SLUP Solucorp Industries Ltd (CE)

Solucorp Industries Ltd. (OTC: SLUP) announced that it has signed an exclusive worldwide licensing agreement for its IFS-2C mercury emission control technology with CoaLogix Inc., a company 85% owned by Acorn Energy, Inc. (NASDAQ: ACFN) Acorn Energy is focused on providing cutting edge services to coal-fired power generating facilities to reduce their environmental footprint through technology, optimization and efficiency improvements. CoaLogix will be responsible for marketing, selling and installation of Solucorp�s IFS-2C technology to these power generating stations. Solucorp has received a one time licensing fee of $2 million. The agreement requires that CoaLogix pay Solucorp cost plus an agreed mark up on all IFS-2C reagents and Solucorp will also receive a percentage of net sale proceeds based on certain sales parameters. In addition, Solucorp will be paid a percentage of any royalties received by CoaLogix for the use of the IFS-2C system usually billed to clients at the time of system installation. CoaLogix will market the product under the brand name MetalliFix Hg, and has the right to sublicense the technology. The term of the licensing agreement is for ten years with an additional five-year renewal. During the first five years of this agreement, CoaLogix has targeted minimum revenues in excess of $70 million. In addition, CoaLogix has made a $500,000 prepayment for the first order of the IFS-2C reagent. CoaLogix intends to spend up to $3 million on the marketing, sales, customer training, product installation and support of the IFS-2C technology. This program is expected to rapidly build industry awareness of the newest proven technology to effectively reduce mercury emissions in coal fired furnace facilities. Under the terms of this agreement Environmental Energy Services, Inc. (EES) shall maintain its existing right to market the IFS-2C technology in North America to its qualified clients and will report and coordinate all marketing and sales activities through CoaLogix. Solucorp�s license rights with regard to EES are now held by CoaLogix under this agreement. Solucorp�s patent pending IFS-2C mercury emission control technology has already been successfully demonstrated in a live coal fired furnace facility in Litchfield, Michigan, as announced on January 23, 2008. The technology is unique in its ability to remediate mixed heavy metal contaminants, including elemental mercury, contained within the wastewater and fly ash residue. Solucorp has received one purchase order and one Notice to Proceed from coal fired facilities and is scheduled to demonstrate the IFS-2C�s technology the week of June 9, 2008 at one of those facilities. Preparations are underway for the third plant demonstration, which is targeted for July 2008. �We are looking forward to a long and prosperous relationship with CoaLogix. Our new partners bring to us tremendous experience, credibility and know-how in the industry which we believe will be the key to the successful marketing and sales of our IFS-2C technology,� stated Noel E. Spindler, President of Solucorp�s Integrated Fixation System subsidiary. Spindler added, �Mercury emissions are a major issue facing today�s power industry. New, stringent discharge regulations are leading operators of coal-fired power plants to search for cost effective and permanent solutions to address these emissions, and we believe our IFS technology meets their needs.� Bill McMahon, President and CEO of CoaLogix, commented; �MetalliFix is a perfect addition to our portfolio of products and services to reduce the environmental footprint of coal fired generation. Mercury legislation in the US is imminent and mercury is an issue at coal fired units around the world, this technology not only removes the mercury but also takes care of the disposal issues inherent with other technologies. We are delighted to have this important technology and also to have Solucorp as our partners in this important market.� About Acorn Energy, Inc. Acorn Energy is a publicly traded holding company focused on improving the efficiency of the energy grid and reducing the environmental impact of the energy sector. Acorn Energy's operating companies leverage advanced technologies to transform the existing energy infrastructure. Acorn's strategy is to take primarily controlling positions and/or create strategic alliances in companies led by great entrepreneurs and add value by supporting those companies with marketing, strategy, and business development. Acorn Energy is a global company with equity interests in Comverge, CoaLogix, DSIT, Gridsense, Local Power and Paketeria. For more information visit www.acornenergyinc.com. About Solucorp Industries Ltd. Solucorp Industries Ltd., www.solucorpltd.com is a developer and provider of cost effective, permanent technologies for the remediation and prevention of hazardous heavy metal (including lead, mercury, arsenic, chromium, copper, zinc, nickel, selenium and cadmium) contamination. Solucorp is the owner of several patents and numerous additional patents that are pending. Solucorp Industries Ltd. has three wholly owned subsidiaries: Solucorp Industries, Integrated Fixation System Company, Inc., and WITS, Inc. The foregoing discussion contains forward-looking statements, which are based on current expectations. Actual results, including the outcome of demonstration results, 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.