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Eli Eco Logic - Strong Entry into U.S. Chemical Demilitarization and Other Toxic Waste Programs Imminent For Eco Logic.

TORONTO--(BUSINESS WIRE)--July 31, 1996--Eli Eco Logic Inc.(TSE: ELI CANADIAN DEALING NETWORK: ELII.WT.A) releases full independent testing data for successful destruction of warfare agents - DOE and DOD treatability studies to begin shortly - Second quarter results released

ELI Eco Logic Inc. ("ECO LOGIC") announced that the substantial investment it has made in research, development and marketing for its entry into the huge U.S. chemical demilitarization program's search for non-incineration technologies to destroy stock-piled chemical warfare agents at the bulk sites in the Continental U.S. has put ECO LOGIC into an excellent position.

The U.S. Army is expected to give notification of successful contract awards by Nov. 1, 1996. Dr. Douglas Hallett, ECO LOGIC's president, noted, "ECO LOGIC has released full independent test data to the U.S. Army confirming destruction of their VX nerve agent, HD blister mustard, neutralized VX nerve agent and neutralized HD blister mustard."

ECO LOGIC conducted its tests for the U.S. Army and the National Research Council at the U.S. Army's toxic test facility in Aberdeen, Md. "Not only were our destruction results excellent," Hallett continued, "but no harmful by-products were produced and our process water met drinking water standards."

ECO LOGIC also announced that it expects to commence treatability studies this fall for the U.S. Department of Energy ("DOE") and Department of Defense ("DOD") on a variety of waste streams including low-level radioactive mixed waste surrogates, shell casings and rocket fuel, napalm, and toxic paint chips.

Hallett stated, "Funding for these treatability studies is to be provided by the DOE's Morgantown Energy Technology Center pursuant to an award announced in March, 1996 by ECO LOGIC and its strategic marketing partner, Science Applications International Corporation."

ECO LOGIC stated that its success to date in the chemical demilitarization, radioactive low-level mixed waste and other DOD and DOE markets has attracted considerable attention from potential customers in many countries, including the U.S., Russia, Japan and China. A number of major industrial companies are interested in partnering with ECO LOGIC to provide financial and technical support to commercialize ECO LOGIC's technology for these enormous markets.

Hallett confirmed, "ECO LOGIC is nearing completion of discussions with several major industrial companies with a view to entering into agreements in principle with the selected company for each market niche. With these in place, ECO LOGIC will be excellently positioned to obtain and perform large contracts in these lucrative markets."

ECO LOGIC also announced its results for the three month period ended June 30, 1996. Revenue for the quarter was $819,769 (1995 - $415,617) and for the six month period ended June 30, 1996 was $1,905,252 (1995 - $813,065). The net loss for the quarter was $3,765,763 (1995 - $802,568) or $0.53 per share and for the six month period ended June 30, 1996 was $5,107,506 (1995 - $1,220,224) or $0.74 per share.

At June 30, 1996, ECO LOGIC had current assets of $3,278,559 (1995 - $2,461,087), total assets of $22,050,675 (1995 - $11,446,931), current liabilities of $2,219,544 (1995 - $3,196,131), and shareholders' equity of $19,578,966 (1995 - $7,816,181).

On June 30, 1996, ECO LOGIC had 7,407,155 common shares issued and outstanding. Hallett added, "Although current operations require improvement, the substantial investment of time and money ECO LOGIC has made towards achieving entry into not just the hazardous waste market, but many DOD, DOE and worldwide toxic waste remediation programs, should reap huge benefits."

ECO LOGIC also announced that its first two SE25 ELI Destructors continue to operate at Kwinana, Western Australia and St. Catharines, Canada. In Australia, hazardous waste liquids and contaminated solids processed from January 21, 1996 to July 29, 1996, have included 205 tonnes of contaminated watery wastes, 28 tonnes of DDT and PCB contaminated solids and 38 tonnes of high strength DDT and PCB liquids.

During this period, the plant was available for processing 46.5 percent of the time. The plant is currently being upgraded with a larger 27 drum capacity sequencing batch vaporizer (SBV) for the processing of contaminated solids to increase throughput and revenues. Several waste destruction contracts have been sourced by ECO LOGIC's Australian partner, Environmental Solutions International Ltd., that will be completed once the current retrofit is completed in August.

At St. Catharines, hazardous waste liquids and contaminated solids processed from Feb. 21, 1996 to July 29, 1996, have included 99 tonnes of contaminated bulk sized concrete, 125 tonnes of contaminated watery wastes, 119 tonnes of PCB contaminated electrical equipment, 6 tonnes of high strength PCB liquids, and 4 tonnes of contaminated tools and miscellaneous items. During this period, the plant was available for processing 67.5 percent of the time.

Although both plants have consistently achieved destruction removal efficiencies of at least 99.9999 percent, the current tonnage throughputs being achieved are lower than the design capacity and this has resulted in revenues being lower than planned. Management, with the support of outside consultants, is currently evaluating and making changes in order to increase throughputs.

ELI Eco Logic Inc.'s business is to solve toxic chemical problems in a safe, permanent, cost effective manner. The ECO LOGIC Process is an innovative technology that converts on-site, organic hazardous wastes into reusable or disposable products. This non-incineration process has gained high public and regulatory acceptance. ECO LOGIC's worldwide hazardous waste cleanup market includes PCBs, electrical equipment, contaminated soils, chemical warfare agents, petrochemical wastes, certain low level radioactive mixed wastes, and municipal sludge.

CONTACT: ELI Eco Logic Inc.

Maggie Treanor, 519/856-9591
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Publication:Business Wire
Date:Jul 31, 1996
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