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

To: hawkeye who wrote (2516)	5/19/1999 4:18:00 PM
From: IEarnedIt	Read Replies (1) \| Respond to of 3679

Here's another PR from today. 01:27 PM BW Solucorp Settles Lawsuit 05/06/99 BW Solucorp Awarded $900,000 Contract Plus 25% Interest in Brownfield Developm... May 6, 1999 01:45 PM WEST NYACK, N.Y.--(BUSINESS WIRE)--May 6, 1999--Solucorp Industries Ltd. SLUP today announced that it has been awarded a $900,000 contract to perform various environmental services, including soil stabilization, building demolition, asbestos abatement and a lagoon closure associated with the purchase of a 15.49 acre site in Cedar Knolls, N.J., by a Limited Partnership. Solucorp will receive a Mobilization Fee of $180,000, representing 20% of the total contract value, immediately after the property purchase is closed, currently scheduled for June 14, 1999. On-site operations are expected to be completed in approximately eight weeks after mobilization. The contract terms allow Solucorp to invoice weekly for work on a percentage of completion basis, with payment to be effected immediately thereafter from an escrow account. As part of the $900,000 contract, Solucorp will also be afforded a twenty five percent (25%) limited liability interest in any and all profits derived from the sale or redevelopment of the property. This project represents Solucorp's first remediation and profit-sharing contract associated with its Brownfields Redevelopment Program, and is designed to couple the long-term stability and cost-effectiveness of the Company's Molecular Bonding System (MBS(R)) with the necessity to remediate and reestablish a useful life for environmentally unsafe and non-tax ratable properties. The company also announced that, further to its Press Release No. 98-37, dated Dec. 17, 1998, the contract for the project at Weldon Springs remains viable, however delays in other aspects of the on-site work have not yet permitted start-up of remediation activities. Headquartered in West Nyack, N.Y., with offices in Argentina, Canada, China, Puerto Rico and the U.K., Solucorp Industries focuses on the development and marketing of products which solve the needs of environmental markets. The Company's Molecular Bonding System has the official status of a US EPA Superfund Innovative Technology, capable of cost-efficient stabilization of hazardous metals in soils and industrial wastes. 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. © 1999 Business Wire.