Cromac & Loch Execute Agreement to Develop and Deploy ELF After Tests Score Successes.Business Editors ZAGREB, Croatia--(BUSINESS WIRE)--Feb. 23, 2000 Rodney Boone, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Loch Harris, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:LOCH) today faxed to Loch's Austin, Texas office the text of a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Croatian Mine Action Center (CROMAC) to proceed with development of the ELF landmine detector and to accelerate the demining Demining is the process of removing landmines or naval mines from an area. There are two distinct types of mine detection and removal: military and humanitarian. Mine clearance In the combat zone, the process is referred to as mine clearance. of Croatia. The agreement comes on the heels of ELF's most stringent laboratory tests in its young life on February 10 and 11, when it scored a perfect 40 for 40 in blind identification of explosives. ELF, which stands for Eliminate Landmines Forever, followed the next day by locating three buried landmines within five minutes in a hastily hast·y adj. hast·i·er, hast·i·est 1. Characterized by speed; rapid. See Synonyms at fast1. 2. Done or made too quickly to be accurate or wise; rash: a hasty decision. arranged challenge in a minefield near Zagreb. "The confidence expressed in this memorandum of understanding," said Boone, "is to us a validation that is almost as satisfying as the tests. "Although some in the traditional scientific community may have difficulty accepting and understanding how this technology has successfully passed every test it has encountered to date, the bottom line is ELF WORKS!" Boone said the agreement is for two-years, renewable in two-year increments by mutual consent, and does not restrict either party from working with other organizations in demining. CROMAC's highest priority as stated in the agreement is to use ELF to sweep 4500 square kilometers of suspected mine pollution in order to focus demining resources on specifically identified mined areas An area declared dangerous due to the presence or suspected presence of mines. . It is at this point, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Boone, that CROMAC is "giving ChemTech the opportunity to develop ELF's potential in airborne applications." The agreement notes, "Exponential increase could be achieved by airborne wide area survey systems activities." "We are confident that ELF is ready for the challenge," said Boone. Noting the successful tests performed on February 10, 11 and 12, Damir Gorseta, head of CROMAC, said, "ELF's potential value for humanitarian demining Department of Defense and Department of State program to promote the foreign policy interests of the United States by assisting other nations in protecting their populations from landmines and clearing land of the threat posed by landmines remaining after conflict has ended. has been recognized, therefore CROMAC gives full support to the existing cooperation between its Scientific Council members and ChemTech." ChemTech agreed: -- To cooperate and work with ChemTech in deployment of the ELF system in humanitarian demining using appropriate methodology; -- To cooperate and work with ChemTech to identify optimal survey methods for various Croatian minefields and regions; -- To provide information on Croatian minefield terrain, soil properties, and required information for optimal ELF performance, and to design a field test site for ELF; -- To provide ELF's full validation for humanitarian demining by means of double-checking in real minefields; -- To contribute to the writing of joint proposals to humanitarian demining organizations. CROMAC agreed, as a representative of the Croatian government: -- To cooperate and work with ChemTech in deployment of the ELF system in humanitarian demining using appropriate methodology; -- To cooperate and work with ChemTech to identify optimal survey methods for various Croatian minefields and regions; -- To provide information on Croatian minefield terrain, soil properties, and required information for optimal ELF performance, and to design a field test site for ELF; -- To provide ELF's full validation for humanitarian demining by means of double-checking in real minefields; -- To contribute to the writing of joint proposals to humanitarian demining organizations. 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: The statements which are not historical facts contained in this press release are 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. that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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