(COMTEX) B: SUMMIT ENVIRONMENTAL CORPORATION INC - Finalizes Agreement i
B: SUMMIT ENVIRONMENTAL CORPORATION INC - Finalizes Agreement in Canada
New York, New York, Feb 13, 2002 (Market News Publishing via COMTEX) -- Summit
Environmental Corporation, Inc. announced an agreement with 614575 Alberta
Limited of Calgary, Alberta, Canada.
614575 manufactures unique fire extinguishing systems: one a residential system
containing 3.5 gallons of FlameOut(R); the other, a mobile gasoline powered unit
which can be moved to location by one person in a matter of seconds and uses 5
gallons of FlameOut(R). Additional five gallon containers of FlameOut(R) for
resupply are sold with these units.
Contract negotiations have been ongoing since February of 2001. The agreement
provides for royalties to be paid to Summit for these units when sold.
Currently, 614575 has presold orders for 18,000 of the residential units and
several hundred of the mobile gas powered units.
Summit's royalties for the unit using 3.5 gallons of FlameOut(R) is 5% and the
royalty for the unit using 5 gallons of FlameOut(R) is 3.5% of the wholesale
cost of goods.
"This is a solid agreement for Summit. Mark Hayes (of 614575) and I have
developed the right kind of relationship during the last year. We will be
receiving consistent monthly orders as the 18,000 pre-sold units will be
delivered to this specific 614575 customer incrementally over the next several
months, and they already have standing orders for the gas powered units," stated
Keith Parker Summit Environmental Corporation CEO.
614575 has also been involved with introducing FlameOut(R) to the Canadian
Forestry Service. Canada is awaiting the approval of the United States Forestry
Service certification of FlameOut(R) for wild fires which is anticipated during
Spring of 2002.
Summit's position for the sale of FlameOut(R) in Canada has been further
enhanced due to environmental policy prohibiting dropping fire fighting agents
from the air which contain phosphates, nearly eliminating all products currently
being used.
FlameOut(R), which is non-toxic, non-corrosive and rapidly biodegradable, fills
the void created by this new policy. 1999 saw over 93,000 wild fires in North
America covering in excess of 5,500,000 acres.
EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS SET FORTH IN
TODAY'S PRESENTATION ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
"SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995.
THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT MAY
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. THESE FORWARD-LOOKING STATEMENTS
SPEAK ONLY AS OF THE DATE HEREIN. SUMMIT DISCLAIMS ANY INTENT OR OBLIGATION TO
UPDATE THESE FORWARD-LOOKING STATEMENTS.
CONTACT: TEL: 800/522-7841 Keith Parker,
Summit Environmental Corporation Inc.
MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041.
(C) 2002 Market News Publishing Inc.
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KEYWORD: New York, New York
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