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Technology Stocks : EUO - Eurotech, Ltd. -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (516)	6/12/1998 12:37:00 AM
From: Colin Cody	Read Replies (1) \| Respond to of 565

Thursday June 11, 3:37 pm Eastern Time . Statement from Eurotech Ltd. . WASHINGTON June 11, 1998 On April 21, 1998, the European Bank for Reconstruction and Development ("EBRD"), the entity responsible for distributing funds contributed by the G-7 for use in connection with the Chernobyl Shelter Implementation Plan ("SIP"), announced that it had concluded the selection process for members of the Project Management Unit ("PMU"). . The PMU will serve as an independent consultant to the EBRD to review and approve the scope of the various projects encompassing the SIP and to recommend the technologies and suppliers to be employed within the context of the SIP for stabilizing and sealing the shelter at Chernobyl Nuclear Reactor No. 4. . The EBRD announced that the PMU will be comprised of representatives of the Ukrainian Ministry of Energy, Bechtel, Electricite de France and Batelle, a non-profit organization which operates the Pacific Northwest National Laboratories, a research entity located in the State of Washington and funded, in part, by the U.S. Department of Energy. . The EBRD's mandate provides that it cannot release any funds, whether for engineering, construction or containment technologies, without first receiving the recommendation of the PMU. The EBRD also announced that it has disbursed funds to the PMU to commence the review and evaluation process. . Also we have noted in previous communications, the Chernobyl authorities have approved the use of EKOR for the encapsulation of nuclear fuel containing masses at the shelter at Chernobyl Nuclear Reactor No. 4. The Chernobyl authorities must next submit their recommendation to the PMU for approval of funding which then submits its recommendation to the EBRD for disbursement. . Though there can be no assurance that the PMU will recommend the use of EKOR to the EBRD in connection with the SIP, neither management of Eurotech nor its consultants are aware of any technologies which perform as well as EKOR and management remains confident that the EKOR material will be selected for use within the context of the SIP for the encapsulation of nuclear fuel containing masses and nuclear dust suppression. . Eurotech is proceeding with the preparation and filing of patent applications covering several primary technologies and hopes that these applications will be filed by late June. . The company continues to seek to establish relationships with major multinational companies in North America and Europe in an effort to conclude licensing, joint venture or similar arrangements with respect to its primary technologies. . --------- Contact: Eurotech Ltd. Peter Gulko, president, 202/625-4382