INTERNATIONAL RECOVERY CORP. FORMS JOINT VENTURE TO USE DEMULSIFICATION TECHNOLOGY IN ITS USED OIL RECYCLING OPERATIONS
INTERNATIONAL RECOVERY CORP. FORMS JOINT VENTURE TO USE
DEMULSIFICATION TECHNOLOGY IN ITS USED OIL RECYCLING OPERATIONS
MIAMI SPRINGS, Fla., March 20 /PRNewswire/ -- International Recovery Corp. (NYSE: INT) announced today that it has completed a joint venture agreement with privately held S & D Oil Technics B.V. of Groot Ammers, Holland, to form Oil Technics International Co. Each company will own a half interest in the venture which will provide IRC with the rights to use S & D Oil Technic's chemical demulsifiers and a new patent pending process which together significantly reduces the content of heavy metals and ash in used oils.
The joint venture will also market the process and demulsifiers to the petroleum industry in North, Central and South America as these oil field chemicals have a wide range of applications in the recycling of used oil and the treatment of waste water, sludge, and industrial slop oils. A demulsifier causes suspension agents within a liquid to break up and release held particles.
"Our use of these demulsifier products will significantly enhance IRC's existing used oil recycling process by providing the technological capabilities to substantially de-ash and de-metalize recycled used oil and allow us to produce high quality fuel products that may be marketed on a broader basis," said Jerrold Blair, IRC President. "We believe that the use of this technology will be instrumental in furthering our regional growth and make economically feasible the construction of smaller recycling facilities," Blair added.
C.R. Spruijt, managing director of S & D Beheer B.V., and the statutory director of S & D Oil Technics B.V. said, "This joint venture will permit S & D Oil Technics to expand and accelerate our penetration of petroleum markets in North and South America."
IRC is presently completing its used oil recycling center in Wilmington, Delaware, and anticipates that this facility will be on-line within the next 90 days. The Wilmington facility will allow IRC to double its annual output of recycled fuel products to more than 60 million gallons per year.
More than 1.3 billion gallons of used oil are generated annually in the United States. A majority of this oil is recycled into fuel or lubricating products, however, the presence of heavy metals and ash prevents the use of recycled fuel to heat homes and other public buildings. Each year, approximately 400 to 600 million gallons of used oil are illegally dumped or improperly disposed of.
International Recovery Corp. is one of the largest used oil recycling companies in the United States. Its present program covers the Southeast and Mid-Atlantic states from regional recycling centers in Plant City, Florida, and Wilmington, Delaware, as well as regional collection facilities in Louisiana, Georgia and Maryland. IRC is also a world leader in aviation fueling services to secondary commercial air carriers.
/CONTACT: John Cline of Hill & Knowlton, 212-697-5600, or Howard Goldman of Int'l Recovery Corp., 305-884-2001/
(INT) CO: International Recovery Corp.; S & D Oil Technics B.V. ST: Florida IN: OIL SU: JVN SH -- NY001 -- 9968 03/20/92 08:30 EST