WILTON, Conn., Nov. 10 /PRNewswire-FirstCall/ -- Startech Environmental
Corporation announced today that it has signed a $1,250,000 contract with
Mihama Inc. to modify the Plasma Converter, formerly owned and operated by the
Eiko Systems Corporation, to safely and irreversibly destroy PCBs
(polychlorinated byphenyls). Mihama is a Startech distributor for Japan and
Mihama has acquired the Plasma Converter system formerly owned by Eiko, now
liquidated. Startech was fully paid for the Eiko system.
The $1,250,000 contract is made up of $500,000 already received from
Mihama as a purchase down payment that will now be applied to this PCB
modification project. These amounts are in addition to the $250,000 Mihama
paid to the Company to acquire a Japan distributorship.
The acquisition of the Eiko system by Mihama and the contract for the
modification will fulfill the first of Mihama's contractual commitments, as a
distributor, to purchase additional Startech Plasma Converter Systems.
The PCB modification project is scheduled for completion in four months.
The balance of the contract's $750,000 will be paid in progress-payment
increments during the next four months with the next $250,000 payment due on
November 30, 2003.
About PCBS
The World Wildlife Fund reports that "PCBs interfere with many biological
functions, including the immune system, the nervous system and several
endocrine systems, and that fetuses appear to be particularly vulnerable to
these actions. Chronic low level PCB exposures can cause liver damage,
reproductive abnormalities, immune suppression, neurological and endocrine
system disorders, retarded infant development, and stunted intellectual
function.
"Of the estimated 3.4 billion pounds of PCBs manufactured worldwide (not
including the PCBs in the former Soviet Union) by 1989, up to two-thirds
remain in use or in the environment."
About the Japanese PCB program
In 2001, the Japanese Ministry of the Environment reported that there are
about 270,000 high-voltage transformers and capacitors stored in Japan contain
70% of the PCB that was ever deployed in the country. In October 2002, the
Ministry of the Environment notified various prefectures that they have to
develop plans and facilities to take care of the PCB-containing products and
maintain control of them until they are safely and irreversibly destroyed.
The Ministry envisions establishing PCB Processing facilities in approximately
six areas in the country
About Mihama Inc.
Mihama Inc., a Startech Environmental distributor, is headquartered in
Nagano-Ken, Japan, is a well established manufacturer and seller of automotive
parts and accessories. Mihama is now expanding into recycling of wastes,
environmental technologies, the irreversible destruction of PCBs, the
development and sales of industrial machines and the management of industrial
plants. Mihama customers are various international companies including Toyota
Motor Corporation and General Motors in the automobile sector, NTN Corporation
in the CVJ (Constant Velocity Joint) sector, and trading companies that
include Toyota Tsusho, among others.
About Startech Environmental Corp:
Startech is an environmental technology company engaged in the production
and sale of its innovative, proprietary plasma processing equipment known as
the Plasma Converter System(TM). The system achieves closed-loop elemental
recycling to safely and irreversibly destroy hazardous and non-hazardous
waste, industrial by-products and also items such as PCBs while converting
them into useful commodity products that can include chemical feed-stocks and
surplus energy for use and for sale.
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) 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.
For further information, contact Joseph F. Longo, or see the Startech web
page: http://www.startech.net
SOURCE Startech Environmental Corporation
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Related links:
http://www.startech.net
Company News On-Call:
http://www.prnewswire.com/comp/113537.html
CONTACT:
Joseph F. Longo, +1-203-762-2499, for
Startech
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