News from China...
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SCOTTSDALE, Ariz., Jan. 24 /PRNewswire/ -- ALANCO Environmental Resources
Corporation (Nasdaq: ALAN) today announced that it received a Certificate
of Final Acceptance from the Dezhou Thermal Power Plant in China for its
Charged Dry Sorbent Injection system (CDSI). The Certificate of Acceptance
was issued after the Shandong, China, EPA Monitoring Center completed over
a year of tests of the emissions from the CDSI system in mid December and
found the system met China's national emission standard.
ALANCO President and Chief Executive Officer Norman E. Meyer said, "Chinese
EPA approval of the CDSI system is integral to establishing ALANCO as a
major competitor in the Chinese air pollution control market, ALANCO now
has the opportunity to pursue a huge and potentially lucrative market.
Chinese officials estimate that a mere one percent share of the pollution
control market could generate $700 million in revenue."
The ALANCO CDSI system is one of only five environmental technologies
listed in the Chinese Premier's Agenda 21, the country's environmental
cleanup plan for the next century. ALANCO currently has a marketing
agreement in China for its CDSI technology with China National Environmental
Protection Company, one of the country's largest environmental enforcement
companies.
In October 1996, ALANCO signed an agreement with the Dezhou Thermal Power
Plant to sell the power plant up to six, but not less than four, additional
CDSI air pollution control systems. Dezhou Thermal Power Plant intends to
increase generating capacity with the addition of two new 130 t/h boilers in
1997, which will employ as many as six complete CDSI systems. The agreement
represents between $600,000 and $900,000 in revenue to ALANCO.
ALANCO also announced this month the completion of the second CDSI
installation in China at the Hangzhou Iron & Steel Company, the largest steel
producing factory in China's Zheijiang Province. The project ultimately calls
for the installation of four additional systems at the plant, including two
CDSI systems to be designed for new boilers.
ALANCO's patented CDSI system uses an electrostatically charged sorbent to
remediate and remove noxious gases such as sulfur dioxide from a hot exhaust
gas stream. It is both more efficient and cost effective than competing
technologies.
ALANCO announced earlier this month that the company had achieved profitability
for the month of December 1996, completing the first phase of the company's
turnaround. The company moved into profitability after reporting surging revenues
in its Fry Guy division. The Fry Guy division's deep fryer and related food
products were successfully deployed nationally in more than 1,100 Wal-Mart stores.
It also signed an exclusive agreement with Salubre Foods International, Inc. to
provide Fry Guy Integrated Food Marketing Program and the company's, trademarked,
private label SGT., FRY Integrated Food Marketing Program to the huge independent
retail market.
ALANCO also announced that all five members of the company's Board of Directors
were re-elected to the Board by company shareholders at its annual meeting Jan.
13, 1997 in Scottsdale, Ariz. Re-elected were Chairman Dennis Schlegel, Harold
S. Carpenter, John Lowell Gilchrist, Norman E. Meyer and Charles C. Miller.
In a subsequent Directors' meeting, Norman E. Meyer was re-elected President and
Chief Executive Officer.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements that are subject to risks
and uncertainties, including, but not limited to, the impact of competitive
products, product demand and market acceptance risks, reliance on key strategic
alliances, fluctuations in operating results and other risks detailed from
time-to-time in the Company's filings with the Securities and Exchange Commission.
These risks could cause the Company's actual results for 1997 and beyond to differ
materially from those expressed in any forward- looking statements made by, or on
behalf of, the Company.
SOURCE ALANCO Environmental Resources Corp.
CO: ALANCO Environmental Resources Corp.
ST: Arizona
IN: ENV CPR FIN
SU:
01/24/97 08:31 EST prnewswire.com |
