Solucorp Circulates Letter to Shareholders
12 December 2006 - 6:23AM
Business Wire
Solucorp Industries, Ltd. (Pink Sheets:SLUP) circulated a Letter to
Shareholders on December 8, 2006. The text appears below: Dear
Shareholder: A Message from the President - The dawning of a new
era has arrived at Solucorp. This era is filled with excitement,
anticipation and aggressive goals. I am pleased to share with you,
our dedicated shareholders, a brief summary of the present
landscape and the future outlook of Solucorp Industries, Ltd. The
Present - The year 2006 is winding down. It has been a year of
transition and of significant developments. In 2005, we entered
into a contract with ENI (a $60 billion Italian company) to
remediate toxic heavy metals (mercury, chromium and cadmium) from
the soil of a site it owns in Ravenna, Italy. This contract will
have generated revenues of $5 million by the end of 2006.
Snamprogetti, ENI's environmental operations division, has been
very pleased with Solucorp's permanent, cost effective and
efficacious Molecular Bonding System (MBS) technology. As a result
of our success at this site and the ability to showcase the
technology over the last 10 months, Solucorp expects to garner new
remediation contracts in 2007, not only with ENI, but with several
other companies throughout Europe. The recently instituted European
Union regulations preventing hazardous waste disposal have opened
the door to MBS remediation projects for years to come. Solucorp's
patented Integrated Fixation System (IFS) mercury emissions control
technology has opened vast opportunities in the multibillion dollar
coal fired furnace industry. Mercury pollution is one of the most
widely reported and greatest concerns facing the environment today.
Solucorp's technology is currently being implemented into a working
coal fired power plant. The commencement of full scale testing
awaits delivery of back-ordered parts, and is expected to commence
in a dry scrubber operation in mid January and the results will be
announced before the end of February. Independent testing to date
gives Solucorp high expectations for impressive results that will
lead to the commercialization of its mercury emission control
technology in the worldwide coal fueled power plant industry in
2007. Solucorp has strengthened its team by signing on Gary M.
Petersen and Robert H. Sulnick as environmental and marketing
consultants. Petersen is one of the nation's leading
conservationists, Chairman of Green Seal, and was a pioneer in
implementing the first recycling business in the U.S. Sulnick, is
the co-founder of the American Oceans campaign. They will spearhead
the introduction of the company's IFS, MBS and WITS
Electrocoagulation (EC) technologies via their powerful network
which reaches the highest levels of corporate and governmental
America. Their initial focus will be on our IFS mercury emission
control technology, which we expected to revolutionize the industry
by remediating both elemental and ionic mercury from coal fired
power plant furnaces. In 2004, GeoNova Development, a Solucorp
licensee, utilized Solucorp's MBS technology, technical assistance
and expertise to treat the 27-acre property's contaminated soil at
the former Ocean State Steel Mill. This resulted in one of the
biggest environmental cleanups in Rhode Island history. GeoNova
Development, using Solucorp's MBS remediation technology, earned
the "Brownsfield's Project of the Year" award from the
Environmental Business Council of New England. The redevelopment
costs are estimated to be in the $200-300 million range with
Solucorp maintaining a 2% royalty. This project will generate $4-6
million of additional revenues to Solucorp. Ground breaking is
anticipated to begin in 2007. The Future - The company, in addition
to the dry scrubber technology which was previously mentioned, is
also working on scheduling a wet scrubber pilot test using our IFS
mercury emission control technology at an operating coal fired
power plant. This pilot test comes on the heels of two highly
successful bench scale tests which confirmed the technology's
ability to remove elemental mercury. We anticipate the pilot test
to occur either in the 1st quarter or second quarter of 2007.
Successful results are expected, which will confirm Solucorp's
ability to reduce toxic mercury emissions from the two types of
scrubbing systems found in coal fired plants. We have also stepped
up our development and sales of new technologies in associated
fields (i.e. self remediating paint booth filters, batteries, green
ammunition and paint remover) by applying for nine patents, three
of which have been issued and six more that are in patent pending
status. Solucorp is continuing in its quest to become the leading
technology provider of cost effective and permanent solutions of
heavy metals environmental problems caused by heavy metal
contamination. Management's goal is to have Solucorp become a fully
reporting company once again -- and the completion of the 2004,
2005 and 2006 financial audits are an integral part of this
process. In order to accomplish this goal, the company will not
only bring its audited financials up to date, but also intends to
add independent environmental and legal representation to the Board
of Directors. We are committed to achieving our goals and have
targeted the filing of our Form 10 with the SEC in the second
quarter of 2007 so that we can subsequently apply for listing on a
national security exchange. In 2006, Solucorp has engaged Bibicoff
& Associates, Inc., a full-service investor relations and
strategic planning firm, to increase investment community awareness
of the Company. Bibicoff & Associates will initially
concentrate on developing and implementing communications
strategies and programs specifically targeting the investment
banking, retail brokerage and institutional communities. Once the
company has filed its Form 10, their efforts will become more
apparent. On a Personal Note - I would like to thank our
shareholders for their continued patience and understanding as we
undertake all steps necessary to ensure the success of the company.
It was over 20 years ago that our technologies were first
envisioned and now we are patented, technically proven and ready to
earn. Our technology continues to be listed on the Superfund
Innovative Technology Evaluation ("SITE") web site. In short, our
technologies are positioned to revolutionize the heavy metals
remediation and pollution prevention industries. Metal
contamination from indispensable manufactured products and energy
sources previously considered non-correctable can now be corrected
by integration of Solucorp's innovative IFS technologies. We look
forward to an exciting 2007 and beyond. Our future promises to be
bigger and brighter than ever. If you are interested in learning
more about Solucorp please visit our website (www.solucorpltd.com).
Regards, Richard A. Runco President, Solucorp Industries Ltd. About
Solucorp Industries Ltd. Solucorp Industries, Ltd
(www.solucorpltd.com) is a developer and provider of patented,
cost-effective and permanent technologies for the remediation and
prevention of hazardous heavy metals contamination. Solucorp
operates three wholly owned subsidiaries: Solucorp Industries,
Integrated Fixation System Company, Inc. and WITS, Inc. 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 dealing 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. Investors are
cautioned to perform a proper due diligence and consult-licensed
professionals prior to making an investment decision.
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