First American Scientific Corp. (OTCBB:FASC) Announces Signing of a $5,000,000 Contract with Halliburton Group Canada.
Tuesday April 6, 9:30 am ET
VANCOUVER, April 6 /PRNewswire-FirstCall/ - First American Scientific Corp. (OTC BB: FASC - News) announced today that one of their subsidiaries, United Zeolite Products Ltd. (UZP), has executed a multi-year, multi-million dollar contract with Halliburton Group Canada. The contract calls for UZP to supply Halliburton with specialty zeolite, processed by FASC's patented KDS Micronex system, to service its cementing activities in Western Canada. UZP is a joint venture company owned by Zeo-Tech Enviro Corp. (CDNX:ZEO - News), C2C Zeolite Corporation (CDNX:CZC - News) and First American Scientific Corp. (OTC BB: FASC - News).
C2C and Halliburton Group have completed the development of a new technically advanced system for oil and gas cementing under a Joint Research and Development Agreement using raw materials supplied by ZEO and processed by FASC's KDS Micronex system. Extensive testing has proven the new system to be extremely effective. Today's announcement marks the successful culmination of those efforts with Halliburton awarding United Zeolite Products Ltd. with a CDN $5,000,000 Purchase Agreement.
In February 2004, FASC announced it had joined UZP as an equal partner to build and operate a specialty zeolite processing plant in Princeton, B.C. adjacent to ZEO's Bromley Creek Mine. The plant will integrate C2C's and FASC's technologies and process sufficient product to fulfill Halliburton's requirements as well as other orders which are expected to follow. FASC will earn a share of operating profits, plus a royalty for each tonne of product processed at the site.
FASC President, Brian Nichols commented: "We are extremely fortunate to have formed this ground breaking relationship with C2C, ZEO and Halliburton. Today's success is the result of several years of hard work and determined effort by all parties involved. We are particularly proud that our patented KDS Micronex is an integral part of this innovative process. This truly marks the beginning of a new phase of growth and development for FASC that we anticipate will continue well into the foreseeable future."
First American Scientific Corp. develops, manufacturers and sells the KDS Micronex system, a patented disintegration system capable of reducing mineral rock to a fine dry powder suitable for this and many other industrial purposes. Other "waste-to-resources" processes where the KDS Micronex can capture significant value include the drying and micronizing of biomass, agri-waste, and pulp sludges suitable for burning in specialized dust burning systems.
Please see our web sites for additional details. : www.fasc.net or www.ages-biomass.com
Certain information and statements included in this release constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act.
ON BEHALF OF THE BOARD OF DIRECTORS
C. Kantonen, Chairman
First American Scientific Corp.
Call Toll free 1-800-561-8656 or
Investor Relations : Equitilink LLC 1-877-788-1940
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Source: First American Scientific Corp. |
