Press release about Solucorp. From Sedar
NEWS RELEASE #179
December 14, 1998
Earthworks Industries Inc. ( “the Company”) has been informed by Solucorp Industries Ltd., of Nyack, New York, that they have been awarded a contract to process up to 50,000 tons of material using Solucorp's MBS™ technology.
The contract calls for the clean up of hazardous metals contaminated soil at a former steel manufacturing facility in Vancouver, BC. Subsequent to a successful on-site demonstration in January, 1997 and the granting by the BC Ministry of the Environment of the first site permit for this unique process, the contract is scheduled be completed over the next few months.
Under the terms of the Company's royalty agreement with Solucorp, the Company will receive approximately $50,000, or $1 for each ton of material treated. This marks the first of what should be many clean ups of industrial sites in Canada and the United States with this innovative technology. It is of particular interest that the first significant on-site contract comes here in Vancouver, where the technology was first developed. The Company was originally involved in the R&D for MBS™, but sold its interest to Solucorp for the royalty when the Cortina landfill Project became the Company's focus.
Earthworks is confident that this precedent setting contract for treatment will lead to significant savings for many companies looking for cost efficient treatment of metals contaminated material and open the door to a virtually untapped market for this process. Solucorp has informed the Company that it is at various stages of negotiation on over 1.5 million tons of contaminated material in both Canada and the United States. The Company has, to date, received approximately $45,000 in royalties from Solucorp on other early clean-up projects that it has handled.
Projects similar to this one number in the thousands and for the most part are located in the older inner cities where heavy industries were once located. It is this trend to inner-city development, and in particular the old Expo site in Vancouver, which was the impetus for the development of this technology. The Company takes particular pride in being part of this environmental milestone.
EARTHWORKS INDUSTRIES INC.
David Atkinson
President
The Vancouver Stock Exchange assumes no responsibility for the accuracy of this Release and neither approves nor disapproves of the same.
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