RRIC looking forward to seeing the intial filing and financials.
Resource Recovery Subsidiary Negotiates Briquetting Contract for 200 Tons of Additional Business Per Week
WARREN, Ohio--(BUSINESS WIRE)--Aug. 2, 2001--Resource Recovery International Corporation (OTC BB Pink Sheets: RRIC) today announced that its wholly owned subsidiary, Diversified Resources-US Inc., has successfully negotiated a two- year contract with a prominent metals reclamation company to custom briquette approximately 200 tons of shredded industrial metals per week.
As a result of the significant growth in business volume, the Company anticipates revenues for Diversified Resources-US to increase up to 100 percent.
``We are extremely pleased with the outcome of our agreement,'' commented Mr. Ed Kane, Chief Executive Officer of Resource Recovery. ``The contract represents a significant volume of business. It also affords us the long-awaited opportunity to re- tool the facility's production lines for improved efficiency and expanded production capacity.''
According to Mr. Kane, ``Diversified has long been producing briquettes and pellets that are custom-designed for the client's specifications. The company has developed superior processing facilities, and also holds a U.S. patent for method and apparatus to produce briquettes. We are pleased to have established a long-term working relationship that will fully leverage our expertise.''
Production is scheduled to begin at Diversified's Warren, Ohio facility by the end of September, following the re-tooling the facility's production lines. To meet the demand, Diversified will also add an additional 40-hour shift to the plant. The contract will be formally executed upon receipt of all the custom product specifications.
About Recovery Resources International Corporation
Recovery Resources International is in the business of developing products and technologies in the environmental and recycling industries, with specific emphasis on the recovery and recycling of non-ferrous metals. Focused on providing solutions that alleviate the worldwide environmental dilemma of industrial waste, Recovery Resources is expanding its core activities to create compelling applications to generate demand for its products. The Company conducts most of its operations through several subsidiary companies: Thomson Recovery Corporation, Diversified Resources International, Diversified Resources-US, International Recycling Services, Diversified Environmental Products, and a 20 percent interest in Somerset Synfuels No. 1 LLC. For more information of Recovery Resources, please visit the Company's web site at rricorporation.com.
``Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses; the risk of obtaining financing, and other risks described in the Company's Securities and Exchange Commission filings.
--------------------------------------------------------------------------------
Contact:
Recovery Resources International Corporation
Jason Cook, 888/301-6788 |
