Following press release issued this morning:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ELI ECO LOGIC INC.
TSE SYMBOL: ELI
MAY 11, 1998
Eco Logic Delivers Proven Unit To Japan
ROCKWOOD, ONTARIO--ELI Eco Logic Inc ("ECO LOGIC") (TSE - ELI)
announced successful completion of the first phase of a long-term
licensing agreement with Tokyo Boeki and Nippon Sharyo of Japan.
This phase involved the design, construction and performance
testing of a demonstration unit which incorporated the Company's
PCB destruction technology. The on-schedule completion of this
work, resulted in revenue in excess of CDN $1,000,000 for ECO
LOGIC.
ECO LOGIC designed and constructed a portable demonstration unit,
which incorporated lessons learned from its full-scale operations
in St.Catharines, Ontario and in Australia, explicitly for
regulatory PCB testing in Japan. Operated in Rockwood by ECO
LOGIC and Nippon Sharyo personnel, this new unit successfully
destroyed PCBs, exceeding all Canadian and U.S. regulatory
destruction requirements for PCB liquid, electrical equipment and
contaminated soil.
This new unit was shipped in preparation for performance testing
for Japan's environmental regulatory authorities which is
scheduled for June and July, 1998. Once regulatory approval is
obtained, Tokyo Boeki and Nippon Sharyo have agreed to construct
and operate full-scale ECO LOGIC units in Japan under license.
Tokyo Boeki is a Japanese trading house specializing in steel, raw
materials, energy and fuel, electronics and machinery. Nippon
Sharyo is an engineering and manufacturing firm focusing on the
Shinkansen (the world famous bullet train), steel, electronics and
environmental engineering. Sales for each firm exceeds US $1
billion.
ECO LOGIC's business is to solve toxic chemical problems in a
safe, permanent, cost effective manner. The ECO LOGIC Process is
an innovative technology that converts on-site, organic, hazardous
waste into reusable or disposable products. This non-incineration
process has gained high public and regulatory acceptance. ECO
LOGIC's worldwide hazardous waste cleanup market includes PCBs,
electrical equipment, contaminated soils, chemical warfare agents,
petrochemical wastes, certain low level radioactive wastes and
municipal sludge.
Regards.
Joe |
