NEWS about Zeolite...
First American Scientific Corp. (FASC - OTCBB) announces plans to build aproduction facility in Princeton, BC to produce micronized zeolite
VANCOUVER, Nov 24, 2003 (Canada NewsWire via COMTEX) -- Brian Nichols, President of First American Scientific Corp. (FASC) is pleased to announce that FASC has signed a joint venture agreement with Zeo-Tech Enviro Corp. (ZEO) and C2C Zeolite Corporation Ltd. (CZC) to build a production facility at Princeton BC for the micronizing of raw zeolite through the KDS Micronex System. The new product called "ZeoFume" will be used to supply product for CZC's existing contracts.
Under the agreement, a new company, United Zeolite Products Ltd. (UZP) will be formed with each party contributing equipment, raw materials, and contractual rights respectively. First American Scientific Corp. will own 1/3 of the outstanding shares of UZP and will manage the operation of the Princeton plant. All profits from the joint venture will be divided equally amongst the 3 parties.
Earlier this year, CZC announced its participation in the development of a new lightweight, zeolite-based oil well cementing system. FASC is pleased that its KDS Micronex has become part of that process. The UZP plant in Princeton is being constructed to supply "micronized" zeolite as the new process is commercialized.
Arrangements for construction of the plant and delivery of the equipment are now underway, with a target date to commence full operations in spring 2004. Further details will be announced as they become available.
Certain information and statements included in this release constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act.
ON BEHALF OF THE BOARD OF DIRECTORS
C. Kantonen, Chairman
