FIRST AMERICAN SCIENTIFIC CORP and THERMIX COMBUSTION SYSTEMS INC incorporate joint venture corporation "AGES" to develop and market combined KDS Disintegration and Burning System for conver
November 15, 2001 09:30:00 AM ET
First American Scientific Corp (FASC-OTC, BB)
VANCOUVER, Nov. 15 /PRNewswire/ - C. L. Kantonen, CGA, Chairman of FASC and W. E. Barber, President of Thermix are pleased to announce the incorporation of ALTERNATIVE GREEN ENERGY SYSTEMS INC (AGES) effective November 15, 2001 which is owned 50% by Thermix and 50% by FASC. More information will be available at www.altgreenenergy.com in the next few weeks.
The Company's mandate is to reconfigure and combine the partners' respective technologies to create a new patented process for dewatering, disintegrating and burning waste forest products (biomass) such as hog fuel and pulp sludge. The fine dry powder produced will be burned in a high efficiency computer controlled dust burning system especially designed by AGES's engineers. According to Andy Burns B.Sc., Director of Engineering for Thermix and AGES, "work on the project is well underway in designing modifications for an upscaled KDS machine aimed at improving efficiencies of dewatering and throughput. The powder burning system provided by Thermix has already proven successful in earlier tests where raw hog-biomass from a local pulp & paper mill was processed through the KDS machine. The resultant low moisture dust was taken by Mr. Burns to our L.B.E. combustion labs in Germany and tested for combustibility. The tests proved extremely positive."
Working with Mr. Burns BSc. on product development is Dr. Sundar Narayan PhD, a well respected expert in the field of computer fluid dynamics/fluid flow design, B. McGibbon P.Eng, hog boiler and energy specialist, and G. E. Clarkson P.Eng, energy consultant to the Pulp & Paper industry. This prestigious group of research specialists will become the basis for both AGES and FASC's technology division. Final designs and bench testing is expected to take place over the next 90 days.
Marketing strategies and programs are also underway and have been well received according to Bill Barber, AGES President, who premiered the KDS Combustion System at the Residual Wood Conference "Residue-to-Revenue" in Richmond, B.C., Canada on November 4-6, 2001. There was a high degree of exposure to Pulp & Paper executives and utility company engineers who were looking for solutions to replace fossil fuels and reduce land fill costs. After the show, three groups attended demonstrations at FASC's demonstration site. Significant interest was generated.
The system will also be showcased at the PAPTEC (Pulp & Paper Technical Association of Canada) annual "PaperWeek International 2002" conference in Montreal January 28-31 in Montreal, Quebec, Canada where Andrew H. Burns B.Sc. will present a technical paper on Integrated Biomass Combustion System featuring the KDS Combustion System. According to Mr. Barber, this conference is the largest attended international Pulp & Paper conference in the world and we are honored to have been granted approval to present our technology to this prestigious group.
Revenue projections for AGES provided by Thermix of $9 million Cdn in the first full year of operation and escalating to $39 million Cdn by the end of the third year seem readily achievable once the system is perfected. To date, two quotes for the complete system which sells for approximately $ 3 million Cdn have been requested from existing pulp & paper clients of Thermix.
Brian Nichols, President of FASC welcomes Thermix and comments "we are extremely pleased to have joined forces with a group of individuals of such a high caliber and expertise, and believe their addition to the team will bring the level of technical expertise needed to significantly enhance the performance of the KDS system and its entry into the biomass/pulp & paper industry. We look forward to working with them to create a solution for all AGES - Clean and Green, turning Biomass into energy."
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,CGA (Chairman of the Board)
FASC: (NASD Bulletin Board)
Web Site: www.fasc.net
Call Corporate Communications, Toll Free 1-800-561-8656
SOURCE First American Scientific Corp.
© 2001 PRNewswire |
