Plasma Environmental Technologies Inc - News Release
Plasma, Kinectrics to develop plasma-based system
Plasma Environmental Technologies Inc
YPV
Shares issued 55,500,000
2001-03-01 close $0.02
Tuesday Mar 6 2001
News Release
Mr. Ralph Watts reports
Plasma Environmental Technologies (PET) has signed a technology
development and licence agreement with Kinectrics Inc. PET and
Kinectrics have agreed to develop a jointly owned plasma-based
system for the destruction of high-level PCBs. The system will be
based on PET's core product, the PARCON 125. Kinectrics, PET's
chief scientist, and PARCON inventors from PET's partner
company, Hungaroplazma Environmental Services Ltd., began work
to test and refine the PARCON 125 in December of last year.
"This agreement allows us to develop the PARCON 125 for the
destruction of high-level PCBs and other highly chlorinated liquids.
Kinectrics has already successfully commercialized
low-temperature PCB decontamination systems for transformer oil
and electrical equipment," says Ralph Watts, president of
Kinectrics. "Appropriate disposal of PCBs is critical if we are to
maintain the balance in our ecosystem, and this new technology will
expand Kinectrics's comprehensive range of PCB solutions. We will
then be in a position to offer a robust technology to satisfy this
particular need in the international PCB recycling and destruction
market."
Kinectrics, formerly a division of Ontario Hydro, is now an
independent company formed to help the North American energy
sector improve business performance through science and
engineering. Based in Toronto, Ont., Kinectrics applies its expertise
to generation, transmission, distribution and industrial energy
services. Kinectrics is also internationally renowned in the field of
environmental engineering, including applications of plasma arc
technology.
Under the terms of the agreement, the new technology will be
jointly patented and owned by Kinectrics and PET. The licence
agreement grants Kinectrics the exclusive global rights (except
Europe) to manufacture and commercialize the Kinectrics-PARCON
unit for PCB applications. The companies have agreed on a
reciprocal royalty structure for units sold by Kinectrics and PET.
PET retains exclusive global manufacturing and commercialization
rights, except in Europe, for the destruction of specific classes of
hazardous liquids and gases.
"The agreement with PET enables Kinectrics to develop and patent
a plasma-based system for the destruction of high-level PCBs that
will complement our successful chemical-based PCB destruction
technologies," says Mr. Watts. "Kinectrics will also use the new
Kinectrics-PARCON unit for destruction of other highly toxic
chlorinated and non-chlorinated liquid wastes."
"We are very excited about working directly with Kinectrics.
Kinectrics will benefit from our plasma expertise, and we will
benefit from Kinectrics's state-of-the-art development facilities.
Ultimately, we expect this relationship will enable us to expedite
development of the PARCON technology into other lucrative waste
treatment applications. This agreement represents a real catalyst
for the growth of our company," said Colin Andrews, PET's
vice-president of business development. |
