Blue Industries Confirms Termination of Cartis Contract.Business Editors PRINGY, France--(BUSINESS WIRE)--Feb. 14, 2003 In response to an inaccurate press release issued by Cartis, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pink Sheets: CARI CARI Consejo Argentino para las Relaciones Internacionales (French) CARI Canadian Association of Recycling Industries CARI Central Agricultural Research Institute (Sri Lanka) ) on January 12, 2003, Blue Industries, Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : BLIIV) today confirmed that because of unresolved Not completed; not finished; not linked together. See resolve. quality control and delivery issues, all contractual relationships with Cartis were terminated at the end of 2002. The Company also clarified that it has developed proprietary technology for the production of its FS600x filtration powder. While this product is similar to a competitive product manufactured by Cartis, the manufacturing process is different and the Company believes the FS600x powder offers superior performance in terms of price, quality and availability. The previously announced agreement with the Company's Thai distributor does not contemplate the delivery of any Cartis products. At current prices, the water filtration powder segment of the contract is expected to generate $1.3 million in the current year and approximately $5 million in 2004. Commenting on the technology issue, the Company's president Patrick Gouverneur said: "We have spent several months developing proprietary products that better respond to the needs of our business and our customers. This development program has minimized our quality control problems, improved product performance and simplified our operations, while reducing our dependence on unpredictable third-party suppliers. Our Thai contract is ample proof that the time and money devoted to product development were well spent." About Blue Industries Blue Industries is a global leader in the field of safe drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. and aquaculture aquaculture, the raising and harvesting of fresh- and saltwater plants and animals. The most economically important form of aquaculture is fish farming, an industry that accounts for an ever increasing share of world fisheries production. . The company's water treatment products are based on patented technologies that make it possible to offer water processing facilities to an end user at an installed capital cost of less than fifty cents per gallon of daily capacity. Depending on configuration, the company's current products can process between 1,500 and 15,000 gallons per day. The Company currently serves customers in China, Thailand, Cambodia and Middle East, and is conducting on-site demonstrations in Africa. The Company's goal is to provide enabling technologies and products to satisfy the growing global demand for safe water in domestic, industrial, and agricultural applications. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under 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: This release may contain 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion