TORONTO-( BUSINESS WIRE )-May 21,2002. Ozolutions INC. ( OTCBB: OZLU), Toronto based international distributor of environmentally friendly water treatment systems is pleased to announce a final settlement with Hankin Ozone Systems Ltd. for the exclusive marketing rights to distribute the products of Hankin Ozone Systems in Mexico, Ontario and non exclusive rights for the Caribbean Zone.
Ozolutions had previously purchased said rights from 1421209 Ontario Limited for $ 1,017, 217 and the issuance of 8,000,000 common shares of Ozolutions Inc. The $ 17.217 was paid in June of 2000 and the 8,000,000 shares were issued in November. 2000. The additional payment of $1,000,000 to 1421209 Ontario Limited, which had not previously been paid, will no longer be required since Ozolutions directly paid Hankin $50,000 on April 19, 2002 for these marketing rights and for future consideration of additional territorial and product rights.
As a result of this agreement with Hankin, Ozolutions will write off the net marketing rights of $ 763,710, eliminate the remaining obligation of $ 1,009, 500 to 1421209 Ontario Limited and record an estimated extraordinary gain of $ 237,179 in Ozolutions third quarter ending May 31, 2002. In addition, Ozolutions will expense the $ 50,000 already paid to Hankin.
Hankin Ozone Systems will commence production of its new EntrOzone multi-barrier protection unit which is designed for use in individual homes, farms and leisure properties not served by properly treated water supplies. In Ontario alone, there are more than 800,000 homes on individual wells, many of which show significantly high levels of microbial contamination. Given the increasing number of contaminants found in private water supplies, the EntrOzone is designed to eliminate bacteria, viruses, parasites, many chemicals and heavy metals. This capability to eliminate a broad spectrum of water borne contaminants is made possible by Hankin's integration of three proven treatment technologies- ozonation, ultra violet and activated carbon filtration, none of which introduce harmful chemicals into the environment.
Ozolutions intends to aggressively market the EntrOzone in Ontario, Canada's largest market, one that is acutely aware of the importance of pure drinking water since the May 2000 E.coli water crisis that affected so many citizens of Walkerton, Ontario. This event triggered a major public investigation of the Walkerton events and refocused regulatory attention on the importance of safe drinking water.
HankinOzone Systems have designed and installed many ozone based water treatment systems around the world with particular success in the bottled water industry, municipal water supply and cooling towers. Max Weissengruber, Ozolutions President stated that " Ozolutions anticipates strong demand for the EntrOzone since more and more individual homes are being required to provide their own water treatment systems which are as important as heating, ventilation and air conditioning for home comfort and family safety".
If you can't stand the heat, stay out of the kitchen :-$))
