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Solucorp Commences Operations in China
Business Wire - March 11, 1998 11:26
WEST NYACK, N.Y.--(BUSINESS WIRE)--March 11, 1998--Solucorp Industries Ltd.
(OTCBB:SLUP) today announced that China Green Development Corporation, under the
supervision of China National Environmental Protection Agency (NEPA), has granted its
formal approval for the utilization of Solucorp's Molecular Bonding System (MBS) on
remediation projects in China. The approval follows China NEPA's recognition of the quality
of the MBS technology, as demonstrated in testing conducted by both the U.S. EPA and
Canada's British Columbia Ministry of Environment, Lands & Parks (BCELP), which cleared
the way for Solucorp to immediately commence full-scale operations throughout The People's
Republic of China.
Solucorp's field personnel in China have confirmed that operations at the Nan Yang Iron Co.
site have been cleared by Chinese officials and are expected to commence within ten days.
This project, which was designed to showcase the MBS technology to NEPA's regional
officials and agencies, triggers a series of planned remediation projects in North China
commencing in April, 1998, totaling 100,000 tons and valued at $2.5 Million. The projects
are targeted for completion by June 1998.
Apart from the revenue benefits from these projects, and those planned to follow in the
provinces of Jiang Xi, Guang Dong, He Bei and Fu Jian, Solucorp management views the
Chinese authorities' formal acceptance of MBS as further strengthening the technology's global
acceptance started by the U.S. EPA, BCELP, and U.K. regulatory authorities.
Headquartered in West Nyack, with offices in Canada, China and the U.K., Solucorp
Industries is focused on the development and marketing of products which solve the needs of
environmental markets. The company's Molecular Bonding System is now globally recognized
as a permanent and cost-efficient solution for stabilizing heavy metals in soils and industrial
wastes.
The foregoing discussion contains forward-looking statements which are based on current
expectations. Actual results, including the timing and amount of revenues recognized, contracts
awarded and performed and net income may differ due to such factors as: delays in payment
on contracts due to dealings with governmental and foreign entities; fluctuations in operating
costs associated with changes in project specifications; economic and other conditions
affecting the ability of prospective clients to finance projects; and other risks generally affecting
the financing of projects.
CONTACT: Martin E. Janis & Co. Inc., Chicago
Bev Jedynak, 312/943-1100
or
Solucorp Industries Ltd., West Nyack
Brian Binckes, 1-888/SOLUCORP (7658267) |
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