MARKHAM, Ontario--(BUSINESS WIRE)--Sept. 12, 2000--
Move Follows Excellent Results Produced During Company-Sponsored Independent Emissions Tests
ENVIRONMENTAL SOLUTIONS WORLDWIDE, INC. (OTC BB: ESWW) Chief Executive Officer Mark Nicole told shareholders at the annual meeting today that the Company is poised to provide samples of its full-sized Enviro Cat(TM) catalytic converter to automobile makers and original equipment manufacturers for their own testing.
The move follows last week's excellent test results produced during Company-sponsored independent trials on a full-sized Enviro Cat(TM) which determined that Environmental Solutions Worldwide's proprietary catalytic converter significantly reduces emissions of hydrocarbons, nitrous oxide and other critical exhaust gases, confirming the data compiled during two phases of in-house testing on smaller prototypes in July and August.
"The test results on our first full-sized catalytic converter demonstrate that our proprietary Enviro Cat(TM) meets or considerably exceeds current exhaust emissions standards," stated Mr. Nicole. "With our newly enhanced management team and financing soon to be in place, we are confident of early commercialization of the Enviro Cat(TM) catalytic converter."
Bengt Odner, Executive Chairman, said that the Company, as part of its strategic plan, is raising financing from environmental sources such as funds and institutions, as well as potential joint-venture partners. He said that the Company is raising new funding through private placements to finance its operations going into the new year. "This will ensure Environmental Solutions continues to remain in a solid financial position as we move closer to taking our first product into the manufacturing process," Mr. Odner stated.
Mr. Nicole went on to say that in addition to evaluation of the Enviro Cat(TM) by auto manufacturers and original equipment makers of exhaust systems and catalytic converters, samples of the full-sized model will be sent to an independent laboratory approved by the U.S. Environmental Protection Agency, and testing facilities in Europe.
Mr. Nicole also said that Environmental Solutions Worldwide is making significant progress in another product sector and was recently granted a U.S. Patent for its spark plug technology. The Company's new titanium spark plug, combined with fuel injection, operates at 46,000 volts, twice the voltage in current passenger cars and trucks, increasing fuel combustion efficiency. "We are conducting further prototype testing with a goal of bringing the spark plug to market late next year," Mr. Nicole said.
Shareholders attending the meeting and voting by proxy also elected a three-member Board of Directors. In addition to Mark Nicole, they were Bengt Odner, the Executive Chairman, and David Johnson, the new Chief Operating Officer. Shareholders also ratified the appointment of Daren, Martenfeld, Carr, Testa and Company, LLP, as Environmental Solutions Worldwide's independent accountants.
Environmental Solutions Worldwide, Inc., through its wholly-owned BBL Technologies, Inc., subsidiary, is a developer of proprietary catalytic converter technology used in its prototype Enviro Cat(TM) catalytic converter, which is designed to dramatically reduce toxic emissions, including nitrous oxide, expelled by internal combustion engines. The converter requires no precious metals in the manufacturing process, making it less expensive to produce. The Company also has developed a new, highly efficient spark plug with the potential of increasing the efficiency of internal combustion engines, reducing toxic emissions while increasing fuel economy.
Environmental Solutions holds Canadian patents and U.S. patent pending on its catalytic converter technology and is in the process of obtaining worldwide patent protection. The Company also holds a U.S. patent for its spark plug technology.
For additional information visit the Company's Web site at (www.cleanerfuture.com) or call Mark Nicole, CEO, or David Johnson, COO, at 905-947-9923.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"'). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filings. --30--lp/ny* CONTACT: Environmental Solutions Worldwide, Inc., Markham Bengt Odner, 905/947-9923 Executive Chairman - or - The Wall Street Group, Inc., 212/888-4848 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 1998 Business Wire |
