Here is why---NEWS!!!
Monday June 28, 11:38 am Eastern Time
Company Press Release
BioNet Agrees On Protype Licensing Agreement for Their "Aquameal" Technology
JUPITER, Fla.--(BUSINESS WIRE)--June 28, 1999--BioNet Technologies, Inc. (OTC BB:BNTK - news) announced today that it had signed a letter of understanding with the head of a newly formed group that will build and market their GreenGold International subsidiary's ''Aquameal'' Technology in North Carolina.
It is anticipated that this Letter of Understanding will be fashioned quickly into a Licensing Agreement that will grant this new group a permanent and exclusive license to build and market their far-reaching technology under certain conditions.
L. Alan Schafler, President of BioNet Technologies indicated that this step should result in greater capital infusion and an acceleration of building prototype and revenue generating systems in the state of North Carolina. This process should advance the creation of sales opportunities not only in that state but also in other areas throughout the country and world.
According to Mr. Schafler, ''It has become apparent since the potential applications for our technology have expanded from the elimination of hog and other animal waste to the treatment of municipal and industrial water facilities as well as the elimination of lagoons, that we needed to find additional methods to quickly illustrate the effectiveness of our system in a production mode. To do this, we required not only capital and technical expertise, but to develop strategic alliances with those who were familiar with local and state governments and their decision process. The need to solve problems associated with waste and water management in an economic fashion becomes more apparent every day as the costs to our air, water, and health become an increasing economic drain. This scenario is very apparent in North Carolina where we targeted our first operation.
This new group consists of practiced technicians familiar with the functions of waste and water treatment and also have in depth experience with the municipal decision making process in North Carolina. As part of the agreement this group will input initially $1.2 million into this operation. Not only do we align ourselves with effective partners, but we can advance our production technology and conserve significant capital as well. Further study will determine if this business model will be expanded into other areas. In the interim we are actively reviewing projects on a far-reaching basis.''
BioNet will continue to have the ability in North Carolina to engage in the sale of their duckweed based Aquameal product and in the financing operations for the sale of their technology.
BioNet Technologies, Inc. is a bio technology company headquartered in Jupiter, FL. The company is focused on growth of their business units in animal health and animal/environmental technology and through the acquisition of strategically relevant emerging growth biotech companies and products.
Certain statements in this press release constitute ''forward-looking statements'' within the meaning of the Private Securities Litigation reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties, including the ability of the Company and its business units to successfully market their products to their target markets, and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.
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Contact:
BioNet Technologies, Jupiter
Timothy Miles, 843/686-5590 |
