Business & Finance
Business and Finance
Business and Finance
Fri, June 26, 2009
Thu, June 25, 2009 Environmental Waste International Inc.: EWI Contracted to Investigate Coal Processing With its Technology
AJAX, ONTARIO--(Marketwire - June 25, 2009) - Environmental Waste International Inc. (EWI) (TSX VENTURE:EWS) and EWI Limited Partnership (EWILP) have entered a Joint Venture with Puma Hydrocarbons Inc. (Puma), a private Canadian company, to determine if EWI's patented Reverse PolymerizationTM technology can be successfully applied to coal. Puma has made an initial $50,000 payment to cover the first phase of testing. Once this phase is complete, EWI/EWILP will prepare a report on the findings. Puma will then decide if it will fund the development of a laboratory scale coal system followed by a scaled prototype system for operation and demonstration purposes.
The estimated budget for these last two phases is over $5 million. If Puma funds the project to completion it will be awarded the exclusive rights to the coal application, subject to future performance requirements and royalties. The completed project could determine if the Reverse PolymerizationTM process can commercially remove a portion of the impurities trapped in the coal or possibly extract the oil and hydrocarbon gases along with the impurities, which would allow end products to be further processed and purified to maximize their commercial value. The goal of the project would be to create an economical process that can minimize the environmental issues associated with using untreated coal as a fuel source. Neither EWI nor EWILP make any representation about the results of the coal testing or the financial viability of the project.
According to recent articles from the World Coal Institute, coal accounted for 26% of global energy needs and 41% of the world's electricity in 2007. Environmental pressure to find ways to clean coal or improve the processing and the energy recovery from coal have created opportunities for companies with innovative technologies, like EWI/EWILP, to undertake research in these fields.
EWI sold the rights to all applications outside of rubber tires and wastewater to EWILP in 2007. EWI works under a management contract from EWILP to continue the daily operation and ongoing development work associated with the EWI Reverse PolymerizationTM technology as it applies to all other applications. EWI has a call option to buy back the patent rights from EWILP.
EWI has designed systems for the breakdown of several organic materials including rubber tires, as well as systems for the sterilization of medical, animal, liquid and food waste. 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.
