Printer Friendly

F&E RESOURCE SYSTEMS TECHNOLOGY, INC., INITIATES LONG-TERM PUT-OR-PAY CONTRACT WITH BROWNING-FERRIS, INC.

 BALTIMORE, Aug. 16 /PRNewswire/ -- F&E Resource Systems Technology, Inc. (FERST) (NASDAQ: FERS), today announced that Browning-Ferris, Inc. (BFI), has agreed to activate its put-or-pay contract at FERST's Baltimore Composting Facility. Beginning with deliveries today, BFI is obligated to deliver to FERST a minimum of 2,600 tons per week of municipal solid waste (MSW) for which FERST will receive a contracted disposal fee. Commencement of the contract obligates BFI to pay for 2,600 tons per week even if BFI elects to deliver less.
 Ronald W. Pickett, president and CEO of FERST, stated that: "We appreciate BFI's confidence in our ability to handle over 500 tons of MSW a day for the next 15 years. Beginning on Aug. 16, we will have the guaranteed revenue source needed to assure the financial stability of the Baltimore project. We will be the only recycling and composting facility in the United States to have attained this objective. Diligence and an unshaken belief in the economic and ecologic benefits of composting have brought us to this point. Our close and amicable working relationship with BFI should become even stronger as the full contract is implemented. The Baltimore facility will now be used as a model for other facilities. The plant's proven ability to recycle and reuse 80-90 percent of the waste stream will revolutionize the way America handles a significant portion of its waste."
 FERST, headquartered in Maryland, is an owner and operator of recycling and composting facilities. The company is traded on NASDAQ under the symbol FERS.
 -0- 8/16/93
 /CONTACT: Ronald W. Pickett, president and CEO, or James S. Schaefer, chief financial officer, F&E Resource Systems Technology, 410-354-3000/
 (FERS BFI)


CO: F&E Resource Systems Technology, Inc.; Browning-Ferris, Inc. ST: Maryland IN: ENV SU: CON

TW-DC -- DC005 -- 2953 08/16/93 09:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 16, 1993
Words:305
Previous Article:COST OF HEALTH REFORM ESTIMATED AT 11.4 PERCENT OF PAYROLL, ACCORDING TO WYATT MODEL; COSTS COULD VARY WIDELY BY STATE
Next Article:GOODWILL ELIMINATION TO REDUCE ANNUAL EXPENSES $2.3 MILLION AT GREAT LAKES BANCORP
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters