ORANGEBURG, N.Y., Sept. 27 /PRNewswire-FirstCall/ -- Solucorp
Industries, Ltd. (Pink Sheets: SLUP) is pleased to announce that it
has now repaid substantially all of a promissory note for
$1.5 million executed with Gemini
Master Fund LLC. in 2007. All of the $1.5 million and all accrued interest has now
been paid or converted except for approximately $150,000 which is currently secured with public
common stock other than Solucorp stock, owned by the Company.
In connection with the aforementioned repayment, Gemini's
security interest in the Company's patents and intellectual
property has been terminated.
Solucorp has also paid $75,000 to
Gemini to purchase 5 million warrants in Solucorp common stock
owned, but not exercised by Gemini pursuant to the agreement.
The Company recently completed its move to a newly renovated,
professional office building located in Orangeburg, NY. The new office is located
approximately 5 miles from the former location.
"We are extremely excited to be in our new offices. We were very
fortunate to find a location so close to our previous office. We
really wanted to limit the impact that relocation would have on our
clients and our employees, recognizing the need to upscale our
professional image, which our new location will certainly do. The
payment of the Gemini loan and our new location are the first steps
of many as our Company escalates its image in the energy and
remediation market," said James
Ryan, President of Solucorp Industries Ltd.
The company began operating out of its new location as of
September 3, 2010. The Company's new
address is:
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100 Dutch Hill Road, Suite
260
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Orangeburg, NY 10962
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Telephone and Fax
Numbers
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Solucorp Phone: (845)
359-4500
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IFS Phone: (845)
359-1900
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Fax: (845) 359-5762
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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.
SOURCE Solucorp Industries Ltd.
Copyright . 27 PR Newswire