(COMTEX) B: FIRST AMERICAN SCIENTIFIC CORP. ANNOUNCES IT HAS SIGNED A
B: FIRST AMERICAN SCIENTIFIC CORP. ANNOUNCES IT HAS SIGNED AN AGREEMENT IN
PRINCIPLE TO PLACE 5 KDS MICRONEX(TM) SYSTEMS IN EUROPE
VANCOUVER, Mar 27, 2000 /CNW-PRN via COMTEX/ -- C.L. Kantonen,
Chairman of First American Scientific Corp. (NASD Bulletin Board: FASC)
is pleased to announce that after two weeks of intense negotiations
with a group from the Czech Republic, the Company has finalized an
Agreement in Principle to immediately establish a joint venture to
place a KDS Micronex(TM) pilot plant in Prague, Czech Republic. This
will be followed by one plant in each of Poland, Hungary, Slovak
Republic and the Ukraine, over the next two years. Under the
arrangement, FASC will register its patents in the subject countries
and license them for use to the joint venture. 100% of the funding for
the project will be provided by the Czech investment group, in an
arrangement where FASC will retain 60% ownership of the joint venture
operation and 100% control of the technology. Initially the machines
will be used to process coal, but the agreement allows for expansion
into other products and processes. The initial project is estimated to
generate $3 to $5 million USD in revenue over the first two years and,
if successful, will be expanded to 25 machines.
This agreement represents the first results from our new marketing
efforts which gained world-wide exposure at the Globe 2000
Environmental Conference held in Vancouver, British Columbia, Canada,
March 22 to March 24, 2000. Response to the KDS Micronex(TM) equipment
presented at the First American Scientific Corp booth was well beyond
initial expectations. A comprehensive report will be prepared for
release within the next few days.
Certain information and statements included in this release constitute
forward looking statements within the meaning of Federal Private
Securities Litigation Reform Act of 1995.
ON BEHALF OF THE BOARD OF DIRECTORS C.L. Kantonen (Chairman) FASC:
(NASD Bulletin Board) SOURCE First American Scientific Corp.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Investor Relations: Toll Free 877-778-7101 or 800-561-8656;
To request a free copy of this organization's annual report,
please go to
www.newswire.ca and click on reports@cnw
(FASC)
GEOGRAPHY: British Columbia
INDUSTRY CODE: MAC
SUBJECT CODE: OTC
JVN
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