Covol Technologies Inc. announces closing of the financing for the construction of a synthetic fuel processing facility located in Birmingham, Ala.LEHI, Utah--(BUSINESS WIRE)--April 15, 1997--Covol Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CVOL CVOL Control Volume ), Tuesday announced that Covol has closed the financing with PacifiCorp Financial Services Inc., for the construction of a Synthetic Fuel processing facility located on the Black Warrior River Black Warrior River Navigable river, western Alabama, U.S. Formed by the confluence of the Locust and Mulberry forks in Jefferson county, it flows southwest through coalfields to join the Tombigbee River near Demopolis. in Birmingham. The transaction provides Covol with a loan of up to $5.0 million in order to construct the facility and secure feedstock. Birmingham Synfuel syn·fu·el n. A liquid or gaseous fuel derived from coal, shale, or tar sand, or obtained by fermentation of certain substances, such as grain. [syn(thetic) + fuel.] , L.L.C., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of PacifiCorp also executed an agreement with Covol to purchase the facility upon its completion. Covol Technologies Inc., is a technology development company focused on recycling yesterday's waste into tomorrow's resources. -0- Forward looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, market acceptance, changing economic conditions, risks in product and technology development, the effect of the company's accounting policies and other risk factors detailed in the company's SEC filings. CONTACT: Covol Technologies Inc., Lehi Alan Ayers, 801/768-4481 FAX 801/768-4483 |
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