May I pump through? lolol Intrepid Receives Significant Contract Extension
Wednesday March 31, 3:49 pm ET
IDAHO FALLS, Idaho, March 31, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR), a renewable energy company (OTC BB:IESV.OB - News), has been awarded a significant contract extension to their ongoing Oak Ridge Associated Universities studies on the long-term effects of radiation at the United States National Laboratories. The contract extension is in excess of 400,000 dollars, which ITR believes is a strong indicator of the exceptional quality of work ITR produces and the high regard that present customers hold ITR in.
ITR would anticipate that their quantity of engineering services will decrease somewhat over the next couple of quarters as more staff are shifted to the construction, production and marketing of their alternate energy plants. At the present time and well into the foreseeable future the production and distribution of renewable energy represents a unique opportunity to the shareholders and employees of ITR.
It was announced on March 30, 2004 that the construction contract on ITR's flagship methane gas refinery was awarded and construction will begin within the week. That plant will be completed by late July and begin to produce commercial quantities of marketable gas by September. ITR sees their market in Idaho alone may exceed 50 million dollars in renewable energy revenues by 2010. Once the initial plant is operational the demand for ITR's technology and services may require ITR to add additional professional staff to service their growing alternate energy clientele and an increase in engineering services expected in 2005. Using 2004 as a base ITR should be able to double their alternate energy revenues for each of the next 5 years.
About Intrepid Technology: We are a premier technology application innovator of Biogas, bio-diesel and Ethanol products and services designed to assist in worldwide energy independence and reduce pollution (Green Energy). All of these are from renewable agriculture feedstock and industrial and agriculture waste materials.
Statements released by Intrepid Technologies and Resources that are not purely historical are forward-looking within the meaning of the ``Safe Harbor' provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Contact:
Intrepid Technology
Steve Ellis
(208) 529-5337
sellis@intrepid21.com
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Source: Intrepid Technology and Resources, Inc.
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