American Soil Technologies Reaches $19.5 Million Deal With the Gerber Goldschmidt Group; First Shipment of Agriblend Amended Soil Distributed to Mexico.Business Editors SAN DIEGO, Calif.--(BUSINESS WIRE)--June 7, 2000 American Soil Technologies, Inc. (OTCBB:SOYL) today announced it has arrived at a contractual agreement with Sunpride, Inc., a subsidiary of the Gerber Goldschmidt Group, to produce and disseminate its Agriblend amended soil products to Gerber's farming center in Mexico. The agreement between the two companies has a five-year duration and features a minimum requirement of $19.5 million to be paid to American Soil Technologies for the production and shipping of its amended soil products. On May 20, the Company completed an initial shipment of 44,000 pounds of Agriblend soil to Mexico. Following the shipment, on June 5, Ron Salestrom, American Soil Technologies' Manager of Research and Development and the founder of Agriblend, arrived at Sunpride's Mexican site to train its instructors at how to use the product to obtain maximum efficiency. Sean Lee, Executive Vice President of Sales and Marketing for American Soil Technologies, commented, "This is our first venture of significance into Latin America. Furthermore, we believe irrigated farming in Mexico is in need of our product even more than in the U.S. We are anticipating working further with the Gerber Goldschmidt Group, to utilize their top notch international holdings services to help hasten our products' penetration into additional global areas such as Europe, Asia and South America." About the Gerber Goldschmidt Group, Inc. The Gerber Goldschmidt Group is a $2 billion international holdings company with more than 30 worldwide branches in 22 countries. The Company offers services in many spheres of world trade, including exporting, importing, manufacturing and distribution and financing of a broad base of commercial activities. The Group's global offices represent leading organizations in the field of food, land and sea-based commodities, computer software and consulting, electronics, textiles, raw materials, machinery and tools, motor vehicles and other transport equipment, steel, plastics and pharmaceuticals. About American Soil Technologies, Inc. American Soil Technologies, Inc. develops, manufactures and markets cutting-edge technology that decreases the need for water in dry land farming, irrigated farming and other plant growing environments while increasing crop yield and reducing the environmental damage caused by common farming practices. In addition, the Company holds exclusive rights to a soil washing technology that completely removes hydrocarbon (petroleum) products from contaminated soil and recycles the soil for commercial use. The Company was formed in September 1999 by acquiring the marketing rights to Agriblend and forming two divisions: Soil Wash Technologies and the Agriblend Division. The technological link between Soil Wash Technologies and Polymers Plus combines the expert knowledge of each company with respect to polymers and soil remediation. The Company believes this strategy will make it a world leader in the science of agronomy. More product information can be found on the corporate Web site, www.americansoiltech.com. Statements in this news release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expect," "intends," "believes," "plans," "anticipates" and "likely" also identify forward-looking statements. All forward-looking statements are based on current facts and analyses. Actual results may differ materially from those currently anticipated due to a number of factors including, but not limited to history of operating losses, anticipated future losses, competition, future capital needs, the need for market acceptance, dependence upon third parties, disruption of vital infrastructure and intellectual property rights. All forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. |
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