Duro enters lucrative multi-billion dollar municipal sludge market with profitable company to increase cashflow, equity and company value
Listed: OTC BB Trading Symbol: DEPI
LANGLEY, BC, May 15, 2002 /PRNewswire-FirstCall via COMTEX/ -- DURO ENZYME PRODUCTS INC. (the "Company") (OTCBB: DEPI) is pleased to announce that its subsidiary, Duro Enzyme Solutions Inc. ("DESI"), has signed a definitive agreement with Petruzzo Products Inc. ("PPI"), a privately owned, New York-based company. Petruzzo and Duro have joined to launch a new Limited Liability Corporation, Duro Solutions New York, LLC ("LLC"), to address the rapidly growing need for municipal sludge processing. With this DESI will own 50% of the LLC and the remaining 50% will be owned by PPI.
The target markets for Duro Solutions are municipalities and industry that will pay the new company to collect and receive municipal sludge and other bio-solids such as pulp and paper wastes. Capitalizing on the growing need for waste treatment, Duro Solutions will treat and process these wastes, using proprietary technology, while cost effectively controlling odors via gasification, a technology that produces energy without producing harmful emissions. Duro Solutions will use the energy generated for its own operations as well as selling the excess to other industrial clients as well as the local power grid.
The number of landfills in the United States is steadily decreasing - from 8,000 in 1988 to 2,300 in 1999. The capacity, however, has remained relatively constant, creating a growing demand for cost-effective processes to prolong the lifespan of existing landfills.
James Florio, CEO of DEPI, explained, "Our partnership with Petruzzo Products is part of a natural and synergistic progression toward our corporate goal of exploiting profitable environmental technologies. The recently announced joint venture with APC Exports Inc. to launch Alaska Humus Products LLC, (DEPI; April 16, 2002) marries perfectly with this new venture. Duro is enjoying great success in building an outstanding portfolio of mutually beneficial, profitable operations that will enable the Company to increase in value, cash flow, and equity, and allow us to move forward at a rapid and very rewarding pace."
Working together, PPI and DESI have all the facets of this enterprise in place and are excited about successfully launching Duro Solutions New York. PPI has all required permits, the land, the facilities, and the gasification technologies invented by Ralph Petruzzo, owner of PPI, to commence operations of Duro Solutions. DESI is providing the necessary financing and marketing expertise to launch the LLC's showcase facility for municipal sludge processing and gasification, already located and operational on PPI property, as well as marketing other such facilities globally.
Located on approximately 79 industrially zoned acres in New York State, PPI has been profitable since it started operations in 1971. The company has grown from New England's oldest bark mulch manufacturer into a multi-faceted enterprise that provides products and services including transportation, hauling, heavy equipment moving, equipment rental, and yard waste disposal, as well as bulk soil products including humus, top soil, wood chips, and spruce bark mulch to a market of more than 70-million consumers. The company receives and collects materials from pulp and paper by-products to farm waste to sludges, processing these materials into valuable end products. PPI has more than 20 Beneficial Use Determinations (BUDs), or special permits that support the conversion of waste materials into marketable products such as top soils, bedding materials, and humus. PPI is also in possession of key permits for handling wastewater sludges, paper sludges, yard wastes, and wood chips.
On behalf of the Board of Directors of: DURO ENZYME PRODUCTS INC. "Perry Smith" Perry Smith, President Source: Duro Enzyme Products, Inc. Website: www.durotechnologies.com Investors relations Contact: Market Watch Corp. 561-998-3435 marketwatchcorp.com
SOURCE Duro Enzyme Products Inc.
CONTACT: Investors relations Market Watch Corp., 561-998-3435 |
