Exsorbet Industries, Inc. subsidiary signs ten year contract to operate waste recycling and supplemental fuel program in Romania.JACKSON, Miss.--(BUSINESS WIRE)--Dec. 3, 1996--Exsorbet Industries, Inc. (Nasdaq Small Cap: EXSO) announced today that its subsidiary, 7-7, Inc., of Wooster, Ohio has entered into a ten year joint venture contract with CEVA International, Inc. The joint venture agreement calls for 7-7, Inc. to supply and operate its patented liquefication recycling process technology at S.C. Cimus S.A. Cement Plant in Campulung Muscel, Romania. The ten year contract with Cimus is expected to generate approximately $50,000,000 in gross revenues for the joint venture. The revenues will result from 120 million gallons of fuel to be generated from recycled acid tars and refinery wastes. Fuel costs in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. exceed $104 per metric ton. 7-7, Inc. will charge a per ton royalty for the use of its technology and also equally share in the proceeds of all revenues after deduction of royalty costs and other expenses. Another joint venture arrangement with CEVA and 7-7, Inc. is operating in nearby Hungary. 7-7, Inc.'s liquefication recycling process recovers organic values from various waste materials and converts them into a liquid fuel product which is then beneficially utilized as a cement kiln Cement kilns are used for the pyroprocessing stage of manufacture of Portland and other types of hydraulic cement, in which calcium carbonate reacts with silica-bearing minerals to form a mixture of calcium silicates. fuel. CEVA International has agreements with five petroleum refineries located in the Ploiesti region to supply acid tar and refinery waste materials. Currently the refineries waste handling practices are to place these materials into large storage impoundments or lagoons. The Romanian equivalent of the U.S.E.P.A. recently enacted regulations which call for the clean-up of these impoundments. The refineries must begin clean-up by the end of 1997. Commenting on this project, Dr. Ed Schrader Dr. Ed Schrader is President of Brenau University. He is the university's ninth president and has directed the Gainesville, GA school since January 2005. Brenau has experienced unprecedented growth in enrollment and academic quality under Dr. , Exsorbet's president and 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. , said, "Currently, Romania does not have commercial hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. incineration incineration the act of burning to ashes. services or permitted hazardous waste landfills. We have positioned our liquefication recycling process to provide a disposal outlet to allow this region to address site remediation and responsible waste disposal." Exsorbet Industries, Inc. is a diversified technical and industrial service company specializing in state of the art technical solutions for problems in industrial services, strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , site remediation, coal and petroleum tar liquefication and recycling, hazardous waste cleanup services, bioremediation bi·o·re·me·di·a·tion n. The use of biological agents, such as bacteria or plants, to remove or neutralize contaminants, as in polluted soil or water. , civil and environmental engineering, construction and remedial and project management, and twenty-four hour emergency response service. Exsorbet stresses mutual alignment of goals with its clients and emphasizes long term partnering arrangements. Outsourcing and downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing have led to significant industrial trends toward this revolutionary approach to providing technical services. Subsidiaries of Exsorbet Industries, Inc. include Cierra, Inc., Consolidated Environmental Services, Inc., Eco-Systems, Inc., Exsorbet Technical/SpilTech Services, Inc., K.R. Industrial Service of Alabama, Inc., LARCO Environmental Services, Inc., and 7-7, Inc. with 22 offices located in the following cities: Dallas, Bridge City, Euless and Houston, Texas; Fort Smith and Little Rock, Ark.; Tulsa, Okla.; Kansas City, Mo.; Jackson, Miss.; Mobile (2), Birmingham, Decatur and Double Springs, Ala.; Baton Rouge and Sulphur (Lake Charles), La.; Knoxville, Tenn.; Wooster, Cleveland, and East Liverpool, Ohio East Liverpool is a city in Columbiana County, Ohio, United States. The population was 13,089 at the 2000 census. It is located along the Ohio River and borders the states of Pennsylvania and West Virginia. ; Harrisburg and Steelton, Pa. Exsorbet and its subsidiaries currently employ about 500 professionals and staff. CONTACT: Exsorbet Industries, Inc. Dr. Ed Schrader, 601/936-6633 or Charles E. Chunn, Jr., 501/452-1987 or Ed Penick, Jr., 501/664-7745 |
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