All:
Here is the news release in its entirety
News Release:
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"ERHC And Air Group To Build First Titan Oil & Tire
Recycling Plant In Louisiana
Unique, Low-Temperature System Safely Recovers Valuable Materials
BROUSSARD, La., Sept. 4 /PRNewswire/ -- Environmental Remediation Holding
Corp. (OTC
Bulletin Board: ERHC) announced that it has entered into a joint venture with Air Group, Inc. of Ft. Lauderdale, Florida for the construction and operation of an advance oil/tire recycling and electric co-generation facility in Louisiana and other potential worldwide locations.
The partners are considering a number of sites for the facility, which will be modeled after two recycling plants in South Korea built by Titan Technologies, Inc. (OTC Bulletin Board: TITT) of Albuquerque, New Mexico. Privately-held Air Group recently acquired the exclusive worldwide marketing rights and a 50% interest in the application of Titan's proprietary hydrocarbon recycling technology. Air Group will provide the use of Titan's technology and necessary funding for its 51% control of projects shared between Air Group and ERHC. ERHC will contribute its expertise in oil remediation and hazardous waste cleanup, which will lead to an ample supply of waste or ``slop'' oil and other recyclable hydrocarbon-laden materials. ERHC also brings essential EPA and state licensing for the transportation, handling, and disposal of hazardous and NORM (Naturally Occurring Radiation Material) waste. Profits from the joint venture will be shared equally.
`We are pleased to join Air Group and its partner, Titan Technologies, in a perfect match of their
technology and financial resources with ERHC's expertise and licensing for
oil and hazardous waste clean-up,'' notes ERHC President, Samuel L. Bass, Jr. ``Titan'stechnology provides not only an environmentally safe method of disposal for hydrocarbon waste, but the potential to turn previously problematic and useless material into resellable, high-margin products.'' Air Group estimates that the Louisiana Titan plant will have the capacity to process more than 4 million barrels of waste oil per year and to generate income in excess of
$400 million annually -- through disposal and tipping fees and by sale of the oil, fuel, steel and
carbon black produced from its ecologically-safe recycling system. This would be twice the capacity of the plant Air Group and Titan will construct in West Virginia. Using a unique low-temperature process, waste oil is converted to diesel fuel, gasoline, kerosene and oil extender. One ton of recycled rubber tires can be converted into 2.5 barrels of oil, 500 pounds of carbon black, and 300 pounds of steel. Through co-generation, the plant supplies its own power, and can produce excess electricity at about $0.019 per kilowatt-hour. ``Sam Bass' 35 years of experience and extensive contacts in the oil industry form the basis for a powerful partnership,'' says John Rivera, chairman of Air Group and new chief operating officer of Titan Technologies. ``With ERHC as our partner in environmental clean-up and recycling of hydrocarbon wastes, we gain an abundant source of waste oil, important field experience, and critical governmental licensing to move our current projects forward ahead of schedule. We are also better able to respond to communities around the world in need of solutions to the dilemma of contaminated waste oil and used tire dumps.'' ``We expect ERHC to provide at least three million barrels of waste oil during the first year of operation,'' Rivera continued, ``which is a reasonable target when compared to the 1.2 billion barrels that the U.S. generates annually. We also expect the plant to process some of the two to three billion used tires that pile up every year.'' Based on standard industry fees, the joint venture will receive from $50 a barrel to remove oil-water or bilge water to $2,500 per barrel for hazardous waste oil.
ERHC's license to handle hazardous waste gives the joint venture access to sources requiring the more expensive disposal. The plant can then turn around and sell about 80% of the recycled oil as
highly-refined extender oil or fuel oil for more than $50 a barrel. Concludes Rivera, ``Someone pays us a premium to take away the waste, then someone else pays us again for the recycled product, while the biggest expense -- energy -- is provided free via co-generation. If you do the math, you can see the huge potential of this joint venture to generate hundreds of millions of dollars in revenue that represents mostly profit.'' The partners plan to start revenues flowing immediately. Once they select the plant site, they may begin to stockpile recyclable materials and enjoy substantial revenues from tipping and disposal fees while the plant is under construction. A new portable recycling unit may also be put to work. Titan Technologies is engaged in advanced hydrocarbon recycling and remediation research. Titan's internationally patented process restores hydrocarbon waste products to their original states, using low heat to convert discarded tires to oil, carbon black and steel. Titan's equipment operates between 400F and 450F, within the normal range of a kitchen oven. Competing systems typically operate at 1000F and generate a great deal of ash that contaminates the output. Titan has received sponsorship from a number of environmentally conscious organizations including Advanced Research Projects Agency (ARPA), Department of the Air Force, Fina, and Sanda National Laboratories. The company has two plants operating in Korea and one under construction in Austria.
Air Group specializes in bringing new and innovative technology to the marketplace, with a current focus on environmental and computer technology. Air Group's staff provides expertise in marketing, funding, contracts, and project management.
Environmental Remediation Holding Corp. is engaged in oil and gas production activities and
environmental remediation, both domestically and internationally. Through a series of acquisitions, the company has formed a unique, full service organization dedicated to providing oil and gas related services to major oil companies and governmental institutions. This includes the
development and rework of oil and gas properties, plug and abandonment services (P&A),
environmental engineering and consultation, hazardous waste management (including NORM waste), non-hazardous waste clean-up, transportation and disposal, and the manufacture and distribution of waste clean-up materials.
The company's stock is traded on the NASD OTC
Bulletin Board under the symbol ``ERHC'' and is listed in Standard & Poor's Corporate Records.
For more information, visit ERHC's website at `` www.erhc.com '' Or Titan's
website at `` www.titt.com ''
URL: eucanect.com Bidding On Bay Street (BBS), Copyright 1997, is published by Van Wyck Publications. Information contained in the Newsletter is obtained from the companies featured and other sources believed to be reliable, but accuracy and reliability cannot be guaranteed. The opinions expressed are strictly those of the writer and should not be considered a solicitation to purchase or sell individual securities mentioned herein. BBS is written from an individual investor's viewpoint; the editor and/or individuals contibuting information to the newsletter may own shares in companies followed therein.Investors are urged to obtain further information regarding specific companies and obtain financial advice where necessary to insure investment decisions fit individual needs and resources. Van Wyck Publications will not accept any form of compensation, directly or indirectly, from companies for advertising, public relations or any other services. We do insist on cooperation from companies in obtaining information and respect for the Individual Investor's right to information.
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