company engaged in researching, developing and commercializing technologies for the production of alternative fuel sources and the destruction and/or remediation of liquid and solid wastes, and in supplying electrical contracting services to commercial and government customers internationally. Through its subsidiary World Environmental Solutions Company (WESCO), EarthFirst markets solid waste remediation plants utilizing a proprietary Catalytic Activated Distillation (CAVD) process, which is a superior technology developed by EarthFirst to recycle rubber tires and other waste by heating the material without burning it. Through its subsidiary Electric Machinery Enterprises, Inc., www.e-m-e.com, the Company provides electrical contracting services both as a prime contractor and as a subcontractor, electrical support for industrial and commercial buildings, power generation stations, and water and sewage plants in the US and abroad. Through its subsidiary, SolarDiesel Corporation, the Company is primarily focused on facilitating commercial scale production and distribution of biofuels produced from palm oil. Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statement of EFTI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," �can,� "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and regarding successful commercialization of CAVD reactor, and possible future EFTI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and EFTI has no specific intention to update these statements.