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Technology Stocks : Solucorp Industries (SLUP - OTCBB) -- Ignore unavailable to you. Want to Upgrade?

To: junglejims who wrote (17)	11/22/1997 10:52:00 PM
From: robert a belfer	Read Replies (1) \| Respond to of 3679

WEST NYACK, N.Y.--(BUSINESS WIRE)--Nov. 20, 1997-- Commences $125 Million Site Clean-Up and $4.8 Million Annual Production Line System Solucorp Industries Ltd (OTCBB:SLUP) The company is pleased to announce that its senior officers completed a highly productive trip to Beijing, China. Solucorp and its licensee for China, Smart International Ltd., met with ministers and other high-ranking representatives of the prestigious China Aerospace's Product Development Bureau, the China National EPA and the China Green Environmental Development Center. The trip, which was initiated in conjunction with environmental commitments agreed to at the Sino-U.S. Presidential Summit recently held in the United States, was designed to review Solucorp's U.S. EPA-supported MBS(R) process for inclusion in China's Five Year Plan to substantially eliminate heavy metals contamination in its soil and water. The Five Year Plan calls for remediation of heavy metals contamination estimated to be in excess of US$6.5 billion. Company representatives have been invited to attend a high level meeting at which the World Bank, the Asia Development Bank and other major financial institutions will discuss the Five Year Plan and financing to ensure its execution with Chinese officials. The meeting will be conducted on Nov. 20 and 21, 1997 in Beijing. The China National EPA has disclosed that numerous heavy metals remediation projects have already been selected, and that the World Bank and Asian Development Bank have already given China US$1 Billion for these clean ups. Under the terms of an agreement executed while in China, Solucorp and its partner Smart International, have formed a joint venture with China's Aerospace's Bureau of Product Development and China National EPA's China Green Environmental Development Center for the purposes of marketing Solucorp's MBS technology throughout China. The Chinese expressed extreme interest in the ability of MBS to stop hazardous waste at its source, thereby preventing further environmental damage while allowing future resource for utilization of clean up of past problems. As a result of this, Solucorp has been instructed to immediately design an "in-line" system for full implementation by March-April 1998 at the China Aerospace Bureau Battery Plant in the Gui Zhou Province. The MBS applied "In-Line" System will totally eliminate the hazardous metals in the estimated 10,000 tons of waste by-product currently produced each month. Solucorp-Smart estimates that this will result in revenues of $400,000 per month once the system is operational. This Battery Plant In-Line system will serve as a pilot for all other plants currently producing metals waste. Solucorp's expertise with In-Line systems was developed via highly successful remediation of hazardous slags at currently operating projects in Missouri and Tennessee, USA, plus numerous Pilot Studies in preparation for full-scale operations with two leading pipe manufacturers and foundries. Solucorp further announced that the Solucorp-Smart Engineers in China are to immediately commence testing and associated operations for remediation of 1,000 acres of cadmium and other metals on the Chuan Shan Reservoir irrigation field in Jiang Zi Province. The project, valued in excess of US$125 million, will take two years to complete. Funding for this vast project is established, and revenues will commence in the first quarter of 1998. The company will also be reviewing other funded metals sites which are part of the 60-70 sites to be unveiled as part of the Five Year Plan. In anticipation of continued projects which will stem from the successful completion of the Jiang Zi Clean-up, Solucorp-Smart has invited the renowned Mrs. Wang Yusheng, professor, vice-chairman, secretary general of Civilian Science Committee and vice director of the prestigious China Aerospace Products Development Bureau to serve as special advisor in the promotion and utilization of the MBS technologies in China. The Chinese have directed attention to the Environment and due to China's vast population have caught the attention of international funding organizations. Mr. Wang Yunging of the China NEPA advised Solucorp-Smart that China is committed to addressing its problems now and has financial support to meet that commitment. -0- The foregoing discussion contains forward-looking statements which are based on current expectations. Actual results, including the timing and amount of revenues recognized, contracts awarded and performed and net income may differ due to such factors as: delays in payment on contracts due to dealings with governmental and foreign entities; fluctuations in operating costs associated with changes in project specifications; economic and other conditions affecting the ability of prospective clients to finance projects; and other risks generally affecting the financing of projects. --30--kvc/ny* rc/ny CONTACT: Solucorp Industries Ltd Brian Binckes, 913/685-4530 or Martin E. Janis & Company Inc. Bev Jedynak, 312/943-1100