WILTON, Conn., Dec. 23 /PRNewswire-FirstCall/ --
Startech Environmental Corp. (Nasdaq: STHK), a leading 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, provides an activity
update.
Joseph S. Klimek, Startech president and CEO, stated, "There are many
projects and activities we would like to discuss with shareholders and other
interested parties, but want to insure that the information we provide on an
individual or group basis is also disseminated to the market as a whole. By
providing this update we hope to alert all of our constituencies to the many
exciting and ongoing activities we have ahead of us for 2003."
Japan
The Plasma Converter System installed in Japan is operationally ready to
process 5 ton per day of hazardous incinerator ash. The system has shown its
robust capability to process incinerator ash. All of the scheduled
modifications to our system that we previously announced have been installed
and we are awaiting confirmation from the Customer to begin 24 hour operation.
As soon as the Customer is ready to begin full processing we will dispatch our
engineers to support this final step. Systemization runs have demonstrated
compliance with operational performance standards and specifications. The
standard Plasma Converter System, including the standard melt extraction
system has shown its ability to operate in a comprehensive manner in
accordance with the contract requirements. In addition to the base system,
the customer contracted for a custom-designed continuous melt extraction and
quench subsystem. This subsystem has been installed and development work will
continue during operational processing.
South Carolina
Our initiative in South Carolina is steadily progressing. The Joint
Development Project in South Carolina with ViTech Enterprises is to
manufacture and install a 10 ton per day Plasma Converter facility designed to
destroy out-of-date pharmaceutical products. Installing a U.S. based
commercial system remains a key component of Startech's marketing strategy.
The permitting cycle has been initiated and ViTech continues to work towards
issuance with the South Carolina authorities. In support of the project,
county officials have committed to provide the land, buildings and utilities
for the project.
Eastern Europe
Eastern Europe continues to be a great source of opportunity for Startech.
We recently attended the United States Trade Development Authority's (USTDA)
sponsored Waste-to-Energy & Renewable Energy Regional Conference in Prague,
Czech Republic. Following the Conference scheduled meetings were held with
our Customers in Poland, Chempol, Ekologia, and the company representing the
Municipality of Bytom. Meetings were also held with new potential customers
who have expressed serious interest in using the Plasma Converter for their
planned environmental projects throughout Eastern Europe. The Municipality of
Bytom committed to finalizing a contract in the first quarter of calendar year
2003 for the Startech plasma facility presented by Mayor Wojcik at the Prague
conference. We have also been presented with a letter of intent by a Polish
chemical company that will be visiting our Bristol facility in early January
2003.
South Africa
Progress in South Africa has been achieved through a very deliberate and
exact process. The country of South Africa has put in place a rigorous
environmental framework for permitting hazardous waste facilities. We
understand that the process is now coming to a conclusion and believe that the
many hurdles that exist in South Africa for such a facility have been
successfully cleared. The project developer and its professional
environmental consultants recently completed a series of public meetings with
local stakeholders and government officials. This was one of the last steps
before the submission of the final scoping document to the permitting
authorities. Adjacent landowners to the proposed site have requested an
extension to review and comment on certain aspects of the draft scoping
document that was previously circulated. The project developer has agreed to
extend the review period until the end of January, due to the start of the
summer holiday period in South Africa. The final scoping document addressing
any concerns raised during the review period is scheduled for submission at
that time and a decision is expected within 90 days of the submission. An
investment document has been prepared for the project developer by a well
known project financier who will lead the effort to fund the project. We
believe funding commitments will be obtained during the same time frame the
authorities are reviewing the final scoping document so that the project is
ready to proceed once a permit is issued.
Projects in the Development Stage
While the above project summaries address the questions we receive most
often from shareholders and other interested parties, we believe it is also
important to tell you about the number and scope of other activities being
worked on throughout the Company.
Startech's core staff and its representatives have been in discussions
with companies worldwide. A steady flow of visitations and demonstrations
continue to be made at Startech's Engineering, Research, and Demonstration
(ERD) Facility in Bristol, CT and many proposals/quotations have already been
provided to prospective buyers.
With respect to the following projects, it is important to note that
Startech is not "driving" the process, since we are a provider. Rather, we
are subject to the time schedules and drivers affecting our customers. This
fact has made it difficult to forecast exactly when commitments will occur.
U.S. Market
-- We are in discussions for medical waste applications in Rhode Island
and Kentucky. In Rhode Island we are focusing on available sites, and
in Kentucky several quotations have been submitted for an application
to be sited in the Louisville area.
-- We have had early stage discussions with a Colorado-based company that
would use a PCS and the resulting PCG gas as a feedstock from which to
make an alternative fuel additive as a replacement for MTBE.
-- Our project for the processing of household hazardous waste in Ohio is
still underway. A series of meetings have been held with
representatives of a solid waste authority in Ohio and at our facility
where a demonstration was conducted. A favorable third-party
technical assessment associated with this project has been completed
and issued by the customer's professional consultant.
-- We have had initial meetings with a major pharmaceutical company that
has expressed interest in the application of the PCS to their various
manufacturing wastes. They have visited the Startech ERD Facility and
we are now working with the customer to address various regulatory
issues.
-- Startech's commercialization of the StarCell(TM) Hydrogen Separation
System is continuing. At Startech's Engineering, Research and
Demonstration (ERD) Facility, several enhancements to the Plasma
Converter System (PCS) will be incorporated that will expand our
testing and research capabilities. Specifically, we will enhance our
analytical and control capabilities to characterize and optimize
Plasma Converted Gas production for the StarCell(TM). We will now
have the capability to process PCG through StarCell modules to further
test and improve upon the product.
-- Engineering Services is preparing for a program to demonstrate the PCS
for the disposal of end-of-life electronics. The growing difficulties
and hazards posed by things such as computers, picture tubes and
printed circuit boards are driving many agencies and corporations to
search for environmentally and economically beneficial alternatives to
current disposal options.
International Markets
-- Our representatives in Australia have communicated with many customers
in Australia and New Zealand for applications that treat PCBs, medical
waste and industrial sludges. In one case, a site has been identified
and the funding process is in the latter stages of development.
-- Our Japanese distributor has recently requested and we have provided a
number of quotations for PCBs, medical waste and the processing of
Freon gas. We expect that there will be additional contracting by the
second quarter of calendar 2003. Startech, along with its
representative, has hosted many visitations to Bristol by potential
Japanese customers. We have scheduled in January 2003 the visit of
a delegation of officials who are tasked with the destruction of PCBs
in a region of the Japanese market.
-- Meetings have been held, including a demonstration, with potential
Korean customers for an application of industrial hazardous wastes in
landfills throughout the country. A quotation has been submitted and
we believe that a proposal will be requested in early 2003.
-- We have received strong interest from customers located in the
Peoples' Republic of China (PRC). The opportunities in the PRC are
significant; however, we realize that the project development cycle in
China is long. To date, numerous quotations have been submitted and
we anticipate requests for proposals in early 2003.
-- Progress has been made in Canada on an application for the processing
of scrap tires and the production of hydrogen. Our representative has
met with various government officials and is in the final stages of
funding on the project. A site has been identified and the customer
is securing waste streams and the sale of their PCG product.
-- Various initiatives in Italy have been undertaken which include
applications for medical waste, tires, and hazardous industrial
wastes. A series of early stage meetings have been held in Europe and
business plans are being developed by customers.
-- Several opportunities are being developed in Ireland. Landfills,
medical waste, and the processing of contaminated animal materials are
currently being pursued with governmental, private, and commercial
institutions. We are working toward expected closures during 2003 to
provide acceptable "alternative technology" for the solution of
Ireland's environmental problems.
-- Meetings, including an initial demonstration, have been held with a
customer from Russia for the processing of mixed industrial hazardous
wastes in North Central Russia. Wastes will include oil sludges, acid
tars, paints and solvents, used sulfuric acid, and medical waste. We
are in the process of submitting quotations.
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. StarCell is not a fuel cell; it is a ceramic membrane filtration system
that extracts hydrogen from PCG. PCG contains a large quantity of hydrogen.
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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http://www.startech.net
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CONTACT:
Robert DeRochie, CFO & VP of Investor
Relations of Startech Environmental Corp, +1-203-762-2499,
rlderoch@startech.net
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