this is HUGE HUGE HUGE news for ERTH !!!!!!!! :))))))))))))))
EarthShell Corporation Awarded Supply Contract From General Services Administration; Government Agencies Now Able to Purchase EarthShell Packaging from Federal Supply Schedule
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Dec. 18, 2001--EarthShell Corporation (NASDAQ:ERTH), innovators of food service packaging designed with the environment in mind, announced today that it has been awarded a contract by the General Services Administration (GSA), which now lists EarthShell Packaging(R) on the Federal Supply Schedule.
Federal agencies now have the option to purchase EarthShell Packaging plates, bowls and hinged-lid containers either by telephone or electronically. Over $100 million in food service disposable packaging is estimated to be purchased off the Federal Supply Schedule each year. The contract is now effective and is renewable after five years.
"Being listed on the Federal Supply Schedule makes it easy for government agencies to purchase EarthShell Packaging at competitive prices," said Simon K. Hodson, president and chief executive officer of EarthShell Corporation. "Interest in EarthShell Packaging products from government facilities continues to build, and we believe this new channel will represent significant revenue potential over the next several years."
The Federal Supply Schedule is a list of products available for purchase by government agencies and is issued by the General Services Administration, which oversees procurement, contract negotiations and administrative purchasing for federal agencies. The Schedule allows for purchasing convenience and ensures that federal agencies receive the most competitive price for quality products.
The list includes information regarding the environmental attributes of EarthShell Packaging, which can be easily identified by those with access to the Schedule. Government purchasers can place orders online and may use the government-issued credit card, or may receive invoices through electronic billing.
EarthShell Packaging sandwich containers, plates and bowls were designed with the environment in mind. They were developed over many years using a Life Cycle Inventory and in consultation with leading environmental experts to reduce the environmental burdens of rigid food service packaging through the careful selection of raw materials, processes and suppliers.
The products are made primarily from natural limestone and potato starch. The new packaging substantially reduces risk to wildlife compared to polystyrene foam packaging because it biodegrades when exposed to moisture in nature, physically disintegrates in water when crushed or broken and can be composted in a commercial facility (where available) or in your backyard.
In addition to EarthShell Corporation's rigid packaging, the company has recently introduced flexible packaging in the form of sandwich wraps that also have been developed using a Life Cycle Inventory. The wraps biodegrade when exposed to moisture in nature, physically disintegrate in water and can be composted in a commercial facility (where available) or in your backyard.
EarthShell Corporation is engaged in the licensing and commercialization of proprietary composite material technology for the manufacture of foodservice disposable packaging, including cups, plates, bowls, hinged-lid containers, and sandwich wraps.
In addition to certain environmental characteristics, EarthShell Packaging is designed to be cost and performance competitive compared to other foodservice packaging materials.
For more information, please visit our website www.earthshell.com.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks, uncertainties of other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Factors that might cause such a difference include, but are not limited to, those discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's most recent Form 10-K and other documents filed by the Company with the Securities and Exchange Commission.
www.earthshell.com
CONTACT:
Media Inquiries:
EarthShell Corporation
Vincent J. Truant, 410/847-9420
or
Alcalde & Fay
Kevin Fay, 703/841-0626
fay@alcalde-fay.com
or
Investor Inquiries:
EarthShell Corporation
Caroline Leakan, 805/897-2218
investor@earthshell.com
KEYWORD: CALIFORNIA
BW2226 DEC 18,2001
6:10 PACIFIC
9:10 EASTERN
