EFTI - Press ReleaseSource: EarthFirst Technologies, Incorporated
EFTI Forms Joint Venture to Commercialize Solid Waste Technology
Thursday October 9, 1:00 pm ET
TAMPA, Fla.--(BUSINESS WIRE)--Oct. 9, 2003--EarthFirst Technologies, Incorporated ("EFTI", or "the Company") (OTCBB:EFTI - News), in partnership with World Environmental Solutions Company, LLC ("WESCO"), today announced the formation of an LLC to complete the development, validation and commercialization of the rubber tire waste processing system. EFTI and WESCO have formed World Environmental Solutions Holdings, LLC, a Nevada limited liability company, to take advantage of proprietary technology brought to WESCO through a Cooperative Research and Development Agreement ("CRADA") with the Oak Ridge National Laboratory ("ORNL"). This technology is available through ORNL relationships with scientists of the Newly Independent States of the Former Soviet Union. In a cooperative effort, technology will be commercialized and manufacturing techniques will be developed to benefit all parties.
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Under the terms of the joint venture, WESCO will provide all required financing, be the interface for the CRADA work with ORNL and the Department of Energy and support day-to-day operations. ORNL will validate the completed plan and assist in the documentation of the proprietary technology. Patents developed will be for the exclusive use of the LLC.
An agreement has been reached with Turner Industries, a major fabrication and erection company, for engineering, plant construction and installation services. Ranked among the top fabrication and erection companies in the world, Turner employs about 12,500 people and has annual sales of approximately $1 billion. Turner is headquartered in Baton Rouge, LA and brings the needed experience and credibility to assure that the plants are built for optimum efficiency and reliability. Expectations are that formal development will be completed in this calendar year. Operational tests, engineering, validation and technical documentation are planned to be completed in this same timeframe and contracts for operational plants should follow immediately.
ORNL conducts basic and applied research to provide technological solutions to problems in key scientific areas; e.g., increasing the availability of clean, abundant energy; restoring and protecting the environment; and contributing to the national security.
WESCO has pursued solutions in waste remediation and is presently focused on processing rubber tires. The principals participated with EarthFirst in the developmental work performed at Port Gibson, MS and now augment our efforts with the relationships and technology of the Dept. of Energy and ORNL.
John Stanton, Chairman of EFTI stated, "The reason EFTI formed a partnership with WESCO was to take advantage of proven technology under government sponsorship. EFTI has not abandoned, in any way, its technology developed in Port Gibson, MS. EFTI and its affiliates are equity partners and creditors of the plant in Mississippi and expect to reap rewards in due course."
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