| By Marketwire . | Article Rating: |
|
| June 23, 2009 02:38 PM EDT |
AJAX, ONTARIO -- (Marketwire) -- 06/23/09 -- Environmental Waste International Inc. (EWI) (TSX VENTURE: EWS) through its 100% owned subsidiary, EWI Rubber Inc. (EWIR) has received an order to develop a Prototype Tire System from Ellsin Environmental Ltd (Ellsin), a private Canadian corporation. Under a signed Prototype Agreement EWIR will build a TR900 system for $4.175 million, about 80% of the $5.25 million total project cost. Based on EWI's patented Reverse Polymerization(TM) process, the system is designed to break down at least 900 tires per day and recover carbon black, oil and steel, while producing its own power from the off-gases. The TR900 will serve as a showpiece for EWIR's tire technology. As part of the Agreement, EWIR will grant Ellsin all available territorial rights for the TR technology in Canada and the United States, subject to future performance requirements.
The order culminates months of collaboration between EWIR and Ellsin. Ellsin is financing the project from private investors, an Ontario provincial funding program and EWI (as indicated below). Ellsin has made a $50,000 non-refundable deposit and must deliver an additional $1,150,000 in the next four weeks in order to proceed with the contract. Once the full deposit has been received, EWIR will begin the engineering and manufacture of the TR900 while assisting Ellsin with its permit and site preparations. The project should be completed in about 12 months.
EWI has negotiated the purchase of a 37.5% equity interest in Ellsin. EWI will finance the purchase through a share placement with Ellsin's investors. The placement, subject to TSXV approval and a hold period, is for up to six million units at $0.15 per unit. Each unit will include one common share of EWI and a two-year warrant that will entitle the holder to purchase an additional share at $0.20 per share.
EWI has designed systems for the sterilization of medical and animal waste, liquid waste and food waste as well as the breakdown of several other organic materials including tires. EWI continues to work on designs for other applications. Please visit EWI's home page at: www.ewmc.com.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Environmental Waste International Inc. (EWI)
Dr. Stephen Simms
CEO
(905) 686-8689
www.ewmc.com
Published June 23, 2009
Copyright © 2009 SYS-CON Media, Inc. — All Rights Reserved.
Syndicated stories and blog feeds, all rights reserved by the author.
More Stories By Marketwire .
Copyright © 2009 Marketwire. All rights reserved. All the news releases provided by Market Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.
- Kindle 2 vs Nook
- Cloud Computing on Gartner's Top 10 List and SYS-CON Events' 2010 Calendar
- Confessions of a Ulitzer Addict
- IBM Hardware Chief, Intel VC Exec Arrested in Insider Trading Scam
- Tactical Cloud Computing Panel at 1st Annual GovIT Expo
- Ulitzer.com Named Exclusive "New Media" Sponsor of Cloud Computing Conference & Expo
- Moving Your RIA Apps into the Cloud: Seven Challenges
- Adobe’s Aiming ColdFusion at Multiple Clouds
- Windows 7 – Microsoft’s First Step to the Cloud
- Ulitzer Provides a Powerful Social Journalism Platform
- Jill Tummler Singer, Deputy CIO of CIA, Keynotes at GovIT Expo
- Open Source Mobile Cloud Sync and Push Email
- Kindle 2 vs Nook
- The Difference Between Web Hosting and Cloud Computing
- Cloud Computing on Gartner's Top 10 List and SYS-CON Events' 2010 Calendar
- Ajax in RichFaces 3.3, JSF 2 and RichFaces 4
- Confessions of a Ulitzer Addict
- IBM Hardware Chief, Intel VC Exec Arrested in Insider Trading Scam
- My Thoughts on Ulitzer
- Tactical Cloud Computing Panel at 1st Annual GovIT Expo
- Ulitzer.com Named Exclusive "New Media" Sponsor of Cloud Computing Conference & Expo
- US Post Office Hops a Ride on NetSuite’s Cloud
- Moving Your RIA Apps into the Cloud: Seven Challenges
- Adobe’s Aiming ColdFusion at Multiple Clouds
- Building a Drag-and-Drop Shopping Cart with AJAX
- What Is AJAX?
- Google Maps! AJAX-Style Web Development Using ASP.NET
- Flashback to January 2006: Exclusive SYS-CON.TV Interviews on "OpenAjax Alliance" Announcement
- AJAXWorld Conference & Expo to Take Place October 2-4, 2006, at the Santa Clara Convention Center, California
- AJAX Sponsor Webcasts Are Now Available at AJAXWorld Website
- How and Why AJAX, Not Java, Became the Favored Technology for Rich Internet Applications
- "Real-World AJAX" One-Day Seminar Arrives in Silicon Valley
- AJAXWorld University Announces AJAX Developer Bootcamp
- AJAX Support In JadeLiquid WebRenderer v3.1
- Where Are RIA Technologies Headed in 2008?
- Struts Validations Framework Using AJAX




































