10/31/00 - Environmental Solutions Worldwide, Inc. to Acquire Controlling Interest in Applied Diesel Technology, Inc.
MARKHAM, Ontario, Oct 31, 2000 (BUSINESS WIRE) -- Environmental Solutions Worldwide, Inc. (OTC BB: ESWW) announced today that a letter of Intent had been signed to acquire controlling interest of Applied Diesel Technology, Inc. (ADT) and Air Testing Services, Inc. (ATS) of Telford, Pennsylvania. Terms of the acquisition were not disclosed. ADT developed and is manufacturing advanced diesel emission control technologies, including the patented Clean(R)Cat System. In addition ADT incorporates an Authorised EPA Emissions Contract Laboratory, Air Testing Services Inc. which is one of the selected EPA and California Air Resource Board (CARB) listed laboratories, capable of conducting the full Federal Test Procedure in North America.
ESWW has merged its own Research and Development facilities with those of ADT/ATS. The effect of this is to combine both teams of experienced engineers and technicians, which will accelerate the EPA acceptance of the EnviroCat. In addition ESWW's financial support, with the recently announced private placement, will allow ADT to complete its full EPA authorisation, allowing Clean(R)Cat to be introduced to the North American and European Markets. ADT currently has sales in Far East markets with further potential sales in Hong Kong, Philippines, Australia and China. With the help of ESWW's recently announced adviser Chase Manhattan Bank, through its Global Automotive Division, ESWW/ADT will facilitate manufacturing and sales of Clean(R)Cat systems in these countries.
Mark Nicole, CEO stated, "ESWW and ADT's technologies are highly complementary. The development and manufacturing of both sets of products will be accelerated by combining both companies under one roof in Telford, Pennsylvania."
ESWW has recruited project manager Jerry Smith from Loomis Products Company and has co-located all equipment and staff with ADT. ESWW will now have access to a full in-house testing facility for all different fuel technologies. As negotiations have swiftly proceeded, there has been minimal delay to the production of the EnviroCat. All our R&D and extrusion equipment has been moved and integrated into the Telford facility over the last 2 weeks.
ESWW's headquarters remains in Toronto. Robert Marino of ADT will join the Board of Directors of ESWW. Mr. Marino brings with him over 20 years of technical expertise in the business of Catalytic converters and EPA emissions testing on all fuel types.
ESWW and ADT have commissioned a study to identify the synergies of their combined technologies, both in the transportation and power industries. ADT currently has applications developed for the Automotive, Truck, Marine, ATV and small engine sectors.
Bengt Odner, Chairman of ESWW commented, "In addition to creating an immediate revenue stream for ESWW, the combination of technical expertise, products and resources of ADT/ATS and ESWW, provides a unique opportunity for both companies. ADT currently has production and sales of the Clean(R)Cat System and ESWW can now confidently accelerate the completion of the EnviroCat, enhancing our capabilities with potential JV partners. This is the beginning of further acquisitions by the company in environmental businesses where there are both excellent technologies alongside positive revenue flow."
For further information on both companies please visit their Web Sites at www.cleanerfuture.com and www.clean-cat.com or contact 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.
CONTACT: Environmental Solutions Worldwide,
Mark Nicole, CEO
David Johnson, COO
905/947-9923 |
