Solucorp Industries Issues Corporate Update
July 22 2004 - 3:09PM
PR Newswire (US)
Solucorp Industries Issues Corporate Update FT. LAUDERDALE, Fla.,
July 22 /PRNewswire-FirstCall/ -- Richard Runco, President of
Solucorp Industries, Ltd., (OTC:SLUP) is pleased to provide an
update on the progress of the Company's activities: GeoNova/East
Providence Project: $1,457,148 of demolition and remediation work
has been completed to date. Included in the above figure is
approximately $300,000 of commissions and other fees collected and
billed by "the Company". The Ocean State Steel plant has been
removed in its entirety from the site and heavy metal contaminated
soil remediation work continues to be treated successfully. On
December 4, 2003, Solucorp Industries Ltd. announced its licensee,
GeoNova's groundbreaking ceremony for the East Point Development
Project, its first "Brownfield" Project. The project as noted by
GeoNova and the City of East Providence calls for a New England
style village with 35 single-family homes, 40 townhouses, 70 row
houses and 294 multiple family dwellings. The village will also
have 75,000 square feet of commercial space for such things as
restaurants, retail shops, a marina, offices, etc, employing at
least 108 people. Judgment Against Environmental Waste Technology
(EWT): Solucorp was awarded a $900,000 default judgment against
Environmental Waste Technology (EWT) by the Superior Court of
Massachusetts. The judgment award includes monies owed Solucorp
plus interest and penalties, for work performed at the Newton Creek
and the Boston Central Artery projects, where EWT was acting as
General Contractor. Solucorp is uncertain as to the collectability
of the judgment and is awaiting recommendations from its attorneys.
Savage Range Systems: Solucorp has already shipped product to
select Savage Range Systems clients for inclusion in their bullet
traps creating the first self-remediating gun ranges. On May 26,
2004, IFS announced that its Integrated Fixation System Company
subsidiary had signed a contract with Savage Range Systems to
produce the world's first self-remediating and environmentally safe
gun range system. Savage has commenced and will continue to offer
the Integrated Fixation System product to all of its existing and
future customers including the U.S. Military. Savage Range Systems
reported to the company that it is planning a full-scale product
launch for this fall. Massachusetts Highway -- On January 15, 2004,
Solucorp announced its technology was approved for use in the
remediation for two major roadways in Massachusetts and our
licensee was therefore awarded a contract for the remediation work.
The licensee reports that it has commenced work on the project site
and that remediation activities are targeted for mid August of this
year. Ravenna, Italy Project: Solucorp has received a written
project schedule from Ambiente and Syndial. The schedule indicates
"civil work", which includes environmental and governmental
permitting on the site will commence in September of this year.
Syndial has already received the Italian Ministry of the
Environment approval to proceed with the clean-up utilizing
Solucorp's patented MBS soil remediation process. Solucorp will
tentatively receive the Contract/Purchase Order for review and
approval by October/November of this year. As mentioned in the
March 3, 2004 press release, the Ravenna Project is the first
project that will be contracted as a result of the Exclusive
Agreement signed between Ambiente and Solucorp Industries.
Ambiente, a jointly owned Italian government and Syndial Company,
is one of the largest environmental companies in the multi-billion
dollar Italian market. The March 3, 2004 press release details
additional information as to market size and government funds set
up to clean up hazardous sites in Italy. From lengthy discussions,
negotiations and proposals submitted, Solucorp has priced the
Ravenna project at US $4.7 million as of this update. The actual
projected revenues may vary and any changes will be the subject of
an updated report. To review the original press releases in this
update please visit http://www.solucorpltd.com/ or
http://www.otcfn.com/slup. Financials: Solucorp has prepared its
financials for an audit through year-end 2003 and has been
interviewing certified public accountants over the past 8 weeks.
Solucorp expects to make a selection and commence the audit
shortly. The targeted time frame for the audited financial
statements is late August through mid September 2004 at which time
the company's attorneys will review the company's qualifications
for listing on a national exchange. Efforts are being vigorously
directed towards commercialization of Solucorp's and WITS (Waste
Innovative Technology Solutions) patented products through the
building of a strong sales and operations infrastructure. Along
this line the following has occurred: Bill Seagraves President of
WITS, has assumed the added responsibility for the Sales and
Marketing of IFS products in addition to his WITS duties. IFS uses
the MBS process to deal with pollution prevention rather than
existing contamination. IFS has developed prototypes and commenced
commercialization for integration into many types of consumer and
industrial applications such as paint strippers, batteries, filters
and ammunition. Mr. Seagraves has over 35 years of environmental
experience. His family has owned and operated environmental service
companies from 1950 with over 100 employees, selling one of their
businesses to W.R. Grace in 1985. In 1998 the balance of the family
businesses were sold to Earthcare Inc. (a Texas roll-up company).
Tom Gus Gavrel and Ira Vinson will be responsible for the Sales and
Marketing of the MBS (R) (Molecular Bonding System) products. MBS
is an EPA "SITE" (Superfund Innovative Technology Evaluation)
program technology, proven successful at the Midvale Slag Superfund
site and on numerous other commercial applications. Messrs. Gavrel
and Vinson both have extensive experience and contacts within the
environmental industry. Ira & Gus are also inventors of patents
for processes currently being used commercially in the
environmental industry. Tony Nightingale will serve as Senior Vice
President of Sales and Marketing of the WITS Company focusing on
the sales and marketing of the patented Electrocoagulation Waste
Water Treatment process. Mr. Nightingale has over 27 years of
wastewater and water experience working for companies such as US
Filter/Vivendi and Suez. Tony was responsible for sales management
of a $26 million budget together with products and personnel from
several different businesses and also spent 15 years in wastewater
remediation sales in the United Kingdom. Dr. Ted Sall, PhD. has
joined Solucorp as head of the companies scientific and technical
staff. He is considered a valuable asset for the introduction of
IFS Products to many industries and contacts for which he has been
involved with over the past 40+ years. Dr. Sall has held numerous
positions since 1955 including Professor of Life Sciences at Ramapo
College, Senior Scientist at Radio Corporation of America Space
Center/NASA Coordinator, Research Scientist at the New Jersey
Department of Health and Director of Clinical Microbiology at the
Metropolitan Hospital, New York Medical College. He has
certifications from the American Board of Microbiology and the New
York City Department of Health. Dr. Sall is a member of several
societies including the American Association for the Advancement of
Science, New York Academy of Sciences and the American Association
of Clinical Chemists. He has been a director of among others DUSA
Pharmaceutical, Inc., International Vitamin Corporation and
Fluoroscan Corp. Among his other accomplishments are the publishing
of approximately 100 articles in various scientific journals
involving analytical chemistry, metal recovery via microbial
activity, heavy metal chelation methods and infectious diseases. He
has also provided consultation services to Biometallic Technology,
Inc., New England Nuclear Corp., Barnert Hospital, St. Joseph's
Hospital, New York Medical College and several others. Additional
projects the Company is working on include: WITS has just completed
a successful pilot project for a Heavy Equipment Manufacturer's
cutting oil waste stream at its plant located in the Midwest. The
objective was to use WITS' patented electrocoagulation technology
(E.C.) to remove emulsified oil from the waste stream. Emulsified
oil causes the Biological Oxygen Demand ("BOD") to reach levels
that are unacceptable for discharge and results in the company
producing the wastestream to pay excessive penalty surcharges which
in turn negatively affects the company's profitability. The E.C.
technology has been proven to be very effective in dramatically
reducing BOD's in almost all industrial wastestreams. It is more
economically efficient than chemical treatment, the traditional way
of dealing with this problem. The visual results of the pilot test
were encouraging and the analytical results from the lab are
expected to result in a much lower BOD as has been the case in all
prior applications of E.C. to BOD's. WITS then moved the
Electrocoagulation pilot equipment from the above referenced site
to a municipal wastewater facility in Indiana for a pilot project,
which began July 20, 2004. The objective at the new site is to
utilize the E.C. technology to remove copper from the final
effluent before discharge. The city has repeatedly been above the
designated limit for copper and believes, based on our prior
results, that the E.C. technology will be instrumental in bringing
them back into compliance with the state of Indiana's rules and
regulations. Based upon previously compiled data on copper removal
at other sites, in conjunction with the fact that the city of
Keysville, Virginia has placed an order for the WITS E.C.
technology specifically for the removal of copper, the client is
confident that WITS E.C. technology will solve the problem.
Solucorp President Richard Runco said, "We are pleased with our
progress to date and look forward to continued success in the
months ahead to the benefit of our valued shareholders." About
Solucorp Industries Ltd. 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. CORPORATE CONTACT: Brian
Binckes 913-685-4530 DATASOURCE: Solucorp Industries Ltd. CONTACT:
Brian Binckes of Solucorp, +1-913-685-4530 Web site:
http://www.solucorpltd.com/
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