Solucorp's Ravenna, Italy Project Showcases Proprietary Technology
Solucorp Industries, Ltd. (OTC:SLUP) announced today that its soil remediation project in Ravenna, Ponticelle, Italy has generated $3.7 million in revenues during the past ten months. Tonnage remaining to be processed through November 2006 will result in an additional approximate $1 million in revenue, for a total of $4.7 million in total revenues generated from this project during the calendar year 2006.
The company's patented Molecular Bonding System (MBS(R)) technology successfully remediated hazardous heavy metals from soils on site during the ten-month period. The test results show the MBS process consistently resulted in treated soils proving non-hazardous soil. The land is now acceptable for redevelopment under stringent Italian Environmental Land Redevelopment regulations. The site is owned by Syndial who has sold the remediated and reclaimed the land for use as a housing development.
The ongoing success at the Ravenna project has been used to showcase cost effectiveness and efficiency of the MBS technology to other prospective clients throughout Italy, including one project in Venezia, one in Tuscany, and two in the province of Emilia. To date, Solucorp has successfully tested and treated contaminated soil and water samples at seven hazardous waste sites throughout Italy and is in various stages of contract negotiations for remediation contracts.
Two additional Syndial site projects are pending, attesting not only to the success at the Ravenna site, but to Syndial's commitment to the MBS technology. Syndial has identified nineteen sites in need of remediation.
Based in Rome, Syndial is one of Europe's largest companies, employing more than 80,000 persons in more than 70 countries. Syndial represents an important international alliance and provides Solucorp with a worldwide stage from which to showcase its innovative technologies.
Solucorp's Italian operation is expanding to meet the ever growing interest in and demand for its technologies. Theodore Wille Intertrade, GmBH, a European purchasing conglomerate, visited the Ravenna site and introduced the Venezia site opportunity to Solucorp. The potential remediation of that site alone represents an estimated $16+ million in revenue to Solucorp. The success of the Ravenna site, when added to the remediation requirements of the European Union and Italian government, set the stage for expanded use of Solucorp's innovative technologies throughout Italy and the rest of Europe.
