TAMPA, Fla.–(BUSINESS WIRE)–July 23, 2004–EarthFirst Technologies, Inc. (“EFTI” or “the Company”)(OTCBB:EFTI – News) announced today the signing of a Letter of Intent with Chateau Energy, Inc. (“Chateau”) for an exclusive License Territory Agreement for development of its Solid Waste plants in southern California. The territory encompasses Santa Barbara to the southern border of the state of California. Chateau paid a $50,000 deposit toward the license rights to the technology for deployment at its sites in Southern California. The agreement calls for a minimum of five CAVD plants to be constructed over a period of the next 3 1/2 years. Chateau will be the owner of the plants and EFTI will receive a 15% royalty on operating profit generated by the plant. EFTI will also provide technical support for the life of the plant. Phase One of the Chateau project will begin with an 84 ton-per-day plant. Phase Two increases this first plant size to a 200 tons-per-day capacity. This construction will begin as soon as permitting and details are resolved. A firm price of $17,050,000 was agreed upon for both Phase One and Phase Two.
The terms of the Letter of Intent allow a period during which Chateau will perform due diligence and EFTI will provide a customized solution for the design and deployment of the technology. At the end of this due diligence, the balance of the $400,000 license fee will be received by EFTI.
Dana M. Dutcher, President of Chateau Energy, Inc. states, “Chateau is energized by the integrity of the relationship with EarthFirst and looking forward to implementing what appears to be one of the more unique technologies for waste tires. The process is a complement to Chateau’s existing tire contracts which total 10 million tires per year in the Southern California area.”
Chateau Energy, Inc. is a privately held project development company that specializes in energy and power development projects. Established in 1995 using a solid strategy based on the acquisition and development of properties which have significant upside potential, Chateau concentrated on lease acquisition and prospect generation primarily for its sister company Chateau Oil and Gas, Inc. which was established in 1988. Chateau has acquired, and maintained in excess of 2000 oil and gas leases, as well as acquired and drilled in nine federal water OCS offshore blocks. Chateau Energy is the owner and developer of a renewable power project known as the Mesquite Lake Resource Recovery Project located in El Centro, California.
EarthFirst Technologies, Incorporated and its subsidiaries http://www.earthfirsttech.com, are dedicated to producing environmentally superior products from carbon-rich solid and liquid materials currently considered wastes. The Company has conducted more than five years of extensive research and development on advanced technologies to achieve this goal.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statement of EFTI officials are “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “believes,” “anticipates,” “intends,” “plans,” “expects,” and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future EFTI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and EFTI has no specific intention to update these statements.
Contact: EarthFirst Technologies, Inc., Tampa Beverly Mercer, 813-238-5010 ext 401 or Equitilink, LLC, 877-788-1940
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