CONOR PACIFIC ENTERS INTO AN AGREEMENT WITH DOMTAR.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 4, 1995-- CONOR PACIFIC ENVIRON (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :SCY SCY Security SCY Short Course Yards (swimming) ) Conor Pacific Environmental Technologies Inc. (the "Company") is pleased to announce that it has entered into an agreement with Domtar Inc. ("Domtar") to construct and test its soils prototype plant at Domtar's Edmonton site. The cost of this prototype plant is estimated to be approximately $3,000,000 to be funded by a combination of working capital in hand and to be raised, by a possible contribution from the Environmental Technologies Commercialization program and the exercise of an option held by TriWaste Reductions Services Inc. If government support is not available or the TriWaste option is not exercised, the Company's present intention is to raise any funds required by issuing additional equity. Upon a declaration of commercial operation of the soils prototype plant, which the Company has agreed will occur on or before August 24, 1996, Domtar has committed to treat 60,000 tonnes of contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. soils over three years on commercial terms on a take or pay basis. Pursuant to the agreement, Domtar has completed the purchase of 714,286 common shares at a purchase price of $0.35 per share for aggregate proceeds of $250,000. The proceeds will be added to working capital. Domtar has the right to extend the term of the agreement beyond three years and to contract for the construction of additional plants. When Domtar contracts for additional plants, it has the option, subject to regulatory approvals, to contribute 100% of the capital cost of those plants by subscribing for additional common shares of the Company at $0.80, $1.50 and $3.00 per share depending upon whether the contract for such additional plant is entered into in the first, second or third year after the declaration of commercial operation of the soils prototype plant. If the option is not exercised, Domtar is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to purchase sufficient common shares at these prices to fund 25% of the construction costs of the additional plant. The Company estimates that these additional plants will cost approximately $3,000,000 each. The Company has also agreed with Domtar to negotiate a license for the use of its technology in the pulp and paper industry The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. . The Company and Domtar believe that with further development of the technology it may be a cost effective alternative to the systems presently being used. The plant to be built for Domtar represents the second plant to be built by the Company. The first is the liquids prototype plant currently under construction which will be installed at TriWaste's new Redwater redwater red urine; see hemoglobinuria, hematuria, myoglobinuria, phenothiazine, phenolphthalein, xanthorrhoea. redwater fever see babesiosis. transfer station this summer. Conor Pacific Environmental Technologies Inc. is in the business of destroying hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. contained in soils, sludges and municipal and industrial effluents using its unique patented wet oxidation Wet oxidation is a form of hydrothermal treatment. It is the oxidation of dissolved or suspended components in water using oxygen as the oxidizer. It is referred to as "Wet Air Oxidation" (WAO) when air is used. process. -0- Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Conor Pacific Environmental Technologies Inc. Robert E. Nowack, 604/669-3373 604/669-3353 (Fax) REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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