SEVT news:
Wednesday June 14, 12:25 pm Eastern Time
Company Press Release
SOURCE: Summit Environmental Corporation, Inc.
Summit Executes a Letter-of-Intent to Form Summit Environmental Europe BV
LONGVIEW, Texas, June 14 /PRNewswire/ -- Summit Environmental Corporation, Inc. (OTC Bulletin Board: SEVT - news) announced that the Company has executed a letter-of-intent with its European strategic alliance partner to form Summit Environmental Europe BV, a Netherlands based company, on June 13. The alliance unites existing distribution in 32 countries to the Summit line of products. One distributor of the network has existing products selling currently in a network with approximately 30,000 retail outlets throughout Europe.
Outside of Europe, the agreement also unites Summit to the Middle East and some former Eastern Bloc countries. Last week representatives for Summit Europe were closing a
production/distribution agreement for the Czech Republic for the sale of FlameOut© and aerosol cans like FirePower911(TM), but to be marketed under a locally accepted trade name.
Summit will sell its products to its European counterpart in container loads. The partnership formation gives Summit Environmental Corporation, Inc. - U.S.A. a 40% share of the revenues generated in Summit Environmental Europe BV. During the first twelve months, wholesale product sales are estimated at $2,000,000. Mark-up of the products is between five and ten times the wholesale price. Summit will generate additional profit margins in this design. First profits come
from the wholesale sale, then additional profits from the 40% ownership portion the company has in Summit Environmental Europe BV.
Summit expects to release information by the end of June on its turbine cleaner Ultimate Clean668(TM), currently undergoing military specification testing for the United States Navy. ``We are very close on the completion of the Navy requirements and the additional EPA requirements
which got handed down after the Navy test began last November, '' said Keith Parker, CEO.
For more information contact Keith Parker, CEO, at 800-522-7841.
Except for the historical information contained herein, the matters set forth in today's presentation
are forward-looking statements within the meaning of the ``safe harbor'' provisions of the private
securities litigation reform act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially. These forward-looking statements
speak only as of the date herein. Summit disclaims any intent or obligation to update these
forward-looking statements.
SOURCE: Summit Environmental Corporation, Inc. |
