FIRST AMERICAN SCIENTIFIC CORP files patent application to cryogenically process rubber and signs agreement to establish pilot plant in Ontario, Canada
First American Scientific Corp (FASC-OTC, BB) VANCOUVER, April 20 /PRNewswire/ - Mr. C.L. (Cal) Kantonen is pleased to announce that FASC has finalized the filing of an application to patent its cryogenic process to pulverize rubber, and the finalization of an agreement to license the technology to cryogenically pulverize non-tire scrap rubber to Cryo-Grind Inc.
Cryo-Grind, under the leadership of P. E. Coulter, P.Eng, a professional engineer and Director of Research for the North American Recycled Rubber Association (NARRA), will establish a pilot plant at its own expense in Toronto and expects to, after an initial start-up period, process up to 90,000 tons of non-tire scrap rubber monthly. The KDS equipment will be reconfigured and delivered in June 2001 and the plant is expected to be in full operation by year end.
Under the agreement, Cryo-Grind will pay a royalty to FASC for each lb of rubber processed and will be granted the exclusive right to market the rubber technology throughout North America. Re-alignment of Senior Management Responsibilities FASC is pleased to announce that David Gibson, B.Comm,LLB has joined the FASC team as a member of its Board of Directors effective immediately. Mr. Gibson, a member of the BC Bar Association has been practicing law in BC for 28 years and brings a wealth of experience from both a legal and business perspective to the Company. His expertise will be of considerable value as we move forward in our negotiations with Honeywell and other major corporations.
In preparation for expansion of the operation, and to better utilize the skills of senior management, Brian Nichols and Cal Kantonen, CGA have decided to redefine their respective areas of responsibility. Mr. Nichols will be taking charge of the day-to-day operations as President and CEO. Mr. Kantonen will become Chief Financial Officer and remain Chairman of the Board. Dave Gibson will assume the role of Corporate Secretary.
Certain information and statements included in this release constitute forward looking statements within the meaning of Federal Private Securities Litigation Reform Act of 1995. ON BEHALF OF THE BOARD OF DIRECTORS C.L. Kantonen Chairman FASC: (NASD Bulletin Board) Web Site: www.fasc.net SOURCE First American Scientific Corp. -0- 04/20/2001 /CONTACT: Corporate Communications toll free at 877-778-7101; To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw./ -- VA201 -- 1764 04/20/2001 14:49 EDT prnewswire.com Copyright PR Newswire 2000. All rights reserved.
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