The Parties Plan to Meet in the Next 30 to 60 Days
To Finalize the Terms of a Contract
WILTON, Conn., Oct. 22 /PRNewswire-FirstCall/ --
Startech Environmental Corp. (Nasdaq: STHK), a leading manufacturer of
plasma-based systems for the conversion of waste into useful commodity
products, announced today that it has received written confirmation, in the
form of a formal Letter of Intent, of its selection to provide a 10
ton-per-day Plasma Converter System to process toxic wastes. The purchaser
will be a private company named Polus Montana, Ltd. created for this purpose
by the Polish Municipality of Bytom.
Joseph Klimek, president and CEO of Startech Environmental, said, "This
Letter of Intent is the result of a long and in-depth competitive process that
concluded with us being selected for this activity. I am very pleased that our
technology has been selected for the third time in Poland within the last 45
days."
The total value of the proposed contract exceeds $5 million. According to
the Letter of Intent, the parties expect to meet within the next 30 days-to-60
days to finalize the terms of the sale.
Polus intends to form the Modern Center for Waste Processing in Bytom,
Poland, using Startech's plasma technology, on Municipal landfill property
transferred to it by the Municipality. The site is currently being prepared
for the creation of the waste processing center. Miroslaw Stopa, president of
the newly created private company, said, "We are very pleased to have signed
the Letter of Intent, and look to a long relationship with Startech
Environmental Corp."
About Startech Environmental Corp:
Startech is an environmental equipment company whose Plasma Converter is
essentially an electrochemical system that, while safely destroying wastes,
even hazardous wastes, converts those materials into useful and valuable
commodity products. It does this economically, efficiently, with relatively
few moving parts, and without combustion. The prime mover in the Plasma
Converter process is the chemical dissociation (decomposition) of the feed
materials after which their elemental components (atoms) are reformed into
useful commodities. The United States Environmental Protection Agency has
designated materials, even if they may have once been regarded as wastes, or
hazardous wastes, undergoing such a recycling process, no longer as wastes,
but as "feedstocks." StarCell(TM) is the Company's new, patented hydrogen
selective membrane system that separates hydrogen from the PCG(TM) produced
from wastes. PCG is a clean synthesis fuel-gas mixture with many commercial
uses.
Safe Harbor for Forward-Looking Statements:
This press release contains forward-looking statements, including
statements regarding the Company's plans and expectations regarding the
development and commercialization of its Plasma Converter(TM) and StarCell(TM)
technology. All forward-looking statements are subject to risk and
uncertainties that could cause actual results to differ materially from those
projected. Factors that could cause such a difference include, without
limitation, general risks associated with product development, manufacturing,
rapid technological change and competition as well as other risks set forth in
the Company's filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the date of this
press release. The Company expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any such statement to reflect
any change in the Company's expectations or any change in events, conditions
or circumstances on which any such statement is based.
SOURCE Startech Environmental Corp.
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Related links:
http://www.startech.net
Company News On-Call:
http://www.prnewswire.com/comp/113537.html
CONTACT:
Robert DeRochie, CFO & VP of Investor
Relations of Startech Environmental Corp., +1-203-762-2499,
rlderoch@startech.net; or Truc N Nguyen, Investor Relations of
Stern & Co., +1-212-888-0044, tnguyen@sternco.com, for Startech
Environmental Corp.
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