21st Century Technologies Announces Testing of Sea Patch by Major Oil Company.Ft. WORTH, Texas--(BUSINESS WIRE)--July 23, 1999-- 21st Century Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:TEXN)("TEXN") Friday announced that the Sea Patch has been delivered to a major oil company for testing. With an increase in environmental penalties for oil spills This is a list of oil spills throughout the world. Large Oil Spills to Date Oil Spills of over 100,000 tonnes or 30 million US gallons, ordered by Tonnes Spill / Tanker Location Date *Tons of crude oil link , the Sea Patch provides an immediate solution by plugging "leaks" and hull "fissures" that stop seepage by using cam-on and cam-off magnetic technology. The Sea Patch uses rare earth magnets rare earth magnets, n.pl magnets made from materials such as samarium, cobalt, neodymium, and boron. These magnets generally produce relatively strong magnetic fields. to grip the ship's hull with a plate that has rubber gaskets. When applied to the ship's hull the rubber gaskets stop the leak with a magnetic force many times greater than the leak. "The testing involves putting the Sea Patch through a series of simulated leaks to determine how much pressure it can withstand," stated Ken Wilson
To date, the maritime and oil industry has not been able to identify a means to stop oil spills and leaks in ship's hulls. The market for the Sea Patch is "untested" with no known competitors to date. The Sea Patch technology is licensed to TEXN's Trident subsidiary through a technology transfer from the Los Alamos Los Alamos (lôs ăl`əmōs', lŏs), uninc. town (1990 pop. 11,455), seat of Los Alamos co., N central N.Mex. It is on a long mesa extending from the Jemez Mts. The U.S. Laboratory in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . TEXN will announce the results of the testing as soon as it is completed. "It is too early to evaluate the economic value of the Sea Patch," stated Wilson, who noted that "the Sea Patch was introduced last Fall 1998 to rave reviews in London at a maritime and dry dock salvage show. The acid test for any new product is whether you get orders for product after testing." For more information about the Sea Patch line of products or to schedule a test, contact Wilson. Financial Statements in this news release other than historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 as amended, Section 21E of the Securities Exchange Act of 1934 as amended, and as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The company intends that such statements about its future expectations, including future revenues and earnings, and all other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (i.e. future operational results and sales) involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. |
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