Solucorp Industries Acquires WITS Inc.
July 01 2004 - 3:51PM
PR Newswire (US)
Solucorp Industries Acquires WITS Inc. -- Adds Electrocoagulation
To Its Environmental Solutions Arsenal -- FT. LAUDERDALE, Fla.,
July 1 /PRNewswire-FirstCall/ -- Solucorp Industries, Ltd. ("The
Company") (OTC:SLUP), announced today that it has completed due
diligence and finalized purchase of WITS, Inc., a privately-held
Florida-based environmental contractor that holds patents and
licenses to provide decontamination of water and wastewater. Newly
appointed Solucorp President Richard Runco said, "We are pleased to
have finalized the acquisition of WITS, adding its proprietary
remediation solutions to the Solucorp arsenal for environmental
solutions. WITS adds seasoned environmental professional sales,
marketing, and operational staff to Solucorp. We look forward to
the benefiting from the increased operating efficiencies and
enhanced economies of scale that this particular acquisition
invites." WITS' electrocoagulation (EC) waste water treatment
process technologies are highly synergistic to the Company's MBS(R)
soil remediation process, giving Solucorp metal waste water
treatment capabilities. WITS' electrocoagulation technology was
recently contracted by the City of Keysville, VA for removal of
copper from the city's wastewater treatment plant. Other projects
that have been ongoing since 1997 to present include treatment of
wastewater from aircraft manufacturing and maintenance facilities
as well as removal of rare earth catalyst from petro-chemical
refining. The purchase of WITS was a stock-only transaction and
provides Solucorp with 100% ownership of WITS, whose patents are
synergetic and valuable to Solucorp and its future plans.
Concurrent with the acquisition, Richard Runco, President of
Solucorp, has relocated the public company's headquarters and
Molecular Bonding Soil remediation (MBS) operations to Fort
Lauderdale, Florida. Solucorp, however, will continue operating in
the New York area, separate from public company affairs. Bill
Seagraves, President of Solucorp's WITS subsidiary can be reached
at 888-633-6773. About Solucorp Industries 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 patents on its Molecular Bonding
System (MBS(R)) technology, 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 preventative 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 product's life cycle. Consumer
products targeted for IFS include: 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. In March 2003,
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. INVESTOR RELATIONS:
Geoffrey Eiten 781-444-6100 x613 http://www.otcfn.com/slup
DATASOURCE: Solucorp Industries, Ltd. CONTACT: Geoffrey Eiten, OTC
Financial Network, 781-444-6100 x613; or Bill Seagraves, President,
Solucorp's WITS subsidiary, +1-888-633-6773 Web site:
http://www.solucorpltd.com/
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