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EarthFirst Technologies, Inc. Announces Letter-of-Intent with Advanced Environmental Services, Ltd.
TAMPA, Fla., Jun 18, 2004 (BUSINESS WIRE) --
EarthFirst Technologies, Inc. ("EFTI" or the "Company") (OTCBB:EFTI) today announced the signing of a Letter-of-Intent to acquire 100% of Advanced Environmental Services, Ltd. ("AES") in exchange for common shares of EFTI.

AES is one of Ireland's largest waste management companies providing an integrated range of environmental services encompassing consultation, collection, recovery, treatment, recycling and disposal. AES is an integrated waste operator with involvement in all elements of waste processing except landfill disposal. AES operates nationwide, in Ireland, in the commercial waste liquids & sludges businesses and in the domestic waste market including wastewater and sewage treatment plants. AES is a significant company in the Irish waste management sector, particularly in the greater Midlands area of Ireland. AES reported revenues in fiscal year 2003 of $31.5 million and EBITDA of $0.5 million.

AES is interested in reducing its landfill fees for its own profitability as well as to comply with EU directives of landfill reduction. The EFTI Technology of processing and destroying liquid and solid waste streams is of interest in achieving these goals. AES will serve as EFTI's platform to introduce its technologies in the EU and UK.

The agreement provides for a 60-day period for both parties to perform due diligence, complete a Summary Business Plan and establish performance milestones.

AES was established in 1996 as Waste Recycling Ireland Limited and commenced business as Advanced Environmental Solutions (Ireland) Limited in July 2001 through the acquisition of Midland Refuse Service (Laois) Limited, O'Brien's Waste Recycling Limited and Erwin Cobbe Waste Disposal Limited.

EarthFirst Technologies, Incorporated and its subsidiaries http://www.earthfirsttech.com, are dedicated to producing environmentally superior products from carbon-rich solid and liquid materials currently considered wastes. The Company has conducted more than five years of extensive research and development on advanced technologies to achieve this goal.

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statement of EFTI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future EFTI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and EFTI has no specific intention to update these statements.

SOURCE: EarthFirst Technologies, Inc.

EarthFirst Technologies, Inc., Tampa
Beverly Mercer, 813-238-5010 ext 401
or
Equitilink, LLC, 877-788-1940
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