ThermaFreeze, Inc. Launches Enviro-Energy Initiative Unveils Core Strategy Focused On Energy Production Treating Agricultural Pollution, Significant Investment, and Change of Corporate Name and Trading Symbol
SPOKANE, Wash., Jul 16, 2001 (BUSINESS WIRE) -- ThermaFreeze, Inc.,(TM) (OTC: BB chart, msgs THFZ chart, msgs) is pleased to announce that it has finalized its core business strategy and will proceed to fulfill its commitments within this program. As part of this program the Company has selected a new name: Enviro-Energy Corporation, fulfilling a commitment announced April 4th. The Company has also received commitments for $1,500,000 in new capital. The new trading symbol is ENGY.
The Company expects that its Enviro-Energy(C) will reach $48,000,000 in annual revenue (monthly gross of $4mm) within 1.5 years from the generation of 100 Megawatts of power (at $60/MWhr), demonstrating the ability to successfully transform environmental animal wastes into electrical energy and other useful by-products. There is sufficient animal waste in the United States to generate in excess of 30 billion dollars of annual electrical power. The Company anticipates strong profits from electricity sale rates as low as $60/MWhr as operating costs are extremely low. Wholesale power rates have recently risen sharply with wholesale rates in the western US exceeding $100/MWhr, which are expected to remain high for some time to come. Additional profit will be generated from waste handling fees and the sale of by-products such as potting soil and fertilizer. The Company expects to pay for these plants with a combination of internal resources and conventional asset based debt serviced by operating cash flows.
As an indication of the promise of this technology initiative, Mr. Mark Neuhaus has agreed to a request from the Company to immediately exercise the balance of his options at approximately 10% over current market, infusing an additional $1,500,000 into the Company. Mr. Neuhaus also intends to provide the Company with considerable policy level resources, drawing from his successful background in environmental and utility investments.
Enviro-Energy(C) is a state-of-the art process designed to produce significant amounts of low cost electrical energy by treating animal waste streams generated by agri-business, reducing by up to 80% water requirements of diary/hog and poultry producers. First production units are anticipated being 'in place' by October of this year.
The key to these systems is the ability to install and maintain small production units, requiring nominal permitting, engineering and installation times. Many technologies today require massive structures and total capture of waste products throughout a large area. Enviro-Energy(C) technology focuses on capturing and treating smaller, steady volumes of waste. Economies of scale will be achieved by placing many units within tight geographic centers. Relatively low unit costs will allow the Company to rapidly expand its production while achieving very quick order-to-cash flow cycles.
"Enviro-Energy(C) is a major program for us," states Galen Loven, Chairman of ThermaFreeze. "We developed this core strategy during our due diligence and research of Advanced Anaerobic Digestion of animal wastes and further examination of methods to rapidly increase US electrical power generation. The ability to deploy "skid mounted" systems throughout areas of need is a non-traditional and unique method to quickly respond to two critical worldwide issues:
1. the need for more electrical production, and
2. the need to treat environmental animal waste while reducing
high demands for water in dairy and hog production.
Our approach will use community friendly, readily applied, and easily installed technologies in which ThermaFreeze will retain ownership and operating rights to the technology. In time we will become a major electricity producer while providing a major positive impact on environmental waste. During the next few weeks we will provide more details on our plans and opportunities by market type, as well as disclose progress on major opportunities and acquisitions designed to rapidly launch Enviro-Energy(C). The Company will also disclose more details concerning its merger and acquisition strategies as it is affected by this focus."
Enviro-Energy Corporation is a consolidator and operator of environmentally related businesses. Acquisitions and growth focus on energy, air, and water sectors. Enviro-Energy Corporation expects to sustain growth through its aggressive roll up strategy and internal synergies.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence on third party suppliers, intellectual property rights and the other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission Fair Disclosure Regulation, effective, October 2000.
Contact:
Enviro-Energy Corporation
Dr. Galen Dean Loven, 509/921-9150
gdl@morals.net
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