Seiler Vitrification Projects Are On Schedule; Business is Developing Strongly.DUBLIN, Ohio--(BUSINESS WIRE)--July 1, 1998--Since April 1998, Seiler Pollution Control Systems, Inc. (Seiler) has not released any news announcements. During this period, Management has allocated its time and efforts toward analyzing and redefining its ongoing business developments. Dr. Gerold Weser, 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 Seiler reports the following progress since April 1998: At a recent board meeting, Dr. Weser informed the board of the status of the 140,000 square foot Freiberg, Germany vitrification vit·ri·fi·ca·tion n. The process of using heat and fusion to convert dental porcelain to a glassy substance. vitrification facility. The mechanical and electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
In Berlin, Germany, the parent company Seiler Pollution Control Systems, Inc. (SPCS SPCS School of Professional and Continuing Studies (Northeastern University) SPCS Static Power Conversion Services, Inc. (UPS and battery systems manufacturer) SPCS Stored Program Controlled Switching System ) has an 80% interest in a newly formed subsidiary called "Seiler Abfallbehandlungs and Dienstleistungs GmbH" (SABD SABD Safety Authorization Basis Document SABD Single-Agent Behavior Description GmbH). SABD GmbH has a cooperative agreement with ALBA, an international waste management company headquartered in Berlin which is engaged in the collection, transportation, and treatment of all types of waste. This venture involves the operation of an existing chemical and physical treatment plant and the construction and operation of a new Seiler vitrification plant. The existing chemical and physical treatment plant is designed to treat liquid 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. and the operation of this plant is expected to generate revenues beginning in the summer of 1998. The required permitting for the vitrification plant is expected to be completed in April of 1999, with the anticipated full support of the involved governmental and departmental authorities. This joint venture along with the Freiberg facility, are the next milestones for Seiler in providing advanced treatment capabilities for hazardous waste in Germany. Dr. Weser further stated that "the Republic of Germany is extremely conscious of its environment and sets milestones to tackle the environmental problems of the next century. This new framework of environmental consciousness is the trend for the future." In the United States, Seiler has entered into negotiations with a U.S. corporation for the treatment of low level radioactive and mixed waste on a major Department of Energy (DOE) site. Seiler anticipates a satisfactory conclusion to these negotiations, at which time it will make a formal public announcement. Seiler is also vigorously seeking project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. (of a debt and/or equity nature) for the purpose of properly capitalizing its business activities. Seiler Pollution Control Systems, Inc. is publicly traded in the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market under the symbol SEPC SEPC Space Exploration Program Council SEPC Student Educational Policy Committee SEPC Sony Electronic Publishing Company SEPC South East Panhellenic Conference SEPC Software Engineering Process Control . Certain statements contained in this press release are forward-looking statements within the meaning of federal securities laws, including statements regarding the development status and timing for construction and operations of the Company's HTV HTV H-II Transfer Vehicle HTV Harlech Television (Wales, UK) HTV Hrvatska Televizija (Croatian television) HTV Heidenheimer Tarifverbund (German) HTV Habitual Traffic Violator plants. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and additional factors, which may cause actual results to differ, are described in the Company's filings with the U.S. Securities and Exchange Commission. CONTACT: Seiler Pollution Control Systems, Inc. Alan B. Sarko, 614/791-3272 Fax: 614/761-8995 or Seiler Pollution Control Systems, Inc. Gerold Weser, 011 49 415 283 59-08 Telefax: 011 49 415 283 59-09 |
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