Covol Technologies signs contract with major electric utility company for the sale and purchase of Covol's coal product.LEHI, Utah--(BUSINESS WIRE)--April 29, 1996--Covol Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CVOL CVOL Control Volume ) Monday announced that it has signed a contract with a major electric utility company. The terms of the contract require Covol to provide the utility with Covol's Solid Synthetic Fuel Synthetic fuel or synfuel is any liquid fuel obtained from coal, natural gas, or biomass. It can sometimes refer to fuels derived from other solids such as oil shale, tar sand, waste plastics, or from the fermentation of biomatter. Product which is manufactured from waste coal fines. A 1 million ton per year coal fines processing facility will be constructed by Covol Technologies Inc. in order to meet the terms of the contract. Covol's Solid Synthetic Fuel can be substituted for run of mine coal which is used in generating electric power. In addition, Covol's Coal Product qualifies for tax credits under Section 29 of the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. Code as a result of a Private Letter Ruling that the company received on Sept. 12, 1995. Covol Technologies Inc. is a technology development company focused on recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. yesterday's waste into tomorrow's resources. CONTACT: Covol Technologies Inc., Lehi Alan Ayers, 801/768-4481; Fax: 801/768-4483 |
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