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Tuesday February 27, 11:00 am Eastern Time
Press Release
Millennium Plastics Announces Multi-Year Sales Agreement With Santrol To Provide Solplax Perforation Ball Sealers To The Oil And Gas Industry
LAS VEGAS--(BUSINESS WIRE)--Feb. 27, 2001--Millennium Plastics Corporation (OTCBB:MPCO - news) announced today the signing of a multi-year sales agreement with Santrol Corporation of Fresno, Texas.
Santrol will market and sell water-soluble and biodegradable Solplax(tm) plastic perforation ball sealers to the oil and gas industry under their trade name BioBalls(tm). Santrol manufactures, markets and sells resin coated proppants, BioBall(tm) perforation ball sealers and other petroleum oriented products.
Millennium Plastics and its subsidiary Solplax Ltd., in conjunction with Santrol chemists, have developed and tested a full range of soluble Solplax(tm) perforation ball sealers that will perform effectively in the harsh environment of high pressure and temperatures encountered in deep oil and gas wells.
``This is our first penetration into the oil and gas industry and Santrol was a logical partner to incorporate our Solplax(tm) dissolvable plastic ball sealers into their existing line of BioBalls(tm). With some 3 million conventional ball sealers used annually in North America, capturing 25% of that market seems quite attainable; thus, this would be a great entry for our biodegradable plastic products into the petroleum industry,'' stated Paul Branagan, president of Millennium Plastics.
Santrol's Technical Applications Manager, Pat Okell stated, ``Santrol has been researching and developing improved BioBall(tm) formulations for some time to extend the performance range of its successful soluble ball sealer technology and has found a good partner in Millennium Plastics and the innovative Solplax(tm) technology. The new range of BioBall(tm) will have both improved high and low temperature dimensional stability able to withstand even higher differential pressures. Development and refinement of the final product line continues, and Santrol anticipates that within a short while the new products will be available both in the USA and worldwide.''
Millennium Plastics is in the process of shipping the first installment of the initial Santrol order for 40,000 Solplax(tm) ball sealers.
Millennium Plastics Corporation owns the worldwide patent rights to a new and innovative polymer and coating technology invented in 1995 by Solplax Ltd. of Ireland. The plastics have the unique and very marketable characteristic of being water-soluble and biodigestible in landfill environments so that the only byproducts are non-toxic water, atmospheric gases and residual biomass.
Public perception and governmental pressures for plastics that are environmentally friendly are projected to propel the commercial demand for this product.
Technical, corporate and investors related information can be found on the Millennium web-site, www.millenniumpolymers.com or on the Solplax Ltd. site at www.solplax.com.
Safe Harbor Statement: The statements in this press release regarding the initial order for perforation ball sealers and any other statements, which are not historical facts, are forward looking statements.
Such statements involve risks and uncertainties, including, but not limited to, costs and difficulties related to the production of perforation ball sealers, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
