PR - JAN 7, 1999
RENO, Nev., Jan. 7 /PRNewswire/ -- Brian Wilmot, chief executive officer of Eagle Environmental Technologies Ltd. (OTC Bulletin Board: EGVRD), announced today that Eagle has received final acceptance of its bid for purchase of the Swan Lake Facility, a 210-million-gallon rated capacity waste processing facility in Texas City, Texas. Acceptance of Eagle's new dynamic operating and remediation plan for the site, by the administrative trustee of the site and the Texas Natural Resource Conservation Commission (TNRCC), follows three years of extensive negotiations.
Eagle will take control of the facility in January 1999, with full ownership following the issuance of the new reinstated permits expected in late February. Power Environmental Inc., which was previously acquired by Eagle Environmental, will provide the staff and technical support to operate the facility.
The Swan Lake facility, with an appraised value of over $17 million, is expected to be placed back into operation during the first quarter of 1999. During its peak year of prior operation, the facility processed over 74 million gallons of waste, generating the equivalent of $22 million annually in present-day revenue.
Concurrent with this final approval, Eagle has begun evaluation and planning to ensure safe and productive operation of the facility within the next 90 days. Anticipated improvements to the facility include system upgrades, modernization of waste stream processing and improved storage systems aimed at bringing the system up to its rated capacity. Additionally, plans are underway with regional universities and national laboratories for the joint operation of a new "Technology Development Center" for the research, development, practical testing and demonstration of new technologies to reduce or eliminate current volumes of wastes that are buried or incinerated at other facilities. The center, which will be the first of its kind in the United States, will offer full development and "proof of operation, dependability and versatility" for new technologies over an extended period.
"Eagle is proud to be able to add the Swan Lake facility to its portfolio of quality acquisitions aimed at establishing the company as a leader in environmental innovations," said Wilmot.
Eagle Environmental Technologies Ltd. is an acquisition-oriented systems integration company engaged in the identification and commercialization of innovative technologies for the elimination, treatment and/or recycling of hazardous waste. Visit Eagle's website at www.egvr.com.
NOTE: Statements contained in this release that are not strictly historical are "forward-looking" within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to place the Swan Lake facility back in service timely, the formation of the Technology Development Center, the company's ability to continue to develop its market, demand for the company's services, general economic conditions, and other factors that may be more fully described in the company's literature and any periodic filings with the Securities and Exchange Commission.
SOURCE Eagle Environmental Technologies Ltd.
CONTACT: Brian Wilmot, Chief Executive Officer of Eagle Environmental Technologies Ltd., 702-348-7448; or Madeleine Franco of Jordan Richard Assoc., 801-268-8610
Eagle has a website at www.egvr.com
E.B. |
