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Official Communiqué From Bajaj Hindusthan Ltd.
DELHI, INDIA -- (MARKET WIRE) -- March 12, 2007 -- Bajaj Hindusthan Ltd. (BOMBAY: BSE) releases this official statement for and through Alcar Chemicals Group Inc. (PINKSHEETS: ACMG) concerning present work and future plans.
Following the confusion created by a misunderstanding in internal communications, Bajaj Hindusthan Ltd (BHL) would like to clarify its relations with ACMG through this official communiqué.
BHL has in fact had discussions with ACMG regarding a possible future licensing agreement since early January of the current year. These discussions have been followed by the signing of a confidentiality agreement after which they intensified towards the process of setting up an optimization project to maximize efficiency when using the entire sugar cane plant. For obvious reasons we will not disclose the details and the end-products envisioned through this optimization we can, however, confirm that these optimizations are being undertaken by ACMG completely free of charge to BHL. Following discussions between our GM of BHL's Chemical Division, who also represented Bajaj eco-tec products ltd. during these talks, BHL will in return agree to let ACMG share the results with few select companies outside India that are using sugar cane as feedstock in their process after mutual consent with BHL.
