EarthFirst Technologies, Inc. (OTC Bulletin Board: EFTI) announced that it has licensed the rights to its BORS Lift, an oil extraction device, to BORS International, L.L.C., a company founded by Dan Doyle and Frank McPeak, the co-founders of Danka Industries.
"We made the decision to license the BORS Lift on the basis of its ability to produce more oil at a lower cost versus currently available oil extraction methods," McPeak said. "We would also like to give credit where it is due," he continued, "EarthFirst developed an idea that laid fallow for many years and designed, engineered, built, tested and delivered an excellent product in less than 24 months."
The BORS Lift, or Balanced Oil Recovery System, is a machine that is able to increase production, decrease costs and eliminate the extraction of salt water, an economic and environmental benefit, on relatively shallow, low- volume oil wells called stripper wells. "The BORS Lift is our first fully developed commercial product," said John Stanton, EarthFirst's President and CEO, "and it is ready to take its place in the market. This is an important step toward providing our company and its shareholders a return on their investment in this product."
"Concluding this transaction," he added, "also allows EarthFirst to concentrate its near-term development efforts on environmentally friendly alternative fuels and liquid and solid waste treatments."
Specific terms of the license agreement, which conveys the rights to market and manufacture to BORS International, were not released.
EarthFirst is a holding company whose primary focus is as an applied technology developer with operating companies that can benefit from its developments. As a developer, EarthFirst identifies, evaluates, acquires and develops promising new technologies. Its operations, which also serve as a proving ground for its developments, include resource recovery, demolition and related activities.
For more information please visit EarthFirst's Web site at www.earthfirsttech.com. COPYRIGHT 2000 PR Newswire Association LLC No portion of this article can be reproduced without the express written permission from the copyright holder. Copyright 2000 Gale, Cengage Learning. All rights reserved.
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