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Cabinet of Ministers of Ukraine approves selection of EUROTECH and Euro-Waste Management to plan, supervise and construct $15-million pilot plant in city of Cherkassy for conversion of unprocessed waste to energy; State Committee of Ukraine on Housing and Communal Affairs believes 20 to 25 such waste-to-energy plants will be needed in next four to five years.

SAN DIEGO--(BUSINESS WIRE)--Feb. 15, 1996--EUROTECH LTD. (OTC Bulletin Board: EURO) today announced that the confirmation of the appointment of ERBC Holdings Ltd., a merchant bank holding corporation, by the City of Cherkassy to plan and construct a pilot plant for the conversion of waste to energy by the State Committee of Ukraine has been approved by the Cabinet of Ministers of Ukraine.

The cost of constructing the initial plant, for which Euro-Waste Management Ltd. will act as general contractor and EUROTECH LTD. will provide the technological assistance and supervision to plan the project, is placed at approximately $15 million.

The State Committee of Ukraine believes that a total of some 20 to 25 such waste-to-energy conversion plants will be needed in the next four to five years.

EUROTECH and Euro-Waste will act in their respective capacities through the assignment of the contract for the pilot plant to them by ERBC Holdings Ltd. EUROTECH will receive an initial technology transfer payment, plus an additional fee as the engineering for each plant is commenced.

The technology being provided by EUROTECH is focused on the economic reclamation of useful products from unprocessed, unsorted garbage and the generation of energy from burning raw garbage. This technology is being utilized in some 100 power plants in the United States.

EUROTECH LTD. is a technology holding company formed to take advantage of the business opportunities of commercializing previously classified technologies developed by prominent research institutes from the military/industrial sector of the former Soviet Union and to license Western technologies for business opportunities in Central Europe, Eastern Europe, Ukraine and Russia.

Euro-Waste Management Ltd., which is partially owned by EUROTECH LTD., is a waste-to-energy licensing and development company formed to take advantage of the business opportunities of developing affordable refuse burning power plants as practical alternatives to landfills in developing countries.

CONTACT: Dawn Van Zant, 800/665-0411 or

Howard C. Bronson, 212/867-6160
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Feb 15, 1996
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