TO any one interested
co Logic and Kvaerner Process enter agreement
Eli Eco Logic Inc ELI
Shares issued 18,752,156 Jul 28 close $0.90
Thu 29 Jul 99 News Release
Dr. Fred Arnold reports
The company has entered into a binding agreement with Kvaerner Process
Services, Inc., an operating company of Kvaerner Process based in Houston,
Tex., to pursue a contract or series of contracts with Orica Australia Pty
Ltd. to provide a gas phase chemical reduction plant for destruction of
stockpiled hexachlorobenzene. Under the agreement, KPSI will act as a prime
contractor for the engineering, procurement and construction (EPC) phases
of work in support of the Orica initiative, for which Eco Logic has served
as prime contractor during initial phases. (For background information, see
our press releases in Stockwatch, Oct. 6, 1998, and March 24, 1999). As in
the work completed under Eco Logic's leadership, the KPSI-directed phases
are in support of the hexachlorobenzene waste management plan of the
Australian and New Zealand Environment and Conservation Council, which
addresses the eventual remediation of 8,000 tonnes of scheduled HCB waste
presently stored in drums in secure storage. KPSI has agreed to compensate
Eco Logic for a portion of its development costs for this initiative, in an
amount equaling $100,000 (U.S.).
Dr. Fred T. Arnold, Eco Logic's vice chairman and chief executive officer,
said: "We reviewed the requirements for depth and breadth of expertise as
we embark on the EPC stage of work in support of the Orica initiative, and
concluded that KPSI offers significant advantages as we optimize the
performance of gas phase chemical reduction (GPCR) for this important
customer. GPCR technology has proven to be effective in treating large
quantities of HCB waste at our commercial plant in Kwinana, Western
Australia, and the challenge has now become one of interpreting lessons
learned and requirements in ways that assure consistently high performance
at the lowest possible cost. Our ability to deliver on these dual
objectives will be enhanced by passing the leadership on to KPSI, an
organization that is intimately familiar with our technology, delivers
world class design and construction services for the process industry, and
is committed through ongoing strategic relationships to best-in-class
solutions for Orica. We have worked with KPSI on other projects and welcome
the opportunity to demonstrate, again, our belief in the value of an
expanded fulfilment chain."
Hexachlorobenzene has been classified as a possible human carcinogen and
has received special consideration by the governments of Australia and New
Zealand, the United Nations Environment Programme, the World Health
Assembly, the U.S. Environmental Protection Agency, and Environment Canada. |
