International Automated Systems Inc. Lands Letter of Intent for $360 Million Solar Project Utilizing Its Breakthrough Patented and Patent-Pending Solar Technology.Business Editors SALEM, Utah--(BUSINESS WIRE)--June 24, 2003 International Automated Systems Inc. ("IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. ") (IAUS.OB) is pleased to announce the signing of a letter of intent with Titanium Resources Corp. ("TRC TRC Noun (in South Africa) Truth and Reconciliation Commission: a commission which encourages people who committed human rights abuses or acts of terror during the apartheid era to reveal the truth about their crimes in return for immunity from prosecution "), Calgary, Alberta, Canada. The letter of intent is to design, build, install and operate the world's first solar heat collection system, bladeless turbine and ancillary systems. TRC will own and operate the $360 million solar electric plant constructed by IAS. Neldon Johnson Neldon Johnson is the founder of the International Automated Systems Inc, and the primary inventor of the Self-Check system, AFIM, DWM, and turbine technologies. Mr. Johnson directs the company's research and development program. Supposedly, Mr. , 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. of IAS, has developed and patented this revolutionary power generation to take the sun's energy and convert it to electricity in an exciting new way. The plant will operate year round at a site in Arizona, and is expected to be placed in service by the end of 2004. "This creates an exciting and new chapter in TRC," said Rob Cohoe, president of TRC. "It will position us as market leaders and innovators, create positive and sustainable cash flows, and position us well as we move forward. We intend to work closely with IAS to develop and perfect this new technology, and believe we can assist them in creating the market and acceptance of the technology. Discussions are underway to continue the relationship beyond this initial project and create additional value for our shareholders." About International Automated Systems Inc. (www.iaus.com; IAUS.OB) Founded in 1988, International Automated Systems Inc. develops high-technology products for diverse markets such as energy production, wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. , consumer purchasing and financial transactions. The company, founded by a former AT&T communications engineer, is based in Salem, Utah Salem is a city in Utah County, Utah, United States. The population was 4,372 at the 2000 census. It was originally known as "Pond Town". Geography Salem is located at (40.050662, -111.672408)GR1. . Note: Statements contained in this press release that are not strictly historical are forward-looking within the meaning of the "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. " provisions of 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. Such statements are made based upon information available to the company at the time, and the company assumes no obligation to update or revise such forward-looking statements. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, demand for the company's product both domestically and abroad, the company's ability to continue to develop its market, general economic conditions, and other factors that may be more fully described in the company's literature and periodic filings with the Securities and Exchange Commission. |
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