Nathaniel Energy Corporation Receives Regulatory Approval To Operate Dallas Tire Disposal Site
PR Newswire - July 29, 1999 11:23
CASTLE ROCK, Colo., July 29 /PRNewswire/ -- Nathaniel Energy Corporation (OTC Bulletin Board: NECX) announced today that they have receive approval from the state of Texas to operate their Hutchins, Texas tire disposal site. "The Texas Natural Resource Conservation Commission has reviewed the transfer of registrations from Metroplex Tire Disposal Inc. to Nathaniel Energy Corporation and has found them to be satisfactory and in accordance with the Commission's rules," said Stan Abrams, CEO of NECX.
Able Tire Company ("ATC"), one of the largest tire recyclers in the Houston/Dallas/Fort Worth area has contracted with NECX to dispose of those tires at NECX's Hutchins tire disposal site only 15 miles from the Able Tire operation. ATC has agreed to set up their collection process so that NECX can receive tires on a daily basis. NECX is paid a contractual tipping fee per tire.
"We are pleased to have complied with all regulatory requirements in Texas so that we may begin working with Able Tire Company," says Stan Abrams CEO of Nathaniel Energy. "This alliance yields immediate revenue to the Company. Based on our operating proformas this agreement represents about one dollar per share in gross revenues and conservatively about thirty cents per share in pre-tax profits. This is but one of several opportunities currently under negotiation to yield shareholder value and growth.
NECX will provide low cost tire-derived fuel ("TDF") under a special partnership to the RIPE TOUCH TOMATOES commercial greenhouses whose partner is Colorado Interstate Gas ("CIG"), a wholly owned subsidiary of Coastal Corporation (NYSE: CGP) in a co-generation project in Calhan, Colorado. Under this arrangement CIG is a participant in the "TDF to energy" operation that will use the NECX technology to make energy by utilizing the shredded rubber provided by the Dallas project.
Through proprietary technologies, NECX is strategically positioned to capture a significant portion of the multi-billion dollar alternative energy industry by assisting corporations and municipalities to save significantly on their energy and waste disposal costs.
Financial Statements in this press release other than historical facts are "forward-looking" statements with the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE Nathaniel Energy Corporation
/CONTACT: Investors, Cesar A. Muniz, Managerial Advisory Services, Inc.,
in Tampa, 813-814-2725, or in New York, 212-214-0795, for Nathaniel Energy
Corporation/
/Web site: angelfire.com |
