EARTH Sells TORR System to Tonghua Petrol - China, Signs C$1.85 Million MOU.Business Editors MONTREAL--(BUSINESS WIRE)--July 16, 2001 EARTH Canada (CDNX CDNX See Canadian Venture Exchange (CDNX). :EAR.V) is pleased to announce that, following tests of TORR(TM) carried out in the People's Republic of China, an order has been received from Tonghua Petroleum & Chemical Machinery Manufacturing Co. Ltd (TPCM) for the purchase of EARTH's proprietary TORR(TM) system for use in the Daqing Oilfield, the largest in China. The order for RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 500,000 (C$93,000) to be delivered in the autumn of 2001 forms the initial part 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. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) signed with TPCM. Specifically, based on the operational performance of TORR(TM) to be completed onsite at the Daqing Oilfield, TPCM undertakes to purchase a total of twenty TORR(TM) units in the coming year at a minimum value of RMB10 million (C$1.85 million). Beijing Environment Science & Technology Co. Ltd., EARTH's local representative, assisted in the MOU negotiations. TPCM, a subsidiary of publicly listed China Petroleum & Natural Gas Group, has been operating in China for 40 years and is one of the largest oilfield service companies The list of oilfield service companies includes companies that provide services to the petroleum exploration and production industry but that do not typically produce petroleum themselves. in the country. The American Petroleum Institute The American Petroleum Institute, commonly referred to as API, is the main U.S. trade association for the oil and natural gas industry, representing about 400 corporations involved in production, refinement, distribution, and many other aspects of the industry. (API) lists TPCM as one of only five companies in China on its Composite List, a directory of companies licensed to use the API Monogram and the APIQR Registration Mark and designed to help buyers of API specified equipment locate qualified manufacturers around the world. EARTH's TORR System will be installed by TPCM on large trucks and used as a mobile solution to treat oily water generated from cleaning of oil wells in the Daqing oilfield. This oil field is the largest in the PRC, with an annual production of 40 million tonnes. TPCM is incorporating additional complimentary equipment on the truck around the TORR "centrepiece" to treat oily water under varying circumstances. Commenting on the sale, EARTH's President & 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. , Edward Akkawi says: "We are delighted that EARTH has secured its first sale in China. This provides a foot in the door to the large and profitable Chinese oil field services market. With their engineering capabilities, TPCM makes an ideal partner for EARTH and for the promotion of EARTH's unique technology in China. We look forward to a long and mutually beneficial association." About Tonghua Petroleum -- Website: www.thsyh3.8u8.com -- American Petroleum Institute Composite List www.api.org About EARTH's Unique RPA(R) & TORR(TM) technologies: -- No waste is created & none needs to be disposed of -- Allows full recovery of sorbed sorb 1 tr.v. sorbed, sorb·ing, sorbs To take up and hold, as by absorption or adsorption. [Back-formation from absorb and adsorb. oil, including emulsified oils -- It is the only reusable hydrocarbon absorbent, making it economically and environmentally friendly to use. |
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