TAMPA, FLA., August 7 /CNW/ - EarthFirst Technologies, Incorporated
("EarthFirst" or "the Company") (OTCBB:EFTI) announced today that it has
executed an Agreement with Orion Industrial Services Corporation ("Orion") to
joint venture the final design, construction and commercial roll-out of its
next generation tire processing facility, known as the Catalytic Activated
Vacuum Distillation Reactor ("CAVD").
Under the terms of the Agreement EarthFirst's WESCO subsidiary will
contribute certain intellectual property rights relating to CAVD tire
technology, use of the Mobile facility and up to $450,000 cash. Orion
contributes certain intellectual property, construction and operational
resources plus cash or cash equivalents of up to $850,000. Profits from the
venture will be shared equally. "Orion's affiliate has been our CAVD
engineering firm for years. We could not ask for a better partner," stated
EarthFirst's CEO John Stanton.
EarthFirst has expended millions of dollars to perfect the CAVD system.
In 2004 a full scale, pilot CAVD Reactor was built in Mobile, Alabama. This
reactor named "Green-Go" has operated for over 750 hours and has successfully
deconstructed over 1 Million pounds of tire chips into recoverable by-products
consisting of carbon black, oil, steel and syngas. Last summer EarthFirst's
new management in WESCO evaluated almost two years of data and discovered a
previously disregarded carbon product and unused reactor technology. These
were pursued with Orion, carbon customers and potential reactor customers and
assimilated into an upgraded reactor design that should reliably produce
readily saleable, commodity grade by-products. There are two pending patent
applications covering WESCO's initial and improved reactor process, technology
In customer tests, WESCO's CAVD carbon black has been successfully
substituted for Series 700 virgin carbon blacks and the CAVD tire oil has been
found to be similar to a #6 Residual Oil. Series 700 carbon black list priced
at approximately 71 cents per pound last week according to industry quotes.
The nationwide average price of comparable Residual Oil was $1.34 per gallon
in June, according to the most recent report released by the US Department of
However, WESCO's CAVD products are something special states Brad Mierau,
PhD and WESCO's V.P. of Operations. "EarthFirst's tire process creates high
energy gas and liquid fuels low in toxic polyaromatics, and a carbon black
proven to substitute for blacks derived from petroleum. In addition to
producing commercially viable products, the recovery of carbon black already
present in tires allows for reductions in green-house gas emissions relative
to virgin production methods. Rising fuel prices, the energy content of our
fuel and the ability to market our CAVD carbon in applications currently
dominated by commodity blacks should make the WESCO CAVD process attractive
financially and environmentally."
Dr. Mierau concluded, "EarthFirst's Green-Go Reactor could lead an
industry revolution in handling of the 285,000,000 waste tires generated in
the United States annually. Tires should no longer be burned or buried because
each tire contains more than 5 pounds of valuable carbon, over 40,000 BTU's of
gas and 1.5 gallons of oil. WESCO's CAVD process recovers these by-products
using an estimated 5% of the energy while producing only 5% of the CO2 it
takes to create virgin carbon black and oil products. Most significantly
WESCO's CAVD process has been certified by Oak Ridge National Laboratory as
producing virtually no fugitive emissions. "
Earlier this year, WESCO's reactor and facility in Mobile was granted a
full operating air-permit by the Alabama Department of Environmental
Orion's John Kateon has been designated as the President and CEO of the
WESCO/Orion CAVD tire reactor venture. Kateon and Orion's affiliate have
substantial experience conducting engineering projects for major companies
like Chevron/Texaco, GE Energy, Shell Oil and Hunt Refining.
www.Orion-Eng.com. Mr. Kateon remarked, "This will be a challenge and we all
have a lot riding on success. But, I feel WESCO's CAVD will finally deliver as
promised. It has been all about EarthFirst's new management on the project
following our joint development vision. All the heavy lifting has been done
over the last several months. We are building a truly commercial machine to
run 24/7 and is designed to make high quality by-products from a waste stream.
If we are serious as a Nation about CO2 reduction and going green, there is no
better way to dispose of tires."
Revamp of the EarthFirst "Green-Go" Reactor in Mobile, Alabama is
estimated to begin within 45 days and scheduled for completion by years end.
About EarthFirst Technologies, Incorporated
EarthFirst Technologies, www.earthfirsttech.com, is a specialized holding
company engaged in researching, developing and commercializing technologies
for the production of alternative fuel sources and the destruction and/or
remediation of liquid and solid wastes, and in supplying electrical
contracting services to commercial and government customers internationally.
Through its subsidiary World Environmental Solutions Company (WESCO),
EarthFirst markets solid waste remediation plants utilizing a proprietary
Catalytic Activated Distillation (CAVD) process, which is a superior
technology developed by EarthFirst to recycle rubber tires and other waste by
heating the material without burning it. Through its subsidiary Electric
Machinery Enterprises, Inc., www.e-m-e.com, the Company provides electrical
contracting services both as a prime contractor and as a subcontractor,
electrical support for industrial and commercial buildings, power generation
stations, and water and sewage plants in the US and abroad. Through its
subsidiary, SolarDiesel Corporation, the Company is primarily focused on
facilitating commercial scale production and distribution of biofuels produced
from palm oil.
Investors are cautioned that certain statements contained in this
document as well as some statements in periodic press releases and some oral
statement of EFTI officials are "Forward-Looking Statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements which are predictive in nature,
which depend upon or refer to future events or conditions, which include words
such as "believes," "can," "anticipates," "intends," "plans," "expects," and
similar expressions. In addition, any statements concerning future financial
performance (including future revenues, earnings or growth rates), ongoing
business strategies or prospects, and regarding successful commercialization
of CAVD reactor, and possible future EFTI actions, which may be provided by
management, are also forward-looking statements as defined by the Act.
Forward-looking statements involve known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance or achievements
of the Company to materially differ from any future results, performance, or
achievements expressed or implied by such forward-looking statements and to
vary significantly from reporting period to reporting period. Although
management believes that the assumptions made and expectations reflected in
the forward-looking statements are reasonable, there is no assurance that the
underlying assumptions will, in fact, prove to be correct or that actual
future results will not be different from the expectations expressed in this
report. These statements are not guarantees of future performance and EFTI has
no specific intention to update these statements.
For further information:
For further information: EarthFirst Technologies, Incorporated, Tampa
Beverly Mercer, 813-865-1122