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Gold/Mining/Energy : PLASMA ENVIRONMENTAL TECHNOLOGIES INC. - PLAS
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To: Veritas who wrote (12)8/20/1998 10:40:00 AM
From: Mike Paulin  Read Replies (1) of 15
 
Agreement with Malaysian consortium

Plasma Environmental Technologies Inc PLAS
Shares issued 26,400,000 Aug 19 close $0.13
Thu 20 Aug 98 News Release
An anonymous director reports
Plasma Environmental Technologies has signed a memorandum of understanding
with a consortium of Malaysian interests to invest in the transfer of the
PARCON technology, as well as the application of the PARCON technology for
municipal solid waste (MSW) conversion into saleable products.
The MoU was signed following the presentation of Plasma Environmental's
PARCON (Plasma Arc Conversion) technology last week at the USEPA's
(Environmental Protection Agency) National Research Facility in North
Carolina. The Malaysian consortium of the Universiti Teknologi Malaysia
(UTM), Uni-Technologies Sdn Bhd, and Biopure Systems Sdn Bhd will be
financing the anticipated $60-million (U.S.) project.
The preliminary budget for the project is expected to include $20-million
(U.S.) for a technology transfer and associated expenses, with $10-million
(U.S.) payable to Plasma Environmental and Hungaroplazma (the company's
Hungarian partner); $30-million (U.S.) for the development and construction
of a PARCON municipal solid waste plant; and $10-million (U.S.) for a
plasma research facility and associated research and development.
Plasma Environmental's representatives will be travelling to Malaysia in
September to negotiate the final details of this milestone agreement.
Plasma Environmental's key product, the PARCON unit, is a patented
hazardous waste destruction system. Independently tested at USEPA's
National Risk Management Research Laboratory, the PARCON system met or
exceeded EPA standards for destruction of PCBs, chemical warfare agents and
explosives by exceeding a 99.99995 per cent destruction removal efficiency.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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