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
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|Date:||Aug 16, 1993|
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