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VeruTEK Technologies Wins Energy, Environment, Green Tech Company of the Year
BLOOMFIELD, Conn., Sep 18, 2008 (BUSINESS WIRE) -- VeruTEK Technologies Inc. (OTCBB:VTKT), a Cleantech company, announced today that it has won the Energy, Environment, Green Tech Company of the Year for 2008 presented by the Connecticut Technology Council (CTC) and the Connecticut Center for Advanced Technologies (CCAT).
Dr. John Collins, President and CEO of VeruTEK, said, "In much the same way pharmaceutical companies develop cures for human illnesses, VeruTEK is developing green, sustainable, and high-tech remedies for the environment. It is gratifying to see our unique vision validated by such great organizations as the CTC and CCAT."
VeruTEK is one of the few commercial research and development companies in the world focused on remedying toxic compounds in the environment. The United States Environmental Protection Agency estimates there are 294,000 contaminated sites in the United States in need of remediation. Fortune 1000 companies have reserved between $250B and $1000B to clean up such sites, but many of these projects have been delayed due to a lack of effective cleanup technologies. As such, more than 50 percent of the remediation in the United States involves digging up soil and storing toxic waste in landfills. Technologies such as VeruTEK's remedy contaminants "in place" providing a far better and more cost-effective solution. VeruTEK is currently implementing seven projects in five states.
Douglas Anderson, Chairman of the Board of VeruTEK said, "The development of new technologies that can remedy specific environmental hazards helps both communities and corporations. It is truly a win-win that needs to be supported by both the public and private sectors."
VeruTEK maintains a state-of-the-art laboratory and research and development facility in Bloomfield, Connecticut. The company has developed remediation technologies to treat sources of soil and groundwater contamination at industrial, utility, commercial and government-owned sites. VeruTEK's treatment processes enable controlled dissolution and desorption of organic phase chemical contaminants using plant-based, FDA-approved extracts along with simultaneous destruction of the toxic chemicals. The development of these technologies will eliminate the need for costly excavation and land filling, as well as incineration of wastes formerly used at many sites. The company implements site specific remedies with designer surfactant/oxidant combinations that are environmentally safe and non-intrusive to nearby communities.
About VeruTEK Technologies, Inc.
VeruTEK (OTCBB:VTKT) provides proprietary, patent-pending, green, and sustainable solutions for cleaning up the environment. For more information, please visit www.verutek.com.
About the Connecticut Center for Advanced Technologies
The Connecticut Center for Advanced Technology, Inc. provides services and resources to entrepreneurs and businesses, and through collaboration with industry, academia, and government, helps companies innovate and compete, thereby strengthening our nation in the global market.
About the Connecticut Technology Council
The Connecticut Technology Council is a statewide association of technology oriented companies and institutions, providing leadership in areas of policy advocacy, community building and assistance for growing companies. Speaking for over 2,000 companies that employ some 200,000 residents, the Connecticut Technology Council seeks to provide a strong and urgent voice in support of the creation of a culture of innovation.
Safe Harbor Statement
This release may be deemed to contain forward-looking statements that are based on our current expectations, beliefs, assumptions, estimates, forecasts, and projections about the industry and markets in whichVeruTEK operates. The statements contained in this release are not guarantees of future performance, are inherently uncertain, involve certain risks, uncertainties, and assumptions that are difficult to predict, and do not give effect to the potential impact of any mergers, acquisitions, divestitures, or business combinations that may be announced or closed after the date hereof. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representingVeruTEK's expectations or beliefs as of anyfuture date. We do not undertake any obligation to update forward-looking statements made by us. Important factors that may affect future operating results include:VeruTEK's substantial indebtedness, VeruTEK's limited operating history, VeruTEK's historically variable operating results,dependence on a limited number of customers, VeruTEK's dependence on a single supplier, volatile capital spending in the environmental remediation industry, and other risk factors described in our most recent filings with the Securities and Exchange Commission. Our results of operations for the periods presented in this release are not necessarily indicative of our operating results for any future periods.
SOURCE: VeruTEK Technologies Inc.
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