KUALA LUMPUR, Malaysia, July 21 /CNW/ - Mr. Neo Tek Siong, President of
FASC Malaysia Sdn Bhd and Brian Nichols, President of First American
Scientific Corp ( FASC.OB ) are pleased to jointly announce that the Ministry
of International Trade And Industry for Malaysia has approved the Company's
application for Pioneer Status and granted an income tax exemption for five
years on profits earned from "the manufacture of KDS Micronex Systems, Modules
and parts thereof" in Malaysia.
According to Mr. Neo, "this award goes hand in hand with FASC's recent
submission to obtain approval of Malaysian Patent Application No PI 20042831 "
the recovery of fuel from biomass" using the KDS equipment to process palm
waste locally known as EFB (Empty Fruit Bunch) With the tax free status
approved and the patent pending in place, we are now ready to fulfill the
orders we have on the books and have commenced fabrication of KDS Model
MF 777s units to meet our customers delivery schedule this fall. Further, we
now are making plans to expand our production capacity to accommodate an
anticipated increase in demand from both the Malaysian and Indonesian palm oil
According to C Kantonen, FASC's Chairman "the recognition and financial
support we are receiving from the Malaysian Ministry of International Trade &
Industry is a clear indication that we are welcome to do business in Malaysia.
Malaysia has a thriving English speaking business community and will be our
gateway to South East Asia where there is a critical need for our waste
management solutions. Our relationship with our partners in Malaysia has been
exemplary and we look forward to expanding our business interests in a region
where there are over 600 palm oil mills.
First American Scientific Corp owns 50 % of First American Scientific
Corp (Malaysia) Sdn. Bhd. and holds two of the four seats on its Board of
Directors. In addition, FASC owns all KDS patents to be registered worldwide
and will receive royalties wherever the technology is used. FASCM is our
licensed agent in Thailand, Malaysia, Singapore and Indonesia who combined
supply over 80 % of the world's palm oil industry.
Please refer to our web sites for further details www.fasc.net
Certain information and statements included in this release constitute
forward-looking statements within the meaning of the Federal Private
Securities Litigation Reform Act.
ON BEHALF OF THE BOARD OF FASC
C. Kantonen, Chairman
For further information:
For further information: Corporate Communications, Toll Free: (920)