Environmental Solutions Worldwide, Inc. Signs Memorandum of Understanding with General System Co., Ltd. of South Korea
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27 September 2005, 09:15am ET
CONCORD, ONTARIO--(CCNMatthews - Sept. 27, 2005) -
ESW Catalyst Selected and Certified for South Korean Government; Diesel
Retrofit Evaluation Program
Environmental Solutions Worldwide, Inc. (ESW) (OTCBB:ESWW) announced
today that its subsidiary ESW Canada, Inc. (ESWC) has signed a
Memorandum of Understanding (MOU) with General System Co., Ltd. (GSC),
the largest South Korean owned and operated catalyst manufacturer and
distributor,. The MOU outlines a proposed contractual agreement for the
preferred sales and distribution of ESW's catalyst products for the
South Korean market.
In April of 2004, ESW working with GSC entered into a diesel catalyst
certification program at the request of the South Korean Government. GSC
submitted both ESW's "Clean Cat(TM)" High Performance Diesel Oxidation
Catalysts (HP-DOC's) and ESW's California Air Resources Board (CARB)
Verified Level II catalyst "Particulate Reactor(TM)" for over the road
testing. To date, the ESW Clean Cat(TM) has achieved government
certification for passenger cars and the Company is currently in the
approval process for heavy duty vehicle applications. With the issuance
of the South Korean government certifications, GSC will be capable of
selling these catalytic converters into the South Korean market.
Mr. Simon Song, President of General Systems Co., Ltd. remarked, "In
November 2004, an Airport Limousine Bus outfitted with the Particulate
Reactor(TM) was tested by the Korea Institute of Science and Technology
at their emissions laboratory. The test results confirmed an average of
over 60% of Particulate Matter (PM) reduction from the vehicles exhaust
after successfully completing over 150,000 km of in use field trial. The
reductions factor verified the supremacy of the technology compared with
other competitors' Diesel Oxidation Catalyst based products. ESW's
catalyst technology demonstrated the superiority for its extraordinarily
high emissions reductions factor while overshadowing many competitors at
the Technology Evaluation Project of Emission Catalytic Reduction Unit
for the Diesel Automobiles hosted by the South Korean Ministry of
Environment."
Mr. Song further remarked, "The South Korean government has selected the
older diesel vehicles in the big cities (800,000-1,090,000 cars) first
to reduce and improve the air pollution. Their intention is to give the
certified diesel catalytic converters to the selected vehicle owners as
part of a government mandated and sponsored retrofit program. The
retrofit program will be instituted to guarantee that all of the diesel
powered vehicles will have the certified emission reduction technology
required by law. With the low price policy instituted for diesel fuel in
South Korea, diesel powered vehicles have exceeded 40% out of the whole
15 million vehicles in this country. The diesel vehicle pollution in the
congested district of the big cities is creating very serious problem
for the people. GSC will take a leading role as a major supplier to this
market with ESW's emission reduction technologies through close
cooperation with ESW."
Mr. David J. Johnson, ESW's President and CEO commented, "We believe
that the South Korean retrofit and OEM first-fit market represents an
excellent opportunity for our unique line of diesel catalysts. In our
opinion, working with General Systems Co., Ltd. will give ESW a
competitive edge in the acceptance of our unique catalyst products, as
well as better insight into the needs of this market. GSC has a proven
track record for bringing large scale multi million dollar catalytic
solutions to this market and an excellent reputation with the Korean
Government. GSC's willingness to replace their current conventional
catalyst products with ESW's technology for such an important market
speaks volumes for their confidence in our Company."
About General Systems Company
Since 1987, General System has many achievements of successful treatment
for noxious gases discharged from petrochemistry plant, power plant,
incineration plant, waste water treatment plant, etc. General System has
also participated in several foreign projects successfully completed
flammable VOC and carbon monoxide deduction projects for a number of
Governmental Petroleum companies.
About Environmental Solutions Worldwide, Inc.
With headquarters in Concord, Ontario, Environmental Solutions
Worldwide, Inc. is a publicly traded company engaged through its
subsidiaries ESW Canada, Inc. and ESW America, Inc. in the design,
development, ISO 9001:2000 certified manufacturing and sales of
environmental technologies. ESW currently manufactures and markets a
line of catalytic emission control products and catalytic conversion
technologies for diesel, gasoline and alternative fueled engines for a
multitude of applications.
For updated information, please visit the Company's Web site at:
www.cleanerfuture.com
Safe Harbor
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 (The "Act"). In
particular, when used in the preceding discussion, the words "pleased"
"plan," "confident that," "believe," "expect," or "intend to," and
similar conditional expressions are intended to identify forward looking
statements within the meaning of the Act and are subject to the safe
harbor created by the Act. Such statements are subject to certain risks
and uncertainties and actual results could differ materially from those
expressed in any of the forward-looking statements. Such risks and
uncertainties include, but are not limited to, market conditions,
general acceptance of the Company's products and technologies,
competitive factors, the ability to successfully complete additional
financings and other risks described in the Company's SEC reports and
filings.
FOR FURTHER INFORMATION PLEASE CONTACT:
Environmental Solutions Worldwide, Inc.
Investor Relations
1-905-695-4142
investors@cleanerfuture.com |
