Solv-Ex Corp. receives U.S. Patent for insulation product.ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Jan. 31, 1997--Solv-Ex Corp. (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 :SOLV SOLV Stop Oregon Litter & Vandalism (state program sponsoring beach cleanups, etc.) SOLV Save Our Little Village (St. Petersburg Beach, FL) ) reports that the company has been issued a United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Patent (No. 5,589,023) for the insulation material announced by the company in October 1993. The patent includes the method of shaping the insulation into rigid forms. The insulation can be produced from the aluminum- potassium sulfate potassium sulfate n. A colorless or white crystalline compound, K2SO4, used in glassmaking and fertilizers and as a reagent in analytical chemistry. double salt crystals generated through leaching the fine clays associated with Athabasca oil sands The Athabasca Oil Sands are a large deposit of oil-rich bitumen located in northern Alberta, Canada. These oil sands consist of a mixture of crude bitumen (a semi-solid form of crude oil), silica sand, clay minerals, and water. using the company's patented sulfuric acid sulfuric acid, chemical compound, H2SO4, colorless, odorless, extremely corrosive, oily liquid. It is sometimes called oil of vitriol. Concentrated Sulfuric Acid process. The double salts are an intermediate product in the overall process used to produce metallurgical grade alumina and a synthetic mineral ("TiO2S(R)") which Solv-Ex believes can be used as a substitute for titanium dioxide pigment and filler in a number of industrial applications. Solv-Ex said that additional work will be undertaken to commercialize the insulation product, but that first priority will be given to marketing efforts for TiO2S(R) under its alliance with Raisio Chemicals announced in November 1996. The company will also continue to implement its program to produce alumina from Athabasca fine clays under its process protected by U.S. Patent Number 5,387,276 and to develop its new electrolytic cell for production of aluminum metal as described under its Patent Number 5,505,823. Solv-Ex Chairman and Chief Executive Officer John S. Rendall said, "Our work with Raisio has exceeded expectations to this point and we believe that our TiO2S(R) product represents an opportunity for rapid penetration of several markets with a high value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. product. "Our target is to be in construction of the minerals extraction plant during the first half of 1997 and achieve production before the end of the year. The results of Raisio's efforts are very encouraging and we are confident this will facilitate the financing required for the minerals plant." Solv-Ex is currently constructing a plant for extraction of bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. (heavy oil) from its oil sands lease in the Athabasca region of Northern Alberta, with initial oil production scheduled for the first quarter of 1997. United Tri-Star Resources Ltd., Toronto, is a 10 percent limited partner in the project and is also expected to participate in planned expansion to include co-production of minerals and metals. The sulfuric acid plant, as well as much of the other equipment required for minerals extraction, has already been acquired and is on site. Concrete pilings have already been set for both the acid plant and minerals extraction building in anticipation of foundation and building construction. CONTACT: Solv-Ex Corp., Albuquerque Dean Gardy, 505/243-7701 |
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