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Solucorp Signs Exclusive Agreements with Ambiente.

Energy Editors/Business Editors

WEST NYACK, N.Y.--(BUSINESS WIRE)--Feb. 26, 2004

Solucorp Industries (Pink Sheets:SLUP) "The Company" announced today that it has signed an exclusive agreement with Ambiente S.p.A. (www.ambiente.eni.it, a subsidiary of ENI S.p.A.) located in Milan, Italy.

Ambiente, a Company of the ENI Group ( www.eni.it ) operating in the field of remediation and environmental services entered into the Agreement "to strengthen its competitiveness and leadership in the Italian market through cooperation with well established technological companies." Ambiente notes it is "operating in a market sector characterized by strong competition at a worldwide level" where competitiveness also applies to proposed activities toward ENI Group Companies and "requires a cooperation which would enable it to offer ENI Group Companies the best remediation technology both under technical and economical aspects." Ambiente "has selected (Solucorp's) patented MBS(R) (Molecular Bonding System) in the above mentioned market frame."

The Agreement grants to Ambiente the exclusive right to market and apply; and Ambiente agrees to exclusively use Solucorp's MBS(R) Technology for ENI Group and its customers, limited to the Country of Italy, for remediation of on-site projects for heavy metal contaminated soils, sludge and industrial ash.

Both Solucorp and Ambiente agree that the MBS(R) Technology will first be applied to the ENI Group's Ravenna, Italy site where a project for remediation of approximately 200,000 tons (per Ambiente) of mercury and other heavy metals contaminated soils is under Italian environmental (NAS) government administrative procedures.

Ambiente first became interested in Solucorp's MBS(R) Technology in 1997 after successful testing of the MBS(R) Technology on an ENI Group Chemical Plant in Northern Italy. Subsequent tests were conducted throughout 1999/2000 on the Ravenna Site, containing mercury and other metals contamination resulting in MBS(R) successfully treating the contaminated samples to the Italian Environmental (NAS) requirements pursuant to Ministerial Decree "Allegato 3" for heavy metals. Solucorp has provided Ambiente and other ENI Group Companies with "know how", technical support and visited ENI/Ambiente and/or their sites in 1997, 1999 and 2003, resulting in Ambiente's understanding of field operation requirements for proper application of Solucorp's MBS(R) Technology and construction, with Solucorp's approval of mobile remediation plants, funded by Ambiente, to effectively deliver the MBS(R) Technology, to ENI Group Companies contaminated sites.

ENI is one of the Worlds energy giants. Based in Rome, ENI is one of the largest Italian companies employing over 80,000 employees in more than 70 countries. ENI is active in chemical production and marketing, national gas exploration and production, petrochemicals, engineering and oil services resulting in annual net revenues averaging euro EUR 47 billion per year during 2000 through 2003.

Ambiente, an ENI Group Company, is an environmental servicing provider and leader in Italy in the area of industrial waste treatment and environmental rehabilitation and serves at the Environmental Consulting Group for the ENI Group Companies.

ENI/Syndial Group, a petrochemical producer, has directed its efforts to successfully remediate past problems and to ensure proper environmental controls are in effect in an effort to control waste by-products of future production in its plants throughout Italy.

Solucorp's MBS(R) has successfully met all Italian regulatory (NAS) requirements and has received Italian regulatory (NAS) approval for its technology to be used on the Ravenna Site culminating years of joint efforts by both Ambiente and Solucorp personnel.

Solucorp attributes the success of its MBS(R) Technology to the U.S. EPA Superfund Innovative Technology Evaluation (SITE) program completion (see Molecular Bonding System at www.epa.gov ), successful remediations conducted in the past by Solucorp and confirmation of the suitability and effectiveness of the MBS Technology by ENI Group Engineers and Scientists. Solucorp further notes that the estimated 200,000 tons to be remediated at the Ravenna Site was provided by Ambiente and forwarded to the Italian environmental regulators (NAS). Solucorp has not confirmed the accuracy of the tonnage figure.

The foregoing discussion contains forward-looking statements, which are based on current expectations. Actual results, including the timing and amount of revenues recognized, contracts awarded and performed and net income may differ due to such factors as: delays in payment on contracts due to dealings with governmental and foreign entities; fluctuations in operating costs associated with changes in project specifications; economic and other conditions affecting the ability of prospective clients to finance projects; and other risks generally affecting the financing of projects. Solucorp settled a civil action by the SEC the details of which can be found on the SEC website, as such investors are cautioned to perform a proper due diligence and consult licensed professionals prior to making an investment decision.
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Publication:Business Wire
Date:Feb 26, 2004
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