Printer Friendly

JOY TECHNOLOGIES ANNOUNCES EXCLUSIVE AGREEMENT FOR HIGH WALL MINING SYSTEM

 JOY TECHNOLOGIES ANNOUNCES EXCLUSIVE AGREEMENT
 FOR HIGH WALL MINING SYSTEM
 PITTSBURGH, June 22 /PRNewswire/ -- Joy Technologies Inc. (NYSE: JOY) announced today that it has entered into an exclusive, global licensing agreement with a subsidiary of Addington Resources, Inc. (NASDAQ: ADDR), for manufacturing, marketing and servicing High Wall Mining Systems ("HWM"). The HWM, which is to be manufactured by Joy using a Joy continuous miner, mines coal from an exposed coal seam along the boundary or "high wall" of surface coal mines where continued extraction by traditional surface mining techniques is otherwise uneconomic. The 14-year HWM license benefits Joy by providing a new application and broadening the market for Joy's underground mining equipment.
 The HWM design being licensed has been under development for several years and has been used actively on "high walls" since 1989. Four HWMs previously manufactured by Addington using Joy continuous miners have been successfully operated in Ohio, West Virginia and Kentucky.
 The patented HWM includes a series of cascading conveyor cars operated as integral parts of a structural unit using a Joy continuous miner to cut and load coal onto the conveyor system. The unit has enabled the miner and conveyor system to extract coal in entries up to 1,000 feet in length into the "high wall." The process is repeated at successive intervals along the exposed coal seam leaving ribs between entries for roof support.
 In announcing the licensing agreement today, John Hanson, president of Joy's mining machinery business, said, "We believe Addington selected Joy as its licensee because of Joy's commitment and reputation as a global, high-value supplier of mining machines and service to its customers."
 Hanson noted that "the HWM is significant because it permits potentially low-cost recovery of coal reserves from surface mining operations that are otherwise uneconomic to recover. The HWM's cost advantages arise from the significant volumes of coal that can be extracted from an exposed coal seam without removing any of the overburden or bearing the infrastructure costs of safely placing people in the mined-out coal seam. In most cases, using the system will also not significantly increase reclamation costs."
 Finally, Hanson said, "Because the HWM is an extension to surface mining operations, it is expected to have little impact on sales to Joy's existing underground mining customers. Joy anticipates production of its first HWMs to commence later this year with customer usage to begin later this year or early next year."
 Joy Technologies Inc. is a leader in the worldwide manufacturing and servicing of mining equipment for the underground extraction of coal and other bedded materials. The company is also a major North American supplier of air pollution and ash handling equipment used by utilities and other industrial operations.
 -0- 6/22/92
 /CONTACT: James Q. Grimshaw, vice president and treasurer of Joy Technologies, 412-562-4525/
 (JOY ADDR) CO: Joy Technologies Inc.; Addington Resources, Inc. ST: Pennsylvania IN: MNG SU: LIC


TS-GK -- NY010 -- 2237 06/22/92 08:50 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 22, 1992
Words:491
Previous Article:SHAREHOLDERS APPROVE MERGER WITH S.A. BREWING HOLDINGS INC.
Next Article:MILLIONTH CORVETTE WEEK BEGINS JUNE 29
Topics:


Related Articles
JOY TECHNOLOGIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
JOY TECHNOLOGIES REPORTS FIRST QUARTER RESULTS
JOY TECHNOLOGIES INC. ANNOUNCES SECOND QUARTER RESULTS
JOY TECHNOLOGIES INC. REPORTS STRIKE AT ITS MANUFACTURING FACILITIES IN FRANKLIN, PENNSYLVANIA
JOY TECHNOLOGIES INC. ANTICIPATES THAT EARNINGS ARE UNLIKELY TO REACH SECURITY ANALYSTS' ESTIMATES
JOY TECHNOLOGIES REPORTS THIRD QUARTER RESULTS
HARNISCHFEGER INDUSTRIES, INC. AGREES TO ACQUIRE JOY TECHNOLOGIES INC. IN A STOCK SWAP
HARNISCHFEGER INDUSTRIES, INC. AGREES TO ACQUIRE JOY TECHNOLOGIES INC. IN A STOCK SWAP
HARNISCHFEGER GRANTED ANTITRUST CLEARANCE

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